NATCHEZ, Miss., Oct. 19, 2017 /CNW/ -- KFG Resources President, Robert A. Kadane, reported that the Company's subsidiary, KFG Petroleum Corporation (Natchez, MS) is set to drill a 7200' wildcat well in Adams County, MS testing several Wicox sands that have produced in the immediate area. The Hogue Estate#1 well is located in Adams Co., MS on a 300 acre lease burdened with a 25% royalty, leaving the Company with a 75% net revenue interest. KFG has taken on partners and will have no exposure in the drilling of the well to total depth, and will recover approximately $10,000 from reimbursement for the leases plus a $10,000 overhead charge. If productive, the Company will back in after payout for a 12% working interest with no outlay of completion expenses.
In addition, the Company closed the purchase effective October 1, 2017 of a 1% working interest in several of its operated wells in Mississippi which will have an immediate impact on cash flow.
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.
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