Laredo Oil is a small, early-stage E&P company focused on recovering "stranded" oil from mature oil fields using its proprietary Underground Gravity Drainage (UGD) technology. UGD works by drilling a chamber beneath an existing oil field, then drilling closely-spaced wellbores upward into the reservoir, allowing residual pressure and gravity to drain oil into the chamber. Laredo targets mature fields with at least 25M barrels of estimated recoverable oil and argues UGD can recover stranded oil at lower cost than conventional Enhanced Oil Recovery methods like waterflooding or CO2 injection. In practice, Laredo's current activity is conventional exploratory drilling on roughly 45,000 gross acres in Montana across three areas: Lustre, Midfork, and West Fork. Laredo has drilled five wells in the Lustre and Midfork fields, none of which have been commercially successful, primarily due to excess water encountered during drilling. Laredo also holds a 50% interest in the Cat Creek oil field in Montana. The company does not currently generate meaningful revenue and is entirely dependent on raising external capital to fund drilling and field development. Laredo's intended business model is to acquire mature fields, maintain conventional production while building UGD infrastructure, then transition to UGD production. Laredo owes a 5% royalty on future revenues and net profits from hydrocarbon operations to Alleghany, from whom Laredo acquired its UGD intellectual property in 2020. Laredo has five full-time employees and is headquartered in Austin, Texas.