KFG Resources Ltd. (KFG)

[JonnyRBuck12]

KFG's Craig No. 5 well flows 98 bopd


2015-04-27 13:36 MT - News Release


Mr. Robert Kadane reports

KFG OPERATIONS UPDATE

KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp., and its partners have completed the Craig No. 5 well in Adams county, Mississippi, flowing 98 barrels of oil per day, no water, on an eight-64th choke, with flowing tubing pressure of 300 pounds per square inch. The company has a 21.5-per-cent working interest in the well. Barnum No. 3 completion operations are under way. Additionally KFG is gearing up for an active summer in Mississippi with several new projects.
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Last quarter KFG was producing at 105bopd. Including this well, the company will be closer to 130bopd since their declines are almost non-existent. Barnum 3 should add some good production, Craig 3 pays out in June, and the next several wells should give KFG the potential to double it's last quarter production numbers.