Laredo Oil is an early-stage oil exploration and production company focused on recovering stranded oil from mature oil fields. Laredo uses a proprietary method called underground gravity drainage (UGD). Under the UGD process, Laredo uses conventional mining techniques to construct a drilling chamber beneath an existing reservoir and drills wellbores directionally upward to drain oil using gravity and residual pressure. Laredo targets mature fields with at least 25M barrels of estimated recoverable oil, aiming to recover oil at lower costs than standard enhanced oil recovery methods. Laredo's business model focuses on acquiring mature fields, maintaining existing conventional production during infrastructure preparation, and generating revenue through oil sales from UGD production. Laredo also holds conventional acreage in Montana, though drilling there has largely wound down. Historically, Laredo generated revenue from management fees and expense reimbursements for managing operations for Stranded Oil Resources Corporation, which Laredo acquired in 2020. Laredo's ability to execute its UGD strategy depends on raising capital to fund acquisitions and project infrastructure.