Fayette Field Update
NATCHEZ, Miss., Sept. 3 /CNW/ -- KFG Resources President, Robert A. Kadane, reported that KFG Resources Ltd.'s wholly-owned subsidiary, KFG Petroleum Corporation has staked location for a 4100 Foot Wilcox test, the Spring Hill #6 well, a southwest offset to the Spring Hill #1 producer. Operations will begin immediately.
The field continues to produce over 100 BOPD to the company.
KFG Petroleum Corporation has approximately 4100 acres of leases in the area and owns a 100% working interest (79.16 net) in the Spring Hill wells and in this offset location reverting to a 74.6 working interest (59.1% net) after payout of all drilling, seismic, land, exploration, development, taxes, and operating costs - currently $1.8 million USD.
The Company's common shares are listed on the TSX Venture Exchange, Vancouver, B.C., trading symbol "KFG". For additional information, please contact Mr. Kadane at(303) 825-7080.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: Robert A. Kadane, President of KFG Resources Ltd., +1-303-825-7080 Web Site: http://www.kfgresources.com