Laredo Oil posts no revenue and a $1.61M net loss in first quarter of FY2027
Laredo Oil recorded zero revenue for the three months to August 31, 2026, with a net loss of $1.61M, or $(0.02) per diluted share.
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what happened
Laredo Oil booked no revenue in the first quarter of fiscal 2027, which ended August 31, 2026, against $1,543 a year earlier. The consolidated net loss widened to $1,605,030 from $952,074, and the loss per diluted share was $(0.02) compared with $(0.01) in the prior-year quarter.
The company is pursuing underground gravity drainage (UGD) projects abroad, including Argentina, Mexico, the MENA region, Romania, Albania and Azerbaijan. It signed a letter of intent in Argentina and agreements with Texakoma and Erehwon. Texakoma funded the initial wells and paid for additional lease interests.
In Montana, Laredo cut conventional drilling, sold its Hell Creek stake and dropped most leased acreage, keeping about 2,945 net acres. Several drilled wells, including Lustre, Midfork and Olfert, are producing little oil and a lot of water, and several are shut in. New drilling is on hold until the company secures funding and gathers more data.
why it matters
For markets, the report is mainly a signal about the financial position of a small oil producer. Zero revenue alongside a sizable loss and paused drilling mean the company depends on new capital. The results do not directly move oil prices, but for investors in its shares and debt, the outcome of the UGD tests and its fundraising will matter most.
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prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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