Laredo Oil Reports Revenue Decline and Net Loss for Nine Months Ending February 28, 2025

Laredo Oil, Inc. reported its financial results for the nine months ending February 28, 2025, revealing a revenue of $9,423, a significant decrease from $12,701 in the same period the previous year. The company incurred a net loss of $1,700,723 for the nine months, compared to a loss of $2,140,093 in the prior year. The decline in revenue is attributed to operational challenges, including the ongoing shut-in of the Olfert 11-4 well, which has not yet been completed or put into production due to logistical issues related to salt-water disposal.

The company's total assets increased to $5,474,816 as of February 28, 2025, up from $2,804,638 at the end of the previous fiscal year. This growth is primarily due to a substantial rise in oil and gas acquisition and drilling costs, which reached $3,644,302, compared to $610,663 in the prior period. Current liabilities also rose significantly to $17,351,466, up from $13,990,765, reflecting increased operational costs and accrued liabilities.

Strategically, Laredo Oil has made notable advancements, including the acquisition of 45,766 gross acres and 38,153 net acres of mineral property interests in Montana. The company has entered into various agreements, such as the Acquisition and Participation Agreement with Erehwon Oil & Gas, which outlines the development of oil and gas interests in Montana. Additionally, Laredo has raised over $2.7 million from accredited investors to fund the development of wells in the Midfork oil field, with the Reddig 11-21 well currently being prepared for production.

Operationally, Laredo's employee headcount has been managed to control costs, with key personnel taking on multiple roles. The company has also focused on reducing overhead expenses, which contributed to a decrease in total operating expenses from $2,784,659 in the previous year to $1,983,580 in the current period. Despite these efforts, the company continues to face challenges in achieving profitability and securing additional financing, raising concerns about its ability to continue as a going concern.

Looking ahead, Laredo Oil's management is focused on improving operations and sustaining the business through ongoing fundraising efforts and strategic partnerships. The company aims to enhance production from its wells and is actively seeking additional funding to support its development projects. However, the uncertainty surrounding market conditions and operational challenges remains a significant factor in the company's outlook.