Trading Symbol: KFG
TSX Venture Exchange
NATCHEZ, MS, Jan. 8 /CNW/ - KFG Resources Ltd. reported today that it has
consolidated revenue (unaudited) for the six months ended October 31, 2007, of
US$374,756, compared to US$380,293 for the six months ended October 31, 2006,
resulting in a net loss (unaudited) from operations of US$58,906, compared to
a net loss (unaudited) from operations of US$112,187 for the six months ended
October 31, 2006. Total assets at October 31, 2007 (unaudited) were
US$2,859,841 compared to US$567,430 at April 30, 2007. The Company reported a
deficit (unaudited) at October 31, 2007, of US $1,703,673, compared to a
deficit of US$1,898,694 at April 30, 2007. The Company has 42,147,311 common
shares outstanding at October 31, 2007.
Mr. Robert A. Kadane, President of the Company, noted that the
October 31, 2007, figures include the net proceeds of the brokered private
placement of 25,000,000 Units of the Company completed in October, 2007. Mr.
Kadane also reported that the previously announced drilling by the Company's
subsidiary, KFG Petroleum Corporation, of an oil test well in Adams County,
Mississippi, in the Mantua Field, resulted in a dry hole.
The Company's common shares are listed on the TSX Venture Exchange,
Vancouver, B.C., trading symbol "KFG". For additional information, please
contact Mr. Robert A. Kadane, President, at (303) 825-7080.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
"James F. Gilbert"
James F. Gilbert, Secretary
For further information:
For further information: Robert A. Kadane, President, (303) 825-7080