KFG Petroleum Corp., a subsidiary of KFG Resources Ltd. (TSXV: KFG.V), has staked location for the Spring Hill #10 well at Fayette Field in Jefferson County, Miss.
The reprocessed 3D seismic data has pinpointed several new shallow features at Fayette. The company has staked a location for Spring Hill #10 well due east of the Spring Hill #2 well because the new seismic interpretation indicates the field extends to the east. A 4,100-foot test will be drilled when weather permits. KFG owns a 100% working interest in these wells, reverting to a 74.9% working interest after payout.
KFG has staked location for the MacNeil #2 well at Carthage Point in Adams County, Miss. KFG has an 8% working interest in this well reverting to a 20% working interest after payout. The #1 well has excellent oil shows in the Campbell Sand but was pinched out in the objective Stewart "B" Sand. The #2 well will be drilled to 6300 feet and will be started when weather permits.
KFG Resources Ltd. is an independent natural gas E&P company based in Natchez, Miss.