NATCHEZ, Miss., Oct. 16, 2013 /CNW/ -
Adams County, Mississippi
Carthage Point Field
Robert A. Kadane, President of KFG Resources Ltd., reported today that the MacNeil #3 well was perforated in the Stewart "B" Sand of the Wilcox formation at 4,392' and is flowing 80 BOPD. The MacNeil #3 well extends the reservoir 660' north of the MacNeil #2 well. KFG has an 8% working interest in the lease, reverting to a 20% working interest at payout. The total production from the lease is 113 BOPD. The prospect contains 200 acres.
The Company's Parker #2 well has been completed for 25 BOPD. The Company has a 10% working interest in the well and surrounding 160 acres. The delay between completion and the start of production (2 months) was due to the need to convert a well for saltwater disposal.
The Company has spudded a new Wilcox test at the LaGrange Field – the Craig #1. It will be a 6,000' Wilcox test. The Company has a 10% working interest in the well reverting to a 22% interest at payout.
Warren County, Mississippi
KFG drilled its #1 Hannah well to 11,350' and cored oil sand in the 2nd Rodessa Sand with an oil show in the 3rd Rodessa Sand. Production casing has been set to 11,350'. KFG has a 5% working interest in the well, reverting to an 18% 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
For further information:
Mr. Robert A. Kadane, President, (303) 825-7080