NATCHEZ, Miss., Dec. 2, 2015 /CNW/ -- KFG Resources Ltd's
President, Robert A. Kadane,
reported that the Company's subsidiary, KFG
Petroleum Corporation, and partners have put the Barnum#4 well
in Adams County, MS on
production. The well was perforated in the Armstrong Sand of
the Wilcox formation from 6784 to
6786 feet. On November
30th the well started pumping at 9am and by noon oil was at the surface. By
4 pm the well was producing at a 60
bopd rate and by 10 pm at a 120 bopd
rate. The pumping unit was slowed down at 2
am to an 80bopd rate and will be produced at that rate
until it stabilizes. KFG has a 9.19% working interest in the well
increasing to a 21.6% working interest if the project pays out. The
#4 well sets up another location that will probably be drilled in
the spring of 2016.
The Drouet Poole Estate #1 well continues to produce 60
barrels of oil and 30 barrels of water per day. Completion
operations are underway on the Stockfelt #1 well.
The Mississippi River has risen unexpectedly delaying the
Company's 7200 test at N. Fairfview in Adams County, Mississippi. At this writing,
KFG has three development wells to be drilled in the spring and
summer of 2016.
The Company's common shares are listed on the TSX Venture
Exchange, Vancouver, B.C.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the Adequacy or accuracy of this release.
SOURCE KFG Resources Ltd.