KFG Resources Ltd Operations Update
June 29 2011 - 11:53AM
PR Newswire (Canada)
NATCHEZ, Miss., June 29, 2011 /CNW/ -- Concordia Parish, Louisiana
KFG Resources President Robert A. Kadane reported that KFG's
wholly-owned subsidiary, KFG Petroleum Corporation, is moving in to
drill the Roundtree Nos. #1 and #2: two 6000' Wilcox oil tests on a
1500 acre lease in Concordia Parish, Louisiana. The Company will
retain a 12.5% working interest in the project and back in after
payout for an additional 20% working interest. All producing zones
in the Wilcox interval will be evaluated. Fayette Field, Jefferson
County, Mississippi When the Roundtree #1 and #2 wells have been
evaluated the rig will move to the Fayette Field to drill two
wells: the Spring Hill #8 to 4100' and the Spring Hill LT #1 to
10,000'. The Spring Hill #8 is an east offset to the #7 well and
will further evaluate the new zone--the Stewart A A1 sand in the #7
well which was put on production on April 30,2011 for 70 BOPD. The
Spring Hill LT#1 will test a 3D seismic feature in the Lower
Tuscaloosa formation at 10,000'. KFG holds a 100% working
interest(79.16% net) until payout of all costs incurred to date in
the field. If both wells are successful expenditures are expected
to exceed $1,100,000US. 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. Robert A. Kadane, President of KFG
Resources Ltd, +1-303-825-7080
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