KFG Resources Ltd. Purchases Production in Saskatchewan
February 22 2019 - 9:42AM
PR Newswire (Canada)
NATCHEZ, Miss., Feb. 22, 2019 /CNW/ -- Robert A. Kadane, CEO
of KFG Resources Ltd. reported today that the Company completed a
production purchase in western Saskatchewan. A financial
partnership was formed with Hillcrest Petroleum whereby the Company
purchased 15% of Hillcrest's position in its West Hazel assets
which amounts to 75% of the total interest available. Total
consideration paid by the company to Hillcrest was $150,000 CDN (approximately $113,000 USD). Four shut-in wells are being
reentered and returned to production after being shut-in for four
(4) years. It will take a few weeks to ascertain how much
production will be recovered. (i.e. what the daily rate from
all four (4) wells will be). In addition, other potential on
the lease is being evaluated (consisting of 220 acres) and KFG
Resources Ltd. has the right to participate in any further
development of the assets at a level equal to their current
percentage of Hillcrest's ownership.
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.
Copyright 2019 Canada NewsWire
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