NATCHEZ, Miss., May 10, 2017 /CNW/ -- KFG Resources Ltd. subsidiary KFG Petroleum Corp., of Natchez, MS has implemented further cost reductions in order to counter balance the reduction in oil prices. Starting in June, the company overhead will be reduced as two additional employees are released, saving on salaries and insurance.
For the month of March, KFG Petroleum produced an average of 65.4 bopd from 19 wells. Management is looking at numerous ways to increase shareholder value. However, there can be no assurance that a deal will be reached. KFG's drilling program is slated to start in the summer, pending the stabilization of oil prices and funding from joint venture partners.
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, (940) 723-7052, http://www.kfgresources.com