NATCHEZ, Miss., Oct. 3, 2018 /CNW/ -- KFG Resources, Ltd. President, Robert A. Kadane, reported today that the Company's subsidiary, KFG Petroleum Corporation, (Natchez, MS) recorded revenues for its quarter ended July 31, 2018 of $397,520 vs. $323,300 for its corresponding quarter of 2017. Net income for the July 31, 2018 quarter was $67,334 vs $17,801 for the July 31, 2017 quarter. The Company's current ratio was in excess of 2 to 1 for the quarter ended July 31, 2018.
The share buyback proposal was passed by the KFG's Board Meeting at its annual stockholder meeting. When all paperwork has been completed details will be announced. Also, capital is being raised from oil industry partners for the project in Graham, Texas to re-enter and recomplete 3 wells with an option to recomplete 2 additional wells. The #5 Barnum well in Adams County, MS was completed as a dryhole to 6400'. KFG had a 22.5% working interest in the well.
In addition, the payout of the Barnum and Craig Leases should add additional free cash flow of approximately $20,000/quarter to the Company's offers.
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