Laredo Oil, Inc. announced it has been granted a drilling permit to drill its first well in the Lustre Oil Field, located in the Western Williston Basin of Montana. The well (Olfert 11-4) will be drilled with 80-acre spacing on oil interests owned by Lustre Oil Company, LLC (“Lustre”), a wholly owned Laredo Oil subsidiary. The Olfert 11-4 well is the first of 11 wells have identified for completion in 2022.

Drilling there will commence as soon as possible; the drill rig is under contract and, depending on rig availability and weather, is scheduled for the end of April.