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Company:
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LAREDO OIL, INC. (LRDC)
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Form Type:
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NT 10-Q
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Filing Date:
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1/14/2021
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CIK:
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0001442492
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Address:
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2021 GUADALUPE STREET,
STE. 260
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City, State, Zip:
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AUSTIN, Texas 78705
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Telephone:
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(512) 337-1199
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Fiscal Year:
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05/31
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Last Trade
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Last Trade:
$0.07
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Change:
0.0116 (20.21%)
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Trade Time:
May 06
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Market Cap:
$3.76M
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Description of Business
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Laredo Oil, Inc. ("the Company") is a management services company managing the
acquisition and conventional operation of mature oil fields and the further
recovery of stranded oil from those fields using enhanced oil recovery ("EOR")
methods for its sole customer, Stranded Oil Resources Corporation ("SORC"), an
indirect, wholly owned subsidiary of Alleghany Corporation ("Alleghany").
From its inception through October 2009, the Company was primarily engaged in
acquisition and exploration efforts for mineral properties. After a change in
control in October 2009, the Company shifted its focus to locating mature oil
fields with the intention of acquiring those oil fields and recovering stranded
oil using EOR methods. The Company was unable to raise the capital required to
purchase any suitable oil fields.
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