KFG Operations Update
September 13 2011 - 2:50PM
PR Newswire (Canada)
NATCHEZ, Miss., Sept. 13, 2011 /CNW/ -- Concordia Parish, Louisiana
KFG Resources President Robert A. Kadane reported that KFG's
wholly-owned subsidiary, KFG Petroleum Corporation, has staked
location to drill the Roundtree#3, a 6000' Wilcox test in Concordia
Parish, Louisiana. It is also planned to drill an offset to the #1
well in the fall of 2011. The Company will retain a 12.5% working
interest in the project and back in after payout for an additional
20% working interest. Fayette Field, Jefferson County, Mississippi
As previously reported, the Company set 9900' of production casing
in the Spring Hill LT#1 for a completion attempt in the Lower
Tuscaloosa formation at 9730'. Unfortunately, we had a bottom
channel in the cement job opposite the zone and further attempts to
complete the well have been suspended. The new data is being
included in the 3D seismic survey and we will await the new
interpretation before proceeding. In addition, several of the wells
will be worked on this fall to improve production. It is
anticipated that at least one more shallow well will be drilled
before yearend. KFG holds a 100% working interest (79.16% net)
until payout of all costs incurred to date in the field. At payout
the Company's interest 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, +1-303-825-7080 Web Site: http://www.kfgresources.com
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