KFG Reworked Parker Lease - Now Producing 130 BOPD
LaGrange Field, Adams Co., MS
NATCHEZ, Miss., June 12, 2014 /CNW/ - KFG Resources Ltd. President, Robert A. Kadane, reported that KFG's wholly-owned subsidiary, KFG Petroleum Corporation, reworked its Parker #2 well and the lease is now producing 130 BOPD, up from 95 BOPD. The Parker #5 well was drilled to 6,450' and, due to tight sand conditions, it was decided not to set production casing.
Also, in the LaGrange Field, the Craig #1 and #2 wells have paid out and KFG's interest has increased from 10% to 21.5% working interest. Total production from the Craig wells is currently 120 BOPD. A location has been staked for the Craig #3 well and plans are to drill it in the near future.
Carthage Point, Adams Co., MS
At Carthage Point Field, the McNeil #2 and #3 wells have just paid out. KFG's interest will increase from 8% working interest to 21.5% working interest going forward. The two McNeil wells currently produce a total of 60 to 70 BOPD.
Mantua Field, Adams Co., MS
KFG is moving on location to drill the Barnum #2 well in the Mantua Field. A 7,700' well will be drilled to test all zones of the Wilcox formation. KFG has a 9% working interest in the well, reverting to a 20.5% working interest at payout.
The Company's common shares are listed on the TSX Venture Exchange, Vancouver, B.C., trading symbol "KFG".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE KFG Resources Ltd.For further information:
Robert A. Kadane, President (303) 825-7080