NATCHEZ, Miss., Nov. 5, 2015 /CNW/ -- KFG Resources Ltd President, Robert A. Kadane reported today that the Company's subsidiary, KFG Petroleum Corporation, and its partners have completed the Drouet Poole Estate #1 Well, Franklin County, MS, pumping 60 BOPD and 30 Barrels of water a day. The company and partners drilled the #2 Poole Estate well as a north offset to the #1 and abandoned it last week. KFG owns a 12% working interest in the well investing to a 24% Working interest after the #1 and the dryhole costs of the #2 well as recovered. Future development will depend on how production volume olds up in the #1 well.
The Stockfelt #1 and the Barnum #4 well are in various stages of completion.
In Wilbarger County, Texas, the Company has participated in its first exploratory well in the area with a private oil company acting as operator. The company has a 14% working interest in a 400 acre lease on the Waggoner Ranch and participated in a 2000' Dyson Sand Test completed as a dry hole. Further evaluation awaits remapping of the area. A second shallow test is scheduled on its Griffin Lease several miles away before years end. Going forward the Company's interest will vary depending on the project.
The Company's common shares are listed on the TSX Venture Exchange, Vancouver, B.C. , trading symbol "KFG"
The TSX Venture Exchange is not responsible for the adequacy or accuracy of the press release.
SOURCE KFG Resources Ltd
For further information: Robert A. Kadane at 720-456-9450