NATCHEZ, Miss., Nov. 5, 2015 /CNW/ -- KFG Resources Ltd
President, Robert A. Kadane reported
today that the Company's subsidiary, KFG Petroleum Corporation, and
its partners have completed the Drouet Poole Estate #1 Well,
Franklin County, MS, pumping 60
BOPD and 30 Barrels of water a day. The company and partners
drilled the #2 Poole Estate well as a north offset to the #1 and
abandoned it last week. KFG owns a 12% working interest in
the well investing to a 24% Working interest after the #1 and the
dryhole costs of the #2 well as recovered. Future development
will depend on how production volume olds up in the #1 well.
The Stockfelt #1 and the Barnum #4 well are in various
stages of completion.
In Wilbarger County, Texas, the
Company has participated in its first exploratory well in the area
with a private oil company acting as operator. The company
has a 14% working interest in a 400 acre lease on the Waggoner
Ranch and participated in a 2000' Dyson
Sand Test completed as a dry hole. Further evaluation
awaits remapping of the area. A second shallow test is scheduled on
its Griffin Lease several miles away
before years end. Going forward the Company's interest will vary
depending on the project.
The Company's common shares are listed on the TSX Venture
Exchange, Vancouver, B.C. ,
trading symbol "KFG"
The TSX Venture Exchange is not responsible for the adequacy or
accuracy of the press release.
SOURCE KFG Resources Ltd