Wednesday, November 05, 2014 6:44:45 PM
2014-11-05 07:42 MT - News Release
Mr. Robert Kadane reports
KFG REPORTS STATUS OF MISSISSIPPI WILCOX DRILLING PROGRAM
KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp. of Natchez, Miss., has three projects that are drill ready before year-end 2014. In Adams county, Mississippi, the Craig No. 4, a southwest offset to the Craig No. 3 producer, will be drilled to 6,500 feet to test all Wilcox zones of interest. In Franklin county, Mississippi, the Seale No. 1, a 4,500-foot Wilcox test, and the Wall No. 1, a 4,600-foot 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 No. 3, a west offset to the company's Barnum No. 2 well, currently averaging close to 120 barrels of oil per day, will be drilled to a depth of 7,000 feet, testing several Wilcox zones that have produced in the immediate area. This well will be followed by additional development in Franklin county, Mississippi.
In each of the above cases, KFG will have a 10-per-cent working interest, converting to a 21.5-per-cent interest following payout of a successful project, except for the Barnum well, where the company's interest is 9 per cent.
Current net daily production is slightly under 100 barrels of oil per day before payout of the Craig No. 3 or the Barnum No. 2 wells anticipated during the first half of calendar 2015 even if the Craig No. 4 is successful.
© 2014 Canjex Publishing Ltd. All rights reserved.
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM