KFG Resources Ltd. (KFG)

[JonnyRBuck12]

KFG Resources starts completion work at Barnum


2014-09-11 07:36 MT - News Release


Mr. Robert Kadane reports

KFG FALL 2014 DRILLING SCHEDULE

KFG Resources Ltd.'s wholly owned subsidiary, KFG Petroleum Corp., of Natchez, Miss., has started completion operations on its Barnum well in Adams county, Mississippi.
Initial production rate from the Parker sand (a semi-depleted zone) is 40 barrels of oil per day.
KFG has three new projects ready to drill this fall -- two in Franklin county, Mississippi, and one in Adams county, Mississippi. If time permits, there will be additional drilling at Fayette field in Jefferson county, Mississippi.
The Craig No. 3 well, at the LaGrange field, has stabilized production at 50 barrels of oil per day. It is anticipated that a west offset will be drilled before year-end.
In all these wells, KFG has a 10-per-cent working interest, reverting to 21.5 per cent at payout.
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Barnum now gives KFG 24 wells in production and a rate that's getting closer to 200bopd of light oil. With 3-4 lined up this fall, no doubt that it's an achievable target.