NATCHEZ, Miss., Oct. 19, 2017 /CNW/ -- KFG Resources President,
Robert A. Kadane, reported that the
Company's subsidiary, KFG Petroleum Corporation (Natchez, MS) is set to drill a 7200' wildcat
well in Adams County, MS testing
several Wicox sands that have produced in the immediate area.
The Hogue Estate#1 well is located in Adams Co., MS on a 300 acre
lease burdened with a 25% royalty, leaving the Company with a 75%
net revenue interest. KFG has taken on partners and will have
no exposure in the drilling of the well to total depth, and will
recover approximately $10,000 from
reimbursement for the leases plus a $10,000 overhead charge. If productive, the
Company will back in after payout for a 12% working interest with
no outlay of completion expenses.
In addition, the Company closed the purchase effective
October 1, 2017 of a 1% working
interest in several of its operated wells in Mississippi which will have an immediate
impact on cash flow.
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.
