KFG Resources earns $67,334 in quarter ended July 31
2018-10-03 09:08 MT - News Release
Mr. Robert Kadane reports
KFG OPERATIONS UPDATE
KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp., recorded revenues for its quarter ended July 31, 2018, of $397,520 versus $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 two to one 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, Tex., to re-enter and recomplete three wells with an option to recomplete two additional wells. The No. 5 Barnum well in Adams county, Mississippi, was completed as a dry hole to 6,400 feet. KFG had a 22.5-per-cent 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.
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