Laredo Oil, an oil exploration and production company, today announces that its wholly owned subsidiary, Lustre Oil Company, LLC, has been granted two drilling permits for its second and third wells in the Lustre Oil Field, which is located in the Western Williston Basin of Montana.

“We are currently working with Dawson James, our investment banker, on obtaining the financing we need to develop these two new wells,” said Mark See, Laredo Oil’s chairman and CEO.

Western Williston Basin – Mississippian and Devonian Targets

The Western Williston Basin area focuses on identified prolific intervals found in the Mississippian and Devonian Systems.

With production dating back to the 1950’s, this region has provided continuous production and development since discovery to the present.

Laredo’s specific operational area includes numerous proven, but undeveloped, infill locations within the existing fields and leases, as well as multiple step-out locations for additional development.

With shallow well depths ranging from 4,000 to 7,000 feet, the use of conventional well applications will require less drilling/completion capital, and risk than unconventional techniques.