NATCHEZ, Miss., Jan. 17, 2013 /CNW/ - Mr. Robert A. Kadane, President of KFG Resources Ltd., reported today that the Company's subsidiary, KFG Petroleum Corporation of Natchez, MS has staked location for the Spring Hill #10 well, at Fayette Field, Jefferson County, Mississippi.
The reprocessed 3D seismic data has pinpointed several new shallow features at Fayette. The Company has staked a location (Spring Hill #10 well) due east of the Spring Hill #2 well because the new seismic interpretation indicates the field extends to the east. A 4100-foot test will be drilled when weather permits. KFG owns a 100% working interest in these wells, reverting to a 74.9% working interest after payout.
Carthage Point, Adams County, MS
KFG has staked location for the MacNeil #2 well at Carthage Point. KFG has an 8% working interest in this well reverting to a 20% working interest after payout. The #1 well has excellent oil shows in the Campbell Sand but was pinched out in the objective Stewart "B" Sand. The #2 well will be drilled to 6300 feet and will be started when weather permits.
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:
Mr. Robert A. Kadane, President, +1-303-825-7080