Monday, September 14, 2015 7:42:26 PM
2015-09-14 13:45 MT - News Release
Mr. Robert Kadane reports
KFG LOGS NEW FIELD DISCOVERY WELL
KFG Resources Ltd. has logged a new discovery oil well in Franklin county, Mississippi. The company's subsidiary, KFG Petroleum Corp. of Natchez, Miss., drilled the Drouet Poole Estate No. 1 well to a total depth of 6,800 feet and found 10 feet of McShane oil sand from 6,618 feet to 6,628 feet. Production casing has been set for a completion attempt. The company has a 12-per-cent working interest in the well before payout and a 24-per-cent working interest after payout.
In addition, the company is moving in to drill its Second Creek prospect in Adams county, Mississippi. The Stockfelt unit No. 1 will be drilled to a depth of 4,600 feet to test the Third Wilcox formation. KFG has a 15-per-cent working interest in the well, jumping to a 21.5-per-cent working interest at payout. At this writing, it is anticipated that two more wells will be drilled in the program, and those projects will be announced at a later date.
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