NATCHEZ, Miss., July 10, 2013 /CNW/ - Robert A. Kadane, President of KFG Resources Ltd., reported today that the Company's wholly-owned subsidiary, KFG Petroleum Corporation is drilling and operating an 11,300-foot Lower Tuscaloosa test, in Amite County, Mississippi, adjacent to a CO2 flood operated by Denbury. The Company has a 5% working interest in a 64-acre tract and is offsetting a Denbury well that is producing 110 - 120 BOPD and has produced in excess of 100,000 barrels to date.
Adams County, Mississippi
In the LaGrange Field, KFG has staked a location to drill a 6,300-foot Wilcox test offsetting a new well producing 80 BOPD. The Company was granted an exception location to offset this new well as operator and, it has a 10% working interest in the well and 160 acres. There are two productive zones in the offset well.
Also, in the Carthage Point Field, KFG has staked a north offset location to its MacNeil #2 well producing in the Stewart "B" Sand. KFG has an 8% working interest in the offset well reverting to a 20% interest after 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
For further information:
Mr. Robert A. Kadane, President (303) 825-7080