| Update
KFG Resources President Robert A. Kadane reported that KFG's wholly-owned subsidiary, KFG Petroleum Corporation continues to produce net to the Company, before royalty and severance taxes, 140 to 150 BOPD from the Fayette, Jefferson County, Mississippi. October 2010 was the best month in the Company's history grossing in excess of $240,000 US. The Spring Hill #6 well has gradually improved from an initial rate of 28 BOPD in early October to a current rate of 40 BOPD. The location has been staked for the Spring Hill #7 well....a south offset to the #6 well. It is expected that the #7 well will be another shallow test to approximately 4100' and will be drilled at yearend 2010 or early in 2011. KFG owns a 100% working interest(79.16% net) in the all of the Spring Hill wells and surrounding acreage reverting to a 74.6% working interest(59.1% net) after payout of all seismic, drilling, land, exploration, development, taxes, and operating costs.....currently $1,768,000 US. The Company's common shares are listed on the TSX Venture Exchange, Vancouver, B. C. trading symbol "KFG." For additional information please contact Mr. Kadane at (303) 825-7080. |