NATCHEZ, Miss., March 26, 2012 /CNW/ - Concordia Parish, Louisiana
KFG Resources President Robert A. Kadane reported that KFG's wholly-owned subsidiary, KFG Petroleum Corporation, has run production casing to 6000' to test the Artman Sand of the Wilcox formation. Details will be provided after the well has been put on production. The Company has a 1500 acre lease adjacent to the well. KFG will retain a 12.5% working interest in the project and back in after payout for an additional 20% working interest.
Fayette Field, Jefferson County, Mississippi
Location has been made for the Spring Hill #9 well, south of the #7 well, and the rig is moving in. The 4000' test should be down and evaluated by the weekend. KFG holds a 100% working interest (79.16% net) until payout of all costs incurred to date in the field. At payout the Company's interest in the field reverts to a 74.6% working interest (59.1% net).
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
For further information:
Robert A. Kadane, President, +1-303-825-7080