Robert A. Kadane, President of KFG Resources Ltd., reported that the Craig #1 well was drilled to a total depth of 6,600' and production casing has been set through the First Wilcox Sand of the Wilcox formation at 4,400'. The well encountered a total oil interval of 21', with a net oil column from 4,318' to 4,332'. KFG has a 10% working interest in the well, reverting to a 22% working interest at payout. Completion operations will begin next week.
Carthage Point Field
The MacNeil #2 and #3 wells are producing a total of 130± BOPD. The Company has an 8% working interest before payout and a 20% working interest after payout. A third well may be drilled if production history warrants.