KFG Resources Announces Operations Update
03 June 2012 - 3:09AM
PR Newswire (Canada)
NATCHEZ, Miss., June 6, 2012 /CNW/ - Fayette Field, Jefferson
County, Mississippi Current production from the Fayette Field is
approximately 100 BOPD from six producing wells. A new and
experimental production enhancement technique was recently
performed on the Spring Hill #1 well. Four laterals were drilled
into the 4600' Sand using coiled tubing and water under high
pressure. There was a modest improvement in production to
approximately 10 BOPD from this zone. We continue to monitor this
well and will decide in the coming months if results justify
further attempts in the 4600' Sand, which is present in many other
wells in the area. Meanwhile the Stewart A Sand remains behind pipe
in the Spring Hill #1 well. The Spring Hill #7 is back on
production after it was repaired and is currently producing between
8 and 10 BOPD. The Spring Hill #9 well was drilled at the extreme
south end of the Spring Hill feature and was plugged and abandoned
as a dry hole. The 26-1 well drilled 2 miles south of Spring Hill
is currently averaging 15 BOPD. As previously stated the 3D Seismic
is being reprocessed and KFG will drill two obligation wells based
on the new survey in the fall of 2012. Concordia Parish, Louisiana
The Roundtree #1 well finally received all permits for salt water
disposal and was put on production----- currently producing about
25 BOPD. The recently drilled Roundtree 1A is currently being
completed. A salt water disposal well will also be required for
this well. The permitting process will start as soon as it is
determined there is a sufficient oil cut for commercial production.
KFG owns a 12.5% working interest in the Roundtree wells which will
increase to 29.375% working interest at payout. New Projects KFG
has assembled three(3) new lease blocks---two(2) in Concordia
Parish, Louisiana and one(1) in Adams County, Mississippi. The plan
is to drill test wells on these prospects this summer and early
fall of 2012. 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 KFG Resources Ltd CONTACT: Mr. Robert A. Kadane,
President, +1-303-825-7080
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