NATCHEZ, Miss., Oct. 3, 2018 /CNW/ -- KFG Resources, Ltd.
President, Robert A. Kadane,
reported today that the Company's subsidiary, KFG Petroleum
Corporation, (Natchez, MS)
recorded revenues for its quarter ended July
31, 2018 of $397,520 vs.
$323,300 for its corresponding
quarter of 2017. Net income for the July 31, 2018 quarter was $67,334 vs $17,801
for the July 31, 2017 quarter.
The Company's current ratio was in excess of 2 to 1 for the quarter
ended July 31, 2018.
The share buyback proposal was passed by the KFG's Board Meeting
at its annual stockholder meeting. When all paperwork has
been completed details will be announced. Also, capital is
being raised from oil industry partners for the project in
Graham, Texas to re-enter and
recomplete 3 wells with an option to recomplete 2 additional
wells. The #5 Barnum well in Adams
County, MS was completed as a dryhole to 6400'. KFG
had a 22.5% working interest in the well.
In addition, the payout of the Barnum and Craig Leases should
add additional free cash flow of approximately $20,000/quarter to the Company's offers.
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