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Forum - Mining and Commodities Eh! (KFG Resources Ltd - KFG.V)    All things commodities, with a Canadian Junior Miner focus.

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From: Jimjones1972 (Rep: 3) reply to Jimjones1972Date: 11/06/2017 22:35
Forum: Mining and Commodities Eh! - Msg #6057 - List KFG.V msgs Thread #673875762 (Rec: 0)
KFG unit abandons Hogue Estate well in Mississippi

2017-11-06 13:32 MT - News Release

Mr. Robert Kadane reports

KFG OPERATIONS UPDATE

KFG Resources subsidiary, KFG Petroleum Corp. (Natchez, Miss.), abandoned its Hogue Estate No. 1 well in Adams county, Miss., as a dry hole. The company had sold all of the working interest and was scheduled to back in after payout if the well was successful; consequently, all costs were recovered including acreage and the company received a $10,000 overhead fee for operating. Recovery of these costs virtually paid for the company's recently announced small production purchase.

The company is hopeful that the higher prices currently being experienced will hold which will make it easier to raise capital for its drilling projects in the future.

The company's common shares are listed on the TSX Venture Exchange under the symbol KFG.

© 2017 Canjex Publishing Ltd. All rights reserved.



Reply to Jimjones1972 - Msg #6017 - 10/19/2017 10:04

KFG to drill 7,200-foot wildcat well in Mississippi

2017-10-19 07:41 MT - News Release

Mr. Robert Kadane reports

KFG TO DRILL 7200' WILDCAT WELL, ADAMS COUNTY, MS

KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp. (Natchez, Miss.), is set to drill a 7,200-foot wildcat well in Adams county, Mississippi, testing several Wicox sands that have produced in the immediate area. The Hogue Estate No. 1 well is located in Adams county, Mississippi, on a 300-acre lease burdened with a 25-per-cent royalty, leaving the company with a 75-per-cent net revenue interest. KFG has taken on partners, will have no exposure in the drilling of the well to total depth, and will recover approximately $10,000 from reimbursement for the leases plus a $10,000 overhead charge. If productive, the company will back in after payout for a 12-per-cent working interest with no outlay of completion expenses.

In addition, the company closed the purchase, effective Oct. 1, 2017, of a 1-per-cent working interest in several of its operated wells in Mississippi, which will have an immediate impact on cash flow.

© 2017 Canjex Publishing Ltd. All rights reserved.
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