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KFG completing Drouet Poole Estate, Stockfelt wells

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JonnyRBuck12   Thursday, 10/15/15 10:03:45 AM
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KFG completing Drouet Poole Estate, Stockfelt wells
2015-10-14 13:29 MT - News Release

Mr. Robert Kadane reports
KFG OPERATIONS UPDATE
KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp. (and partners), is completing its Drouet Poole Estate No. 1 well in Franklin county, Miss. Production rates will be reported in the next couple of weeks. The company owns a 12-per-cent working interest in the well which will revert to 24 per cent if the well pays out. In addition, completion of the company's Stockfelt No. 1 well, in Adams county, is under way. The company owns a 13-per-cent working interest in this well, before payout, and a 20.25-per-cent working interest if the well pays out. The company is currently waiting on additional equipment essential in completing the well.

KFG Petroleum Corp. is being qualified to do business in the state of Texas. A joint venture agreement has been signed with a private oil and gas exploration company located in Wichita Falls, Tex., to participate as a non-operating working interest partner in two shallow oil tests in Archer and Wilbarger counties in north Texas. Details will follow when the projects are completely ready to drill. Currently, the best estimate is early to mid-November, 2015.
© 2015 Canjex Publishing Ltd. All rights reserved.

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