Lared to Try its Hand at Oil | Russell T. Rudy Energy LLC
Traditionally a gas explorer and producer, privately held Laredo Energy, is now exploring for oil in East Texas according to a recent article in “Rigzone”.
Funded by a cash infusion of $130 million from private equity sources, and motivated by soft natural gas prices, Laredo is targeting the oil prone Eaglebine shale in Brazos, Burleson and Robertson counties. The company intends to continue its Webb county gas operations and currently is operating one rig each in South and East Texas.
Laredo hopes that its experience in South Texas with layered shale formations will prove beneficial in the Eaglebine, and plans to go public in 2015.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/133347/Laredo .
