KFG Resources (TSXV:KFG)
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6 Months : From Jun 2019 to Dec 2019
NATCHEZ, Miss., June 27, 2019 /CNW/ -- Robert A. Kadane, CEO of KFG Resources Ltd. reported today a rework in Jefferson Co, MS. The Spring Hill #1 well was put back on production for 10 to 15 BOPD. KFG owns a 67.5 net revenue interest. In addition, the #4 Barnum well (KFG owns a 16.9% NRI) is scheduled to be reperforated in July in an attempt to increase production.
In Saskatchwan, Canada at West Hazel, production on the fourth well has been restored. KFG has an 11.25% working interest in the acreage. The wells produce heavy oil and can take 2 to 3 months for daily steady production numbers to occur. Approximately 4800 to 5000 bbls of fluid a day is being produced with oil representing 1.5% to 2% or 80 to 100 BOPD. As production stabilizes the oil cut percentage should increase resulting in more saleable oil. Current production is covering all operating and asset costs.
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 the release.
SOURCE KFG Resources Ltd.