Laredo Oil of Austin, Texas, not to be confused with Tulsa-based Laredo Petroleum Inc. announced the completion of its acquisition of Stranded Oil Resources Corporation, a wholly-owned subsidiary of Alleghany Corporation.
Laredo Oil, a managing services company, acquired 100% of Stranded Oil’s stock. Based in Austin, Laredo typically manages the acquisition and conventional operation of mature oil fields and also the recovery of stranded oil from those fields by the use of enhanced oil recovery or EOR methods.
“SORC has invested more than $100 million in R&D and field development and owns the enhancements to UGD 3.0, an improved version of our enhanced oil recovery technique utilized to produce oil from horizontally developed or mature pressure-depleted oil fields,” said Mark See, Chairman and CEO of Laredo Oil.
“With this acquisition of SORC, Laredo now has exclusive rights to utilize that technology on its own assets and those of operators worldwide.”