Laredo Petroleum (NYSE:LPI) is an oil and gas company focused on exploration and development of properties in the Permian and Mid-Continent regions of the US. Laredo has historically focused on vertical wells, but has developed horizontal well drilling capabilities.  Laredo considers its vertical drilling to be relatively low-risk and plans to use the growth in that sector to help increase the efficiency and profitability with its horizontal drilling.
For the 9 months ended in September 2011, Laredo reported a total revenue of $371M. This resulted in $104M in net income. This compares to $157M in revenue and $51M in net income for the 9 months ended in September of 2010.
The company's initial public offering of stock on the NYSE occurred on December 14, 2011. The company offered 17.5M shares each for $17. This was below the $18-$20 price range. The deal raised a total of $298M. The lead mangers of the deal were JP Morgan, Goldman, and BofA Merrill Lynch.
Laredo plans to continue to develop horizontal drilling to compliment its vertical drilling capabilities. Horizontal drilling allows the owners of the properties to extract more out of standard vertical well. This will allow Laredo to not only explore and acquire oil producing properties, but also to push them farther along the track towards completion. However, without significant experience in horizontal drilling, the company may face difficulties and higher risks.