NATCHEZ, Miss., Feb. 22, 2019
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.
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Robert A. Kadane, President, (940) 500-0807Copyright CNW Group 2019