Laredo Oil Meets with Governor of Santa Cruz Province, Argentina, to Advance UGD Program for Mature Oil Fields

Laredo Oil Meets with Governor of Santa Cruz Province, Argentina, to Advance UGD Program for Mature Oil Fields

Second meeting with Governor Claudio Vidal; Province and Company agree to maintain an ongoing dialogue as Laredo advances evaluation work on its Santa Cruz opportunities

AUSTIN, Texas, Oct. 20, 2026 /PRNewswire/ -- Laredo Oil, Inc. (OTC: LRDC) ("Laredo" or the "Company") today announced that earlier in the month, Mark See, the Company's Chief Executive Officer, together with members of the Company's Argentina team, met at Casa de Santa Cruz in Buenos Aires with Claudio Vidal, Governor of the Province of Santa Cruz, Argentina ("the Province"), and Jaime Álvarez, the Province's Minister of Energy and Mining, to present the Company's proprietary Underground Gravity Drainage ("UGD") technology and discuss its potential application to recover oil from the province's mature fields.

The meeting was the Company's second with Governor Vidal, following an initial meeting in August 2026, and builds on technical-level discussions held with the provincial Ministry of Energy and Mining. Santa Cruz is one of Argentina's principal conventional oil-producing provinces and forms part of the Golfo San Jorge Basin, where many fields are mature and in production decline. The Company's most recently announced non-binding letter of intent targets a development area in Santa Cruz, and definitive agreements for UGD projects in the province may require approvals at the provincial level. The Company therefore considers a constructive working relationship with the provincial government as an integral part of its Argentine program.

As reported by the Province in its official communication of October 9, 2026, the parties discussed investment opportunities and new technologies to recover oil from mature fields, increase production and generate local employment, and agreed to maintain an ongoing dialogue. Minister Álvarez stated that the Province is "recovering oil activity," and that the objective is not only to produce more oil but to recover jobs, create opportunities for local service companies and increase revenue for Santa Cruz. No agreement was entered into with the Province in connection with the meeting, and the meeting does not constitute a commitment by the Province or the Company.

"We value the working relationship we have built with Governor Vidal, Minister Álvarez and their teams, and the clarity of the Province's priorities: sustain conventional production, protect employment and bring in technology that can do both," said Mark See, Chief Executive Officer of Laredo Oil. "In a country where provincial governments hold the hydrocarbon resources, that relationship is a core asset for a project of this kind. Santa Cruz has exactly the reservoirs UGD was designed to address. The engineering and evaluation work ahead will determine what can be done and on what timeline, and we will keep the provincial authorities closely informed as it advances."

Argentina context
Argentina's oil sector is in a period of sustained growth. National crude production reached a record 887,227 barrels per day in May 2026, approximately 19% higher than a year earlier, according to data published by Argentina's Ministry of Economy, and in the first half of 2026 crude oil became the country's single largest export product, ahead of corn and soybean meal, according to INDEC trade data. Growth has been led by unconventional production in Neuquén, while the conventional basins that supply roughly 30% of national output, including the Golfo San Jorge Basin in Santa Cruz and Chubut, hold a large inventory of mature fields in natural decline. Technologies capable of recovering additional oil from those fields are, in the Company's view, directly aligned with the stated priorities of the national and provincial governments to sustain conventional production, employment and regional activity.

The commercial relationship between the United States and Argentina has also deepened. In February 2026 the two governments signed the United States–Argentina Agreement on Reciprocal Trade and Investment, under which Argentina committed to facilitate U.S. investment in its territory and the U.S. Export-Import Bank and the U.S. International Development Finance Corporation agreed to consider financing for U.S. investment in critical sectors. As a U.S. company deploying U.S.-developed technology, Laredo intends to evaluate the U.S. government-supported financing tools available for its Argentine projects alongside private capital.

The Company intends to continue to engage with provincial and national authorities, concession holders and other stakeholders in Argentina as it advances the technical and commercial evaluation of its announced opportunities.

Official communication of the Province of Santa Cruz available
The Province of Santa Cruz's official communication on the meeting, including photographs, is available on the Province's website at noticias.santacruz.gob.ar. The contents of the Province's website are not incorporated by reference into, and do not form part of, this press release.

About Laredo Oil, Inc.
Laredo Oil, Inc. (OTC: LRDC) is a U.S. energy technology and development company headquartered in Austin, Texas, focused on commercializing its proprietary Underground Gravity Drainage ("UGD") technology, which is designed to increase oil recovery from mature and underperforming conventional reservoirs. UGD was developed and piloted in the United States over more than a decade through the Company's former affiliate Stranded Oil Resources Corporation, and the Company owns 100% of the related intellectual property. Additional information is available in the Company's filings with the SEC.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally may be identified by words such as "may," "will," "expect," "anticipate," "believe," "estimate," "intend," "plan," "potential," "contemplate," "would," "could," "seek" or similar expressions. These statements are based on management's current expectations and assumptions, which are inherently uncertain. Statements in this press release regarding Argentina's oil production, exports and trade and investment framework are drawn from publicly available third-party and governmental sources; the Company has not independently verified them and they are not a prediction of the Company's own results.

Actual results could differ materially from those expressed or implied by these forward-looking statements as a result of risks and uncertainties that include: the non-binding nature of the Company's letters of intent in Argentina and the possibility that definitive agreements are not reached on acceptable terms or at all; the Company's limited financial resources and its need to obtain substantial additional financing, as to which there can be no assurance (the Company's consolidated financial statements for the fiscal year ended May 31, 2026 were prepared on a going concern basis and contain disclosure regarding substantial doubt about the Company's ability to continue as a going concern); the fact that the Company's UGD technology has not yet been deployed at commercial scale and that results of pilot or test operations may not be indicative of commercial results; the availability of U.S. government-supported or other financing, which is subject to eligibility, approval and other conditions outside the Company's control; the ability to obtain and maintain governmental, regulatory, environmental and third-party approvals in Argentina, including at the provincial level; political, economic, legal, regulatory, currency and foreign-exchange risks associated with operating in Argentina, including changes in government policy at the national or provincial level; commodity price volatility; operational, execution, health, safety and environmental risks; the availability and cost of personnel, equipment, services and materials; the Company's ability to protect its intellectual property; and the other risks described under "Risk Factors" and elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2026 and its other filings with the U.S. Securities and Exchange Commission (the "SEC"), which are available at www.sec.gov.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Investor and Media Contact
Laredo Oil, Inc.
Nicholas Rausch, EVP, Business Development
(512) 337-1199
info@laredo-oil.com 

View original content:https://www.prnewswire.com/news-releases/laredo-oil-meets-with-governor-of-santa-cruz-province-argentina-to-advance-ugd-program-for-mature-oil-fields-302914386.html

SOURCE Laredo Oil, Inc.