NATCHEZ, Miss., Oct. 14, 2015 /CNW/ -- KFG Resources Ltd.'s President, Robert A. Kadane, reported today that the Company's subsidiary, KFG Petroleum Corporation (and partners) is completing its Drouet Poole Estate #1 well in Franklin County, Mississippi. Production rates will be reported in the next couple of weeks. The Company owns a 12% working interest in the well which will revert to 24% if the well pays out. In addition, completion of the Company's Stockfelt #1 well, in Adams County, is underway. The Company owns a 13% working interest in this well, before payout, and a 20.25% working interest if the well pays out. The Company is currently waiting on additional equipment essential in completing the well.
KFG Petroleum Corporation is being qualified to do business in the State of Texas. A joint venture agreement has been signed with a private oil and gas exploration company located in Wichita Falls, Texas to participate as a non-operating working interest partner in two shallow oil tests in Archer and Wilbarger Counties in North Texas. Details will follow when the projects are completely ready to drill. Currently, the best estimate is early to mid-November 2015.
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) 825-7081, http://www.kfgresources.com