Today’s purchase is the culmination of a competitive bidding process that closed on October 16, 2014. Under the terms of the sale, operation and ownership of all NPR-3’s mineral rights and approximately 9,000 acres of land is immediately transferred to SORC. The remaining surface acreage is scheduled to be transferred in May, bringing the total acres purchased to 9,318.
Mark See, Chairman and CEO of Laredo Oil, stated, "We view the Teapot Dome Oilfield as a good strategic fit as the purchase is aligned with SORC’s core strategy of acquiring and re-developing mature domestic oil fields. By targeting historic properties with known characteristics, we reduce the uncertainty and risk generally associated with oil exploration. NPR-3 was used for a variety of R&D test projects under Government ownership, thus the quantity and quality of the data on the field is impressive. We look forward to developing the field under commercial operations."
