KFG Resources Ltd. (KFG)

[JonnyRBuck12]

KFG Resources receives permit for Barnum No. 5 well

2018-07-25 11:12 MT - News Release


Mr. Robert Kadane reports

KFG RESOURCES ACQUIRES PERMIT TO DRILL BARNUM #5 WELL

KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp. of Natchez, Miss., has permitted the Barnum No. 5 well in Adams county, Miss. It will be a 6,500-foot test of several Wilcox sands that produce in the immediate area. As of July 1, 2018, KFG's Barnum lease has paid out and the company's working interest rose from 9-per-cent working interest to 22.5-per-cent working interest and from 6.89-per-cent net revenue interest to 16.875-per-cent net revenue interest.

KFG's Craig lease will pay out shortly and a news release will be put out when that occurs. Additional projects are now under review with the improved pricing environment.

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