NATCHEZ, Miss., Nov. 6, 2017 /CNW/ -- KFG Resources President,
Robert A. Kadane, reported that the
Company's subsidiary, KFG Petroleum Corporation (Natchez, MS) abandoned its Hogue Estate #1
well in Adams County, MS as a dry
hole. The Company had sold all of the working interest and
was scheduled to back in after payout if the well was successful;
consequently, all costs were recovered including acreage and the
Company received a $10,000 overhead
fee for operating. Recovery of these costs virtually paid for
the Company's recently announced small production purchase.
The Company is hopeful that the higher prices currently being
experienced will hold which will make it easier to raise capital
for its' drilling projects in the future.
The Company's common shares are listed on the TSX Venture
Exchange, Vancouver, B.C. trading
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
SOURCE KFG Resources Ltd