Laredo Oil, a U.S.-based company specializing in oil exploration and production, has initiated preparations to drill three exploratory wells in the West Fork field, located north of the Fort Peck Reservation in Montana. With more than 30,000 acres of mineral rights under management, this project is central to the company’s development strategy.
Mark See, Chairman and CEO of Laredo Oil, stated that the company has raised $7.5 million to fund the preliminary phases of the project. The funds will be used for acquiring 2D seismic data, selecting drilling locations, securing necessary permits, and mobilizing required service providers.
A Strategic Production Potential
According to estimates, the West Fork field could rival the nearby Lustre field, which was discovered by Exxon in 1981 and has produced approximately 7.5 million barrels of oil to date. This potential makes the project particularly attractive for Laredo Oil as it aims to strengthen its position in the domestic market.
Mark See added that if the results of the initial drillings are positive, the company plans to launch a large-scale development program to fully exploit the field.
A Key Initiative for Domestic Production
This project aligns with broader efforts by U.S. companies to maximize domestic production and reduce reliance on imports. Situated in a hydrocarbon-rich region, the West Fork field represents a strategic opportunity for Laredo Oil to contribute to the energy supply of the United States.
