KFG Resources Ltd. (KFG)

[JonnyRBuck12]

KFG unit places Barnum No. 4 on production

2015-12-02 07:29 MT - News Release

Mr. Robert Kadane reports

KFG PUTS BARNUM #4 ON PRODUCTION

KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp., and partners have put the Barnum No. 4 well in Adams county, Mississippi, on production. The well was perforated in the Armstrong sand of the Wilcox formation from 6,784 to 6,786 feet. On Nov. 30 the well started pumping at 9 a.m. and by noon oil was at the surface. By 4 p.m. the well was producing at a 60-barrel-of-oil-per-day rate and by 10 p.m. at a 120 bopd rate. The pumping unit was slowed down at 2 a.m. to an 80 bopd rate and will be produced at that rate until it stabilizes. KFG has a 9.19-per-cent working interest in the well increasing to a 21.6-per-cent working interest if the project pays out. The No. 4 well sets up another location that will probably be drilled in the spring of 2016.

The Drouet Poole Estate No. 1 well continues to produce 60 barrels of oil and 30 barrels of water per day. Completion operations are under way on the Stockfelt No. 1 well.

The Mississippi River has risen unexpectedly delaying the company's 7200 test at N. Fairfview in Adams county, Mississippi. At this writing, KFG has three development wells to be drilled in the spring and summer of 2016.

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