About Laredo (adapted from Laredo prospectus):
Laredo Petroleum Holdings is an independent energy company focused on the exploration, development and acquisition of oil and natural gas in the Permian and Mid-Continent regions of the United States; primarily focused in the Wolfberry and deeper horizons of the Permian Basin in West Texas and the Anadarko Granite Wash in the Texas Panhandle and Western Oklahoma, where they have assembled approximately 126,500 net acres and 38,000 net acres, respectively. Both of these plays are characterized by high oil and liquids-rich natural gas content, multiple target horizons, extensive production histories, long-lived reserves, high drilling success rates and significant initial production rates.
Laredo Petroleum Holdings states that "Based upon drilling results from over 625 of our vertical wells, we believe our economic vertical program in these areas has been largely de-risked. Our vertical development drilling activity is complemented by a rapidly emerging horizontal drilling program, which may add significant production and reserves in multiple producing horizons on the same acreage."
As of August 22, 2011, Laredo Petroleum Holdings had drilled 22 gross horizontal wells in the Permian and nine gross horizontal wells in the Anadarko Granite Wash.
Laredo has grown cash flow, production and reserves through their drilling program and seek acquisition opportunities that are complementary to their assets and provide upside potential competitive with existing property portfolio. On July 1, 2011, they explain that they completed the acquisition of Broad Oak for a combination of equity and cash. This acquisition, they state in their prospectus, "provided incremental scale and significant additional exposure to vertical and horizontal oil and liquids-rich natural gas opportunities." The acquired properties are concentrated on a contiguous land position located in the Permian Basin, primarily in Reagan County, and are being drilled targeting Wolfberry production. This acreage, totaling approximately 64,000 net acres, approximately doubled Laredo Petroleum Holdings' Permian Basin position and is immediately south of and on trend with their legacy Permian Basin properties in Glasscock and Howard Counties. Laredo Petroleum Holdings states, "We believe the success Laredo has achieved to date in drilling our vertical and horizontal wells may add significant value to this newly acquired acreage."This description is adapted from Laredo prospectus. This description is not intended to be a recommendation to buy stock from this company. We do not claim that all of the statements above were researched and found to be true. We present them as a general description based on what the company has said about itself at the time that they submitted their prospectus for an IPO offering. To see the company's full description, view their prospectus..