KFG Resources Ltd. (KFG)

[JonnyRBuck12]

KFG REPORTS STATUS OF MISSISSIPPI WILCOX DRILLING PROGRAM

KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp. of Natchez, Miss., has resumed its Wilcox shallow drilling program. The company is moving in on the Wall No. 1, a 4,600-foot Wilcox test, to be followed by the Seale No. 1, another 4,600-foot Wilcox test. Both wells are wildcats in Franklin county, Mississippi. KFG has a 10-per-cent working interest in both wells and, if successful, will jump to a 21.5-per-cent working interest after payout.

Also, the company is staking location to offset its Barnum No. 2 well in Adams county, Mississippi, a 6,700-foot Wilcox test. The Barnum No. 2 well has already produced 10,000 barrels, and has settled down to a rate of 70 barrels of oil per day. The Barnum No. 3 well will be drilled as weather permits, probably in early February. KFG has a 9-per-cent working interest in the Barnum lease, increasing to a 20.5-per-cent working interest at payout.

© 2015 Canjex Publishing Ltd. All rights reserved.