NATCHEZ, Miss., Dec. 30, 2014 /CNW/ -- KFG Resources
President, Robert A. Kadane,
reported today that the Company's subsidiary, KFG Petroleum
Corporation of Natchez, MS had
revenue from the sale of oil and gas of $1,491,772 for the six months ended October 31, 2014 compared to $1,129,981 for the six months ended October 31, 2013. Management fee income was
$220,523 for the period compared to
$211,028 for the corresponding six
month period in 2013. The Company reported net income of
$611,881 for the six months ended
October 31, 2014 compared to
$238,365 for the comparable 2013
period. The Company had cash on hand of $1,836,298 with total liabilities of $764,620. Current assets were $2,271,974. The Company's operating costs per
barrel for the six month period ending October 31, 2014 were $18.85 per barrel. Free cash flow for the period
was $991,000 after all expenses.
Operationally, the Craig #4 well had oil shows but it was not
considered commercial. KFG's drilling program for calendar 2015
will be unaffected by the decline in oil prices to date. KFG
anticipates drilling activity to resume in February 2015 with the drilling of three wells
starting with offsetting the Company's Barnum #2 well in Adams Co.,
MS and continuing with two shallow wildcats in Franklin Co.,
MS.
The Company's common shares are listed on the TSX Venture
Exchange. Vancouver, B.C.
Trading "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.