KFG Resources Ltd. (KFG)

[JonnyRBuck12]

KFG Resources completes Craig No. 3 well at LaGrange


2014-07-31 07:46 MT - News Release


Mr. Robert Kadane reports

KFG OPERATIONS UPDATE

At the LaGrange field in Adams county, KFG Resources Ltd.'s wholly owned subsidiary, KFG Petroleum Corp., along with its partners, has completed the Craig No. 3 well in the Second Wilcox formation at 4,375 feet. The well is currently pumping 90 barrels of oil per day with 15 barrels of water per day. KFG has a 10-per-cent working interest in the well, reverting to a 21.3-per-cent interest at payout. The well is in a separate reservoir from the Craig No. 1 and No. 2 wells and sets up an offset location. Total lease production is currently 240 barrels of oil per day.

At the Mantua field in Adams county, a saltwater disposal permit has been issued for the Barnum No. 2 well and completion operations have begun. KFG has a 9-per-cent working interest in the well, reverting to a 20.5-per-cent interest after payout.

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