NATCHEZ, Miss., May 10, 2017 /CNW/ -- KFG Resources Ltd.
subsidiary KFG Petroleum Corp., of Natchez, MS has implemented further cost
reductions in order to counter balance the reduction in oil
prices. Starting in June, the company overhead will be
reduced as two additional employees are released, saving on
salaries and insurance.
For the month of March, KFG Petroleum produced an average of
65.4 bopd from 19 wells. Management is looking at numerous
ways to increase shareholder value. However, there can be no
assurance that a deal will be reached. KFG's drilling program
is slated to start in the summer, pending the stabilization of oil
prices and funding from joint venture partners.
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.