NATCHEZ, Miss., Nov. 5, 2014 /CNW/ -- KFG Resources President
Robert A. Kadane reported today that
the Company's subsidiary, KFG Petroleum Corporation of Natchez, MS, has three projects that are drill
ready before yearend 2014. In Adams
County, MS the Craig #4, a southwest Offset to the Craig #3
producer, will be drilled to 6500' to test all Wilcox zones of interest. In Franklin County, MS the Seale#1, a 4500'
Wilcox test, and the Wall#1, a
4600' Wilcox test, will evaluate
two new areas of interest where the Company has accumulated an
acreage postion.
In February 2015 in Adams County, the Barnum #3, a west offset to
the Company's Barnum #2 well, currently averaging close to 120
bopd, will be drilled to a depth of 7000' testing several
Wilcox zones that have produced in
the immediate area. This well will be followed by additional
development in Franklin County,
MS. In each of the above cases KFG will have a 10% working
interest converting to a 21.5% interest following payout of a
successful project except for the Barnum well where the Company's
interest is 9%.
Current net daily production is slightly under 100 bopd before
payout of the Craig #3 or the Barnum #2 wells anticipated during
the first half of calendar 2015 even if the Craig #4 is
successful.
The Company's common shares are listed on the TSX Venture
Exchange, Vancouver, B.C., trading
symbol "KFG".
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the Adequacy or accuracy of this release.
SOURCE KFG Resources Ltd.