KFG Resources Ltd. (KFG)

[JonnyRBuck12]

KFG Resources cases Barnum No. 3 well


2015-02-23 14:05 MT - News Release


Mr. Robert Kadane reports

KFG REPORTS STATUS OF MISSISSIPPI DRILLING PROGRAM

KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp. of Natchez, Miss., has set production casing in its Barnum No. 3 well logging several potential oil zones in the well. A completion attempt will be made in the Parker sand at 6,415 feet (the producing zone in the Barnum No. 2 well). The company has a 9-per-cent working interest in the well until payout and a 20.5-per-cent interest thereafter.

In addition, the company has run production casing in its Craig No. 5 well to 6,400 feet to test the Benbrook sand at 6,214 feet. The producing sand on the Craig lease, the second Wilcox sand at 4,348 feet, was also present and productive significantly expanding oil reserves on the lease. KFG has a 21.5-per-cent working interest in the Craig No. 5 well. As the wells are perforated and put on production a report will follow. The company also drilled two wildcats, both dry holes, in Franklin county, Mississippi, the Seale No. 1 and the Wall No. 1, both 4,600-foot shallow dry holes. The company had a 10-per-cent working interest in both wells.

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