Laredo Oil subsidiary raises $2.034M from investors for Montana drilling and lease acquisition

Laredo Oil, Inc.

Hell Creek Crude receives $2,034,000 from accredited investors to fund a development well and acquire oil and gas leases in Midfork Field, Montana.
Investors holding $575,000 in Laredo convertible debt will have that debt treated as an investment under the Participation Agreement.
Initial well targets the Ratcliff Zone; investors get 90% BPO working interest, shifting to 50/50 after payout.
If initial well is a dry hole, the $575,000 convertible note is reinstated in full by Laredo.
Investors have exclusive rights to participate in up to two additional wells on the Lands.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Laredo Oil, Inc. entered into Participation Agreement with certain accredited investors valued at $2,034,000 (effective 2024-01-19).

Action: entry
Counterparty: certain accredited investors
Value: $2,034,000
Effective: 2024-01-19

Exact text from the filing

Hell Creek Crude, LLC, a wholly owned subsidiary of Laredo Oil, Inc. (the “Company”), has entered into a Participation Agreement, dated January 19, 2024 (the “Participation Agreement”), under which certain accredited investors provided $2,034,000 to fund the drilling of a development well and the acquisition of certain oil and gas leases in the Midfork Field in Montana.

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Laredo Oil, Inc. filing history →

Source: SEC EDGAR

accession 0001199835-24-000048

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