KFG Resources Ltd Operations Update
03 May 2011 - 4:14AM
PR Newswire (Canada)
NATCHEZ, Miss., May 2, 2011 /CNW/ -- Fayette Field, Jefferson
County, Mississippi KFG Resources President Robert A. Kadane
reported that KFG's wholly-owned subsidiary, KFG Petroleum
Corporation, has completed its Spring Hill #7 well in the Stewart
A1 Sand at 3780 feet. The well is producing 70BOPD of 40 gravity
sweet crude oil. The 4600' Sand is also productive at this location
but will remain behind pipe for the time being. KFG holds a 100%
working interest(79.16% net) in the well until payout of all costs
incurred to date in the field. At this writing, approximately
$1,400,000US remains to be recovered. At payout, the Company's
interest in the field reverts to a 74.6% working interest(59.1%
net). Field production is approximately 190 BOPD at present.
Concordia Parish, Louisiana The Company is planning to drill
three(3) 6000' Wilcox tests on a 1500 acre lease about 3 miles
south of the town of Vidalia. Because of high water in the
Mississippi River the start date has been delayed until late May
2011. The Company will retain a 12.5% working interest in the
project and back in after payout for an additional 20% working
interest. All producing zones in the Wilcox interval will be
evaluated. The Company's common shares are listed on the TSX
Venture Exchange, Vancouver, B. C. trading symbol "KFG". For
additional information contact Mr. Kadane at (303) 825-7080. The
TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Robert
A. Kadane, President of KFG Resources Ltd, +1-303-825-7080
Copyright
KFG Resources (TSXV:KFG)
Historical Stock Chart
From Jun 2024 to Jul 2024
KFG Resources (TSXV:KFG)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about KFG Resources Ltd (TSX Venture Exchange): 0 recent articles
More Kfg Resources Ltd. News Articles