Laredo Oil completed the acquisition of Stranded Oil Resources from Alleghany.

Laredo Oil, an E&P company that owns, develops and operates oil fields, completed the acquisition of Stranded Oil Resources, a company engaged in managing both the acquisition of mature oil fields and the recovery of stranded oil from those fields, from Alleghany, an investment holding company. Financial terms were not disclosed. "SORC has invested more than $100m 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. With this acquisition of SORC, Laredo now has exclusive rights to utilize that technology on its own assets and those of operators worldwide," Mark See, Laredo Oil Chairman and CEO.