Mr. Robert A. Kadane, President of KFG Resources Ltd, reported that the company's subsidiary, KFG Petroleum Corporation of Natchez, MS, has set production casing in its Barnum #3 well, logging several potential oil zones in the well. A completion attempt will be made in the Parker sand at 6415' (the producing zone in the Barnum #2 well). The company has a 9% working interest in the well until payout and a 20.5% interest thereafter.
In addition, the company has run production casing in its Craig #5 well to 6400' to test the Benbrook sand at 6214'. The producing sand on the Craig Lease, the Second Wilcox Sand at 4348', was also present and productive significantly expanding oil reserves on the lease. KFG has a 21.5% working interest in the Craig #5 well. As the wells are perforated and put on production a report will follow. The company also drilled two wildcats, both dry holes, in Franklin, County, Mississippi, the Seale #1 and the Wall #1, both 4600' shallow dry holes. The company had a 10% working interest in both wells.
Adapted from press release by Joe Green