KFG unit abandons Hogue Estate well in Mississippi
2017-11-06 13:32 MT - News Release
Mr. Robert Kadane reports
KFG OPERATIONS UPDATE
KFG Resources subsidiary, KFG Petroleum Corp. (Natchez, Miss.), abandoned its Hogue Estate No. 1 well in Adams county, Miss., as a dry hole. The company had sold all of the working interest and was scheduled to back in after payout if the well was successful; consequently, all costs were recovered including acreage and the company received a $10,000 overhead fee for operating. Recovery of these costs virtually paid for the company's recently announced small production purchase.
The company is hopeful that the higher prices currently being experienced will hold which will make it easier to raise capital for its drilling projects in the future.
The company's common shares are listed on the TSX Venture Exchange under the symbol KFG.