|News: KFG Operations Update (Barnum Drill, Craig Payout, Share Buyback, Texas Project)|
NATCHEZ, Miss., Sept. 11, 2018 /CNW/ -- As previously reported, the Company's Barnum lease, Adams County, MS, paid out in July 2018 and KFG's working interest increased from 9% to 22.5%. The Barnum #5 location has been staked and permitted. Currently, the Company is waiting on a drilling rig which is expected to move into the location as soon as weather permits.
Additionally, the Company's Craig #3 should payout by the end of September, substantially increasing KFG's working interest.
Also, KFG has entered into a farmout agreement with Tracer Operating Company, Graham, Texas to recomplete 3 shallow gas & oil wells with an option to recomplete 3 additional wells. These are shallow recompletions (3600'-4500') in Palo Pinto and Stephens County, Texas. Capital is now being raised for this venture.
In addition, the Company is considering a share buy back proposal. Specifics will be presented to the board at the Board Meeting on September 28, and voted on at that time.
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