Laredo Oil, Inc.

Laredo Oil, Inc. is an oil exploration and production company. The company was incorporated on March 31, 2008, in Delaware as "Laredo Mining, Inc." and changed its name to "Laredo Oil, Inc." on October 21, 2009. Initially, from March 2008 through October 2009, the company focused on acquiring and exploring mineral properties. Since October 2009, Laredo Oil, Inc. has shifted its focus to locating mature oil fields for acquisition and recovering "stranded" oil reserves using proprietary enhanced recovery methods, specifically underground gravity drainage (UGD). The original UGD method involves establishing a drilling chamber beneath an existing oil field using conventional mining processes. From this chamber, closely spaced wellbores are drilled directionally up into the reservoir, utilizing residual radial pressure and gravity to drain the targeted reservoir through these wellbores. The company has developed and evaluated variations of the UGD concept based on its experience. Laredo Oil, Inc. believes the UGD method is suitable for mature oil fields with specific geological and reservoir characteristics and has identified applicable oil fields within the United States and globally through extensive research. The company's primary business is now to pursue and recover stranded oil from selected mature fields as funding becomes available. Laredo Oil, Inc. believes the costs of implementing the UGD method are significantly lower than those of other commonly used Enhanced Oil Recovery (EOR) methods. As of May 2023, the company has 120,000,000 authorized shares of common stock at $0.0001 par value and 10,000,000 authorized shares of preferred stock at $0.0001 par value.