NATCHEZ, Miss., Oct. 1, 2014 /CNW/ -- Mr. Robert A. Kadane, President of KFG Resources
Ltd., reported today that KFG's wholly-owned subsidiary, KFG
Petroleum Corporation, of Natchez,
Mississippi, had net income of $460,581 for the Company's fiscal First Quarter
ending July 31, 2014, compared to
$113,525 in the corresponding quarter
in 2013. Gross revenue for the quarter was $904,409, as compared to $582,176 in the fiscal First Quarter of
2013. The Company had cash on hand of $1,133,429 and a current ratio of 2.1 to 1.
There was no long-term debt.
Adams County, Mississippi
Operationally, the Company's Barnum #2 well, in the Mantua
Field, reported initial production of 40 BOPD in
mid-September. After two weeks of production, the well is now
producing 140 BOPD from the original perforations at 6,398 feet in
the Parker Sand. The well has several potential zones behind
pipe. Field development will begin in the First Quarter of
2015 after extensive production testing. The Company's
working interest in the well is 9%, jumping to 20.5% at
payout. Additionally, the Craig #4 well has been staked as a
southwest offset to the Craig #3 well in the LaGrange Field
currently producing 50 BOPD. The Company's working interest
in the Craig #4 is 10%, jumping to 21.5% at payout.
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.