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KFG Resources' KFG Petroleum to lay off two employees

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JonnyRBuck12   Wednesday, 05/10/17 11:03:45 AM
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KFG Resources' KFG Petroleum to lay off two employees

2017-05-10 08:32 MT - News Release

Mr. Robert Kadane reports

KFG RESOURCES TO ADMINISTER FURTHER COST CUTTING MEASURES

KFG Resources Ltd. subsidiary KFG Petroleum Corp., of Natchez, Miss., has implemented further cost reductions in order to counterbalance the reduction in oil prices. Starting in June, the company overhead will be reduced as two additional employees are released, saving on salaries and insurance.

For the month of March, KFG Petroleum produced an average of 65.4 barrels of oil per day from 19 wells. Management is looking at numerous ways to increase shareholder value. However, there can be no assurance that a deal will be reached. KFG's drilling program is slated to start in the summer, pending the stabilization of oil prices and financing from joint venture partners.

© 2017 Canjex Publishing Ltd. All rights reserved.

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