Laredo Oil Signs First Non-Binding Letter of Intent (LOI) for Commercial Deployment of UGD in Argentina

AUSTIN, Texas, Sept. 22, 2026 /PRNewswire/ -- Laredo Oil, Inc. (OTC: LRDC) ("Laredo" or the "Company") today announced that it has signed a non-binding Letter of Intent ("LOI") with an established Argentine oil operator for the potential commercial deployment of Laredo's proprietary Underground Gravity Drainage technology ("UGD") across selected oil fields in Argentina.

The LOI marks Laredo's first potential commercial opportunity for the deployment of UGD in Argentina.  Under its terms, the parties have agreed to evaluate selected areas through a structured technical, legal, financial, and operational process, which includes a process known as Front-End Engineering and Design.  Subject to satisfactory results, financing, regulatory approvals, and execution of definitive agreements, Laredo would finance and deploy the UGD facilities through a dedicated Argentine operating entity.

"This is a major milestone for Laredo," said Mark See, Chief Executive Officer of Laredo Oil. "Argentina has an exceptional inventory of mature conventional oil fields that are ideally suited for UGD, which is designed to recover from mature reservoirs by using gravity and high wellbore density. This LOI gives us a potential pathway toward commercial deployment and creates a foundation for future expansion across Argentina.  The LOI structure provides for Laredo to fund agreed project development expenditures and recover its investment from incremental production attributable to UGD.  The term of the LOI lasts until the signing of the definitive agreements, in the form of a Production Sharing Agreement, or such shorter period of time as mutually agreed upon between the two parties in writing."

With the exception of certain non-commercial provisions, including but not limited to governing law, non-disclosure, 180-day exclusivity period imposed on the partner, the LOI is otherwise non-binding and a binding commercial arrangement remains subject to performing additional due diligence, technical and economic evaluation, securing financing, executing definitive agreements, obtaining regulatory approvals, and other customary conditions. 

About Laredo Oil, Inc.

Laredo Oil, Inc. (OTC: LRDC) is an energy technology and development company focused on commercializing its proprietary Underground Gravity Drainage ("UGD") technology to increase oil recovery from mature and underperforming reservoirs.

Forward-Looking Statements

This press release contains forward-looking statements intended to qualify for the safe harbor created by the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally may be identified by words such as "may," "will," "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," "could," "should," "would," "potential," "target," "continue," "forecast," "seek," or similar expressions, and the negatives of those words or other comparable terminology. These statements are not historical facts and are based on the Company's current expectations, estimates, assumptions, and projections.

In this press release, forward-looking statements include statements regarding the LOI and the potential commercial deployment of the Company's proprietary Underground Gravity Drainage technology in Argentina; the identification, selection, evaluation, and development of mature oil assets; the scope, timing, commencement, and anticipated results of the Front-End Engineering and Design (FEED process); the negotiation and execution of definitive agreements; financing arrangements and the Company's potential funding of project development expenditures; potential expansion of UGD deployment across Argentina; potential production, recovery, revenue, profitability, and other economic results; and the anticipated timing, scope, costs, and amount of project development expenditures.

These forward-looking statements are subject to numerous risks and uncertainties, including the non-binding nature of the LOI, other than specified provisions; the ability of the parties to negotiate and execute definitive agreements on acceptable terms or at all; the ability to secure adequate financing on acceptable terms or at all; the ability to obtain and maintain required regulatory, environmental, permitting, governmental, and other approvals in Argentina; political, economic, social, legal, regulatory, and currency risks in Argentina; operational, and execution risks; volatility in oil prices and other commodity prices; environmental, health, safety, and permitting risks; the Company's limited financial resources; risks associated with operating in foreign jurisdictions; changes in applicable laws, regulations, policies, or governmental requirements; the availability and cost of personnel, equipment, services, and materials; the Company's ability to protect and commercialize its intellectual property; potential disputes, delays, or termination involving the counterparty; the possibility that the contemplated project may not proceed, may be delayed, or may not achieve commercial production or expected economic results; and other risks and uncertainties described in the Company's filings with the U.S. Securities and Exchange Commission ("SEC").

Actual results could differ materially from those expressed or implied by these forward-looking statements as a result of these and other factors. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Additional risk factors and uncertainties are described in the Company's filings with the SEC, and readers are urged to review those filings for a more complete discussion of risks affecting the Company and its business. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Investor Relations

Laredo Oil, Inc.
Nicholas Rausch
EVP, Business Development
(512) 337-1199
[email protected]

SOURCE Laredo Oil, Inc.