NATCHEZ, Miss., Oct. 14, 2015
/CNW/ -- KFG Resources Ltd.'s President, Robert A. Kadane, reported today that the
Company's subsidiary, KFG Petroleum Corporation (and partners) is
completing its Drouet Poole Estate #1 well in Franklin County, Mississippi. Production
rates will be reported in the next couple of weeks. The
Company owns a 12% working interest in the well which will revert
to 24% if the well pays out. In addition, completion of the
Company's Stockfelt #1 well, in Adams
County, is underway. The Company owns a 13% working
interest in this well, before payout, and a 20.25% working interest
if the well pays out. The Company is currently waiting on
additional equipment essential in completing the well.
KFG Petroleum Corporation is being qualified to do business in
the State of Texas. A joint venture agreement has been signed
with a private oil and gas exploration company located in
Wichita Falls, Texas to
participate as a non-operating working interest partner in two
shallow oil tests in Archer and
Wilbarger Counties in North
Texas. Details will follow when the projects are completely
ready to drill. Currently, the best estimate is early to
mid-November 2015.
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.
