NATCHEZ, Miss., June 29, 2015 /CNW/ -- Robert A. Kadane, President of KFG Resources Ltd, reported today that The Company's subsidiary, KFG Petroleum Corporation's Craig #5 well put on production in May 2015 in Adams County, Mississippi continues to produce 100 BOPD water free. The Company has a 21.5% (16.025 net) in the well. The Barnum #3 is still undergoing production testing although results to date are disappointing. KFG's interest in the Barnum well is 9% (6.75% net).
The price of crude oil in May was $ 60.50 bringing all production back into positive territory. All production is finally back on line after the wettest five months in memory. A few wells were down periodically in KFG's fiscal third quarter ending January 31, 2015 and in the in the Company's last fiscal quarter ending April 30, 2015. The last well that was down is back on production this week. Weather conditions made it extremely hard to get wells back on line in a timely fashion.
The Company's drilling program should be underway in about 30 days. It is anticipated, at present, that there will be five exploratory wells and one or two development wells in The program.
The Company's common shares are listed on the TSX Exchange, Vancouver, B.C.Trading Symbol: "KFG."
The TSX Venture Exchange has not reviewed and does not accept responsibility for theAdequacy or accuracy of this release.
SOURCE KFG Resources Ltd
For further information: Robert A. Kadane, President (303) 825-7081, http://www.kfgresources.com