Laredo Oil, Inc. Announces Agreement to Settle Litigation with A&S Minerals Development Company, LLC
AUSTIN, Texas, March 11, 2024 /PRNewswire/ -- Laredo Oil, Inc. (OTC Pink Sheets: LRDC), an exploration and production company (the "Company"), today announced that Lustre Oil Company LLC ("Lustre"), a wholly owned subsidiary of the Company, has entered into a mutually agreeable Settlement Agreement between Lustre, Erehwon Oil & Gas, LLC ("Erehwon"), and A&S Minerals Development Company, LLC ("ASMD"), (the "Settlement Agreement").
- AUSTIN, Texas, March 11, 2024 /PRNewswire/ -- Laredo Oil, Inc. (OTC Pink Sheets: LRDC), an exploration and production company (the "Company"), today announced that Lustre Oil Company LLC ("Lustre"), a wholly owned subsidiary of the Company, has entered into a mutually agreeable Settlement Agreement between Lustre, Erehwon Oil & Gas, LLC ("Erehwon"), and A&S Minerals Development Company, LLC ("ASMD"), (the "Settlement Agreement").
- The confidential Settlement Agreement contains an undisclosed cash amount and settles the quiet title dispute between the parties.
- According to Mark See, Chairman and CEO of the Company, "This agreement amicably settles the dispute between Lustre, Erehwon and ASMD regarding ownership of mineral rights in Valley County, Montana and provides clear title to both parties regarding their mineral rights.
- I feel this settlement positively resets our relationship with ASMD and we look forward to working with ASMD as we develop our mineral rights in the area.