JonnyRBuck12
4年前
Cadillac Ventures closes KFG Resources acquisition
2021-05-03 10:39 MT - News Release
See News Release (C-CDC) Cadillac Ventures Inc (2)
Mr. Norman Brewster of Cadillac reports
CADILLAC VENTURES INC. AND KFG RESOURCES LTD. ANNOUNCE COMPLETION OF ARRANGEMENT
Cadillac Ventures Inc. has closed the acquisition of KFG Resources Ltd., pursuant to the previously announced plan of arrangement.
THE ARRANGEMENT
Pursuant to the Arrangement, Cadillac acquired all of the issued and outstanding common shares of KFG ("KFG Shares") on the basis of one common share of Cadillac (each, a "Cadillac Share") in exchange for each KFG Share held. In connection with the Arrangement, Cadillac issued an aggregate of 50,539,644 Cadillac Shares and there are 150,960,910 Cadillac Shares issued and outstanding following completion of the Arrangement.
The Arrangement was approved by holders ("KFG Shareholders") of KFG Shares at a special meeting of KFG Shareholders held on April 15, 2021 to consider the Arrangement. In addition, on April 19, 2021, the Supreme Court of British Columbia approved the Arrangement and granted a final order in respect thereof. The remaining conditions to completion of the Arrangement were satisfied or waived by the Parties on April 30, 2021.
The KFG Shares are expected to be delisted from the TSX Venture Exchange within 1-2 business days following completion of the Arrangement and KFG will make an application to cease to be a reporting issuer shortly thereafter. Additional information regarding the Arrangement is provided in the management information circular of KFG dated March 12, 2021, which has been filed on KFG's SEDAR profile at www.sedar.com.
CADILLAC DIRECTORS
Following closing of the Arrangement, G. Stephen Guido was appointed to the Cadillac board of directors ("Cadillac Board"), which is now comprised of five members. Mr. Guido is a director and Vice President, Operations and Chief Operation Officer of KFG and director, President and Chief Executive Officer of KFG's subsidiary, KFG Petroleum Corporation. In addition, pursuant to the terms of the Arrangement, the Cadillac Board has agreed to nominate Giacomo Grassi for election to the Cadillac Board at the next meeting of Cadillac shareholders at which directors are elected. Mr. Grassi is an independent businessman and corporate director, currently serving as a director on KFG, as well as director and property management administrator of Giamel Inc. (a private commercial real estate company) and director of Spectra Inc. (a public manufacturer of commercial transportation safety products).
EXHANGE OF KFG SHARES
Registered KFG shareholders who have not already done so, should submit the certificates representing their KFG Shares, together with a signed and completed letter of transmittal, to TSX Trust Company, the depositary for the Arrangement in order to receive the Cadillac Shares to which they are entitled pursuant to the Arrangement. Copies of the letter of transmittal are available on KFG's SEDAR profile at www.sedar.com. KFG shareholders who hold their KFG Shares through a broker or other intermediary should follow the instructions provided by such broker or other intermediary to exchange their KFG Shares for Cadillac Shares.
We seek Safe Harbor.
JonnyRBuck12
5年前
KFG Operations Update
NATCHEZ, Miss., Feb. 21, 2020
NATCHEZ, Miss., Feb. 21, 2020 /CNW/ -- Robert A. Kadane, President of KFG Resources Ltd. reported today that KFG has learned from Hillcrest Petroleum, the Operator at West Hazel in Saskatchewan, Canada, that the property has been put on electricity which will save $10,000 to $12,000 CDN in operating costs/month. The property is producing 115 BOPD out of 3 wells. A fourth well will be recompleted in a shallower virgin oil reservoir in the near future.
In Wilkinson Co., Miss, the Company's participation in a wildcat well is delayed because of high water in the Mississippi River. The project won't be drillable until after the high water mark in May 2020. KFG is considering it a project to be drilled in the late summer of 2020.
In Adam, County, MS on the Company's Barnum Lease, the #4 well will be recompleted in a shallower zone as soon as weather permits. KFG owns a 22.5% W.I. (16.9% NRI) in that well.
The Company is actively looking for new projects in North Texas.
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.
View original content: http://www.newswire.ca/en/releases/archive/February2020/21/c1263.html
Contact:
Robert A. Kadane, President (940) 500-0807, http://www.kfgresources.com
© 2020 Canjex Publishing Ltd. All rights reserved.
JonnyRBuck12
5年前
Update from JV Partner HRH on West Hazel. KFG owns 15% of this project:
Hillcrest completes six months of West Hazel production
2020-01-31 07:27 MT - News Release
Mr. Donald Currie reports
HILLCREST WEST HAZEL PRODUCTION UPDATE
Hillcrest Petroleum Ltd., further to its news release of July 5, 2019, and Sept. 10, 2019, has provided an update on its operations at West Hazel.
The company has noted six full months of production after all four wells were brought back on production at the West Hazel property.
In early July, 2019, total fluid production (oil and water) was over 4,500 barrels per day, with oil cut estimated at 1.5 per cent to 2 per cent of total fluid. In September, the company announced production averaging over 150 barrels of oil per day, with oil cut increasing to between 2.5 per cent and 3 per cent.
Production performance over the past six months indicates consistently strong fluid flow capacity from the wells and reservoirs. Daily production from the field periodically exceeded 200 barrels per day, indicating the latent production potential from the field, as Hillcrest continues to optimize production operations. Oil rates over the last six months averaged 115 barrels per day, despite reducing total fluid production to minimize sand influx in the wells and operational issues in one of the wells.
"We are pleased with how the field has performed well and have gained valuable insight into how best to optimize production from the wells. Heavy oil operations require more attention and care than light oil, particularly with regard to sand produced with the oil, and our field staff have done an excellent job keeping all running even in severe cold temperatures," states Don Currie, chief executive officer of Hillcrest Petroleum. "The production revenue has created a floor for Hillcrest to work from and we continue to work to improve the company balance sheet and shareholder value. The company will continue to issue updates as developments occur."
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
JonnyRBuck12
6年前
Hillcrest produces 150 bpd of oil at West Hazel
2019-03-21 11:06 MT - News Release
Mr. Donald Currie reports
HILLCREST OIL PRODUCTION CLIMBS
Hillcrest Petroleum Ltd.'s upgraded West Hazel production facility is in operation, as previously announced, and production started from two wells on Jan. 13, 2019, and Jan. 15, 2019, respectively. Initial fluid production rates from both wells were as expected. Production from a third well was brought on-line in early March when weather conditions softened after an extreme record-breaking cold snap.
Production over the last five days from the three wells has averaged 150 barrels per day which meets the lower production estimates the company published in its previous releases, although those estimates considered production from all four wells. Hillcrest is encouraged by the early results, which are meeting or exceeding previous estimates. The company is focused on efforts to maximize the production from the current wells and is further upgrading the potential of the injector well, which in turn, if successful, could result in higher production numbers from the current three wells. A normalized sustained production rate is expected to take another three weeks to four weeks and will be released when achieved.
Hillcrest will move to work on and start production from the fourth well once current efforts have been completed, results reviewed and a rig is available.
As previously announced, under the terms of its joint venture agreement on the West Hazel property, the company will provide 100 per cent of reactivation costs to return the field to production to earn a 75-per-cent working interest, reverting to 50 per cent after recovery of reactivation costs.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.
JonnyRBuck12
6年前
KFG Insider Buying:
Filing date: 2019-02-22
Transaction: 2019-02-22 $KFG
KFG Resources Ltd Grassi, Giacomo
4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $11,055
+201,000 vol
$0.055 each 1,500,000
Filing date: 2019-02-22
Transaction: 2019-02-22 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $3,025
+55,000 vol
$0.055 each 7,110,000
Filing date: 2019-02-06
Transaction: 2019-01-31 $KFG
KFG Resources Ltd KFG Resources Ltd.
1 - Issuer
Common Shares
38 - Redemption, retraction, cancellation, repurchase $840.00
+21,000 vol
$0.04 each 21,000
Filing date: 2019-02-06
Transaction: 2019-01-31 $KFG
KFG Resources Ltd KFG Resources Ltd.
1 - Issuer
Common Shares
00 - Opening Balance-Initial SEDI Report
Filing date: 2018-12-11
Transaction: 2018-12-10 $KFG
KFG Resources Ltd Kadane, Robert Andrews
4 - Director of Issuer, 5 - Senior Officer of Issuer
Common Shares
11 - Acquisition or disposition carried out privately $1,621.312
+50,666 vol
$0.032 each 896,668
JonnyRBuck12
6年前
KFG Resources to buy back up to 2.5 million shares
2019-01-10 15:52 MT - News Release
An anonymous director reports
KFG RESOURCES ANNOUNCES INTENTION TO COMMENCE NORMAL COURSE ISSUER BID
The TSX Venture Exchange has accepted KFG Resources Ltd.'s notice of intention to make a normal course issuer bid for common shares in the capital of the company through the facilities of the TSX-V. The Company intends to purchase, from time to time as it considers advisable over the 12-month period of the NCIB program, an aggregate of 2,500,000 Common Shares, representing approximately 5% of the Company's issued and outstanding Common Shares and approximately 6.15% of the Company's "public float" (as such term is defined under the TSX-V Corporate Finance Manual).
The Company may commence the NCIB on January 15, 2019 and the NCIB will terminate on the earlier of the Company purchasing a total of 2,500,000 Common Shares, the Company providing a notice of termination, or the date that is 12 months following the commencement date. All purchases will be made through the facilities of the TSX-V at market prices and otherwise in accordance with the rules and policies of the TSX-V. All Common Shares acquired by the Company under the NCIB will be subsequently cancelled. The Company has appointed PI Financial Corp. to conduct the NCIB on its behalf.
The board of directors of the Company believes that, from time to time, the market price of the Common Shares may not adequately reflect the Company's underlying value and future prospects and that, at such times, the purchase of the Common Shares represents an appropriate use of the Company's financial resources and would be in the best interests of the Company's shareholders.
The Company's Common Shares are listed on the TSX-V, Vancouver, B.C., trading symbol "KFG".
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.
JonnyRBuck12
6年前
https://ceo.ca/api/sedi?insider=&symbol=KFG&date=&transaction=&amount=&undefined[company_symbol]=KFG
Recent filings
Filing date: 2018-10-25
Transaction: 2018-10-25 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $660.00
+11,000 vol
$0.06 each 6,996,000
Filing date: 2018-10-25
Transaction: 2018-10-25 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $260.00
+4,000 vol
$0.065 each 6,985,000
Older filings
Filing date: 2018-10-15
Transaction: 2018-10-15 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $350.00
+5,000 vol
$0.07 each 6,981,000
Filing date: 2018-10-12
Transaction: 2018-10-12 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $540.00
+9,000 vol
$0.06 each 6,957,100
Filing date: 2018-10-12
Transaction: 2018-10-12 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $71.50
+1,100 vol
$0.065 each 6,948,100
Filing date: 2018-10-12
Transaction: 2018-10-12 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $643.50
+9,900 vol
$0.065 each 6,967,000
Filing date: 2018-10-12
Transaction: 2018-10-12 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $540.00
+9,000 vol
$0.06 each 6,976,000
Filing date: 2018-09-11
Transaction: 2018-09-11 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $3,285
+73,000 vol
$0.045 each 6,860,000
Filing date: 2018-09-11
Transaction: 2018-09-11 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $200.00
+4,000 vol
$0.05 each 6,947,000
Filing date: 2018-09-11
Transaction: 2018-09-11 $KFG
KFG Resources Ltd Haney, Kevin
3 - 10% Security Holder of Issuer, 4 - Director of Issuer
Common Shares
10 - Acquisition or disposition in the public market $4,150
+83,000 vol
$0.05 each 6,943,000
JonnyRBuck12
6年前
News: 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.
© 2018 Canjex Publishing Ltd. All rights reserved.
JonnyRBuck12
6年前
NATCHEZ, Miss., Sept. 20, 2018 /CNW/ -- Robert A. Kadane, President of KFG Resources Ltd., reported today that the Company's subsidiary, KFG Petroleum Corp., Natchez, MS, is moving in and rigging up to drill the Barnum #5 well. It is a 6400' Wilcox test. The Company's working interest is 22.5% (16.875% NRI).
In addition, KFG's Craig #2 paid out effective September 1, 2018. KFG's working interest increased from 11% to 22.5%. Also, to clarify an item in the news release dated September 10, 2018, the capital being raised for the Company's Graham, Texas venture is being raised from oil industry partners, not a private placement stock offering.
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.
View original content: http://www.newswire.ca/en/releases/archive/September2018/20/c6488.html
JonnyRBuck12
6年前
News: KFG Operations Update (Barnum Drill, Craig Payout, Share Buyback, Texas Project)
https://www.newswire.ca/news-releases/kfg-operations-update-692948991.html
NATCHEZ, Miss., Sept. 11, 2018 /CNW/ -- As previously reported, the Company's Barnum lease, Adams County, MS, paid out in July 2018 and KFG's working interest increased from 9% to 22.5%. The Barnum #5 location has been staked and permitted. Currently, the Company is waiting on a drilling rig which is expected to move into the location as soon as weather permits.
Additionally, the Company's Craig #3 should payout by the end of September, substantially increasing KFG's working interest.
Also, KFG has entered into a farmout agreement with Tracer Operating Company, Graham, Texas to recomplete 3 shallow gas & oil wells with an option to recomplete 3 additional wells. These are shallow recompletions (3600'-4500') in Palo Pinto and Stephens County, Texas. Capital is now being raised for this venture.
In addition, the Company is considering a share buy back proposal. Specifics will be presented to the board at the Board Meeting on September 28, and voted on at that time.
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.
For further information: Robert A. Kadane, President, (940) 723-7052, http://www.kfgresources.com
UNFOLLOW
JonnyRBuck12
7年前
KFG to drill 7,200-foot wildcat well in Mississippi
2017-10-19 07:41 MT - News Release
Mr. Robert Kadane reports
KFG TO DRILL 7200' WILDCAT WELL, ADAMS COUNTY, MS
KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp. (Natchez, Miss.), is set to drill a 7,200-foot wildcat well in Adams county, Mississippi, testing several Wicox sands that have produced in the immediate area. The Hogue Estate No. 1 well is located in Adams county, Mississippi, on a 300-acre lease burdened with a 25-per-cent royalty, leaving the company with a 75-per-cent net revenue interest. KFG has taken on partners, will have no exposure in the drilling of the well to total depth, and will recover approximately $10,000 from reimbursement for the leases plus a $10,000 overhead charge. If productive, the company will back in after payout for a 12-per-cent working interest with no outlay of completion expenses.
In addition, the company closed the purchase, effective Oct. 1, 2017, of a 1-per-cent working interest in several of its operated wells in Mississippi, which will have an immediate impact on cash flow.
© 2017 Canjex Publishing Ltd. All rights reserved.
JonnyRBuck12
7年前
KFG Q1 2017 Results (Ending July 31st 2017)
All Information Below Can Be Found At www.Sedar.com
Balance Sheet End Of Quarter (All Funds in US Dollars)
ASSETS – In US Dollars
Cash: $615,926
Accounts Receivable: $216,881
Prepaid Expenses: $10,700
Exploration & Evaluation Assets: $129,941
Property & Equipment: $499,002
Total Assets: $1,472,450
LIABILITIES – In US Dollars
Accounts Payable: $473,577
Decommissioning Liability: $195,125
Total Liabilities: $668,702
Revenue For Q1
Oil & Gas: $241,204
Management Fees: $82,096
Total Revenue: $323,300
Total Expenses: $305,499
Net Income: $17,801
Average Daily Production For Q1: 65.47bopd
Number Of Producing Wells: 19
Average Oil Price: $46.86
**Notes**
- Cost reductions did not commence until June ( As per May 10th News)
- Production purchase reduced cash by $40,000 for Q1 and $20,000 for Q2
MD&A Highlights
Overall Performance
For the three months ended July 31, 2017, the Company had cash flow from oil and gas production of $159,687, compared to $101,647 for the three months ended July 31, 2016. Oil production increased from 60.88 BOPD to 65.47 BOPD, and gas production increased 1.28 MCF per day. The average price of gas increased $0.27 per MCF and the average price of crude oil increased $4.27 per bbl when comparing the three months ended July 31, 2017 and July 31, 2016.
As of July 31, 2017, two instalments of the production purchase in Jefferson County, MS have been paid with the remaining instalment to be paid by the end of September. As of now, the Company is optimistic that one of its new projects will be drilled in October 2017 weather permitting.
As of July 31, 2017, the Company generated $93,291 of cash provided by operations versus a loss of $113,517 in cash in the comparable quarter of 2016, and was able to show an actual increase in cash after all expenditures. The Company’s current rate of assets to liabilities is 1.78 and its quick ratio is 1.3.
Outlook
The Company production has been stable in the past year showing minimal decline. Oil prices appear to be slowly increasing into the low $50/bbl range. In June and July 2016, the Company took initial steps to reduce its overhead. Management salaries were cut and a field hand was let go resulting in a savings of about $9,000 per month going forward. Reduced insurance amounted to a savings of $1,100/month. Office reductions, rent and parking were reduced affecting a savings going forward of $10,800/month in salaries and overhead. Additional reductions were made in June 2017, amounting to another $8,500 per month. The Company is now generating free cash flow amounting to $93,291 in the quarter ending July 31, 2017 and is starting to move forwarding raising money for its drilling program.
Share Capital
The total number of shares outstanding as at July 31, 2017 and September 28, 2017, is 50,584,144. As of July 31, 2017 and September 28, 2017, there were no stock options or warrants outstanding.
Additional information pertaining to the Company is available on the SEDAR website at www.sedar.com
JonnyRBuck12
7年前
KFG Year End Results (Ending April 30th 2017) + Oil Reserves
All Information Below Can Be Found At www.Sedar.com
Financials + MD&A Summary + 51-101 Reserve Report
Balance Sheet Year End
ASSETS – In US Dollars
Cash: $593,972
Accounts Receivable: $229,863
Prepaid Expenses: $10,497
Exploration & Evaluation Assets: $119,325
Property & Equipment: $477,591
Total Assets: $1,431,248
LIABILITIES – In US Dollars
Accounts Payable: $450,679
Decommissioning Liability: $194,622
Total Liabilities: $645,301
Asset/Debt Ratio: 2.2:1
Revenue
Oil & Gas: $1,184,011
Management Fees: $191,979
Total Revenue: $1,375,990
Total Expenses: $1,865,689
Total Loss: $489,699 - $255,012 Depletion & $81,727 Dry hole Expenses
Loss From G&A: $152,960 – 35% of this from Q1 2016 before initial cost cuts
MD&A Summary
Average Yearly Production: 63.87bopd
Number Of Producing Wells: 22
Oil prices appear to be stabilizing in the mid $45 to $55 range. In June and July 2016, the Company took initial steps to reduce its overhead by $10,800 per month. Additional cuts were made effective June 1, 2017, letting go of two office personnel, and eliminating their health insurance. In addition, key man insurance on both the President and Vice President was terminated. Total savings account for $8,500 per month going forward. Also the small production purchase should increase oil income $1,700 to $2,000 per month at current prices. In addition, KFG has two leases where it’s working interest is between 6 and 9% (the Craig #3 lease and the Barnum lease). Both leases could possibly payout within the next twelve months unless further drilling takes place. At payout, KFG’s working interest would jump to approximately 22%. If the environment stabilizes and continues to improve, KFG will look for reasonable production purchases.
Revenue from the sale of oil and gas was $1,184,011 for the year ended April 30, 2017, compared to $1,380,325 for the year ended April 30, 2016. The decrease in revenue was a result of less production during the year.
Management fee revenue for the year ended April 30, 2017 was $191,979 as compared to $287,841 for the year ended April 30, 2016. The decrease is a result of substantially less work for the Company and others because of low oil prices in the field.
Dry hole costs and abandonments for the year ended April 30, 2017 were $81,727 as compared to $2,690 for the year ended April 30, 2016. The decrease resulted from the write off of two Mississippi projects that were unsuccessful and impairment charges against the oil and gas properties.
Lease operating expenses were $440,783 for the year ended April 30, 2017 compared to $553,808 for the year ended April 30, 2016. The decrease in lease operating expenses is a result of suspending lease operations in certain areas.
General and administrative expenses for the year ended April 30, 2017 were $1,122,564 compared to $1,347,373 for the year ended April 30, 2016. The decrease is a result of terminating two employees during the year and a decrease in insurance premiums.
Depletion and amortization costs for the year ended April 30, 2017 were $225,012 compared to $540,840 for the year ended April 30, 2016, reflecting depletion on the Company’s reserves. The decrease is a result of a decreased cost base subject to depletion and a reduced depletion rate.
The Company reported a net loss of $489,699 for the year ended April 30, 2017 compared to net loss of $777,709 for the year ended April 30, 2016, with the lower net loss arising from reduced operating expenses and reduced depletion.
The total number of shares outstanding as at April 30, 2017 and August 24, 2017, is 50,584,144. As of April 30, 2017 and August 24, 2017, there were no stock options outstanding. There were no warrants outstanding as at April 30, 2017 and August 24, 2017.
Overall Performance
Updating to April 30, 2017, KFG moved its offices to 150-A Providence Rd, Natchez, MS. Office rent is unchanged. Two employees were terminated beginning June 1, 2017 and insurance on the two principal officers was dropped with a total savings going forward of $8,500 per month. The Company has completed a small production purchase for $60,000, payable in three monthly installments of $20,000, equal to approximately 5% of the Company’s production in Jefferson Co., MS. The Company has two projects to drill but has not been able to raise sufficient capital to drill the wells without affecting the Company’s cash position dramatically if the projects are not productive.
KFG 51-101 Reserve Report Ending April 2017
51-101 2017 Net To KFG (Table 1)
Oil
Total Proved Reserves – 80.3 Mbbl
Probable Reserves – 46.6 Mbbl
Total Proved + Probable – 126.8 Mbbl
Natural Gas
Total Proved Reserves – 4.5 MMcf
Net Present Value For 2017 (Table 2) - USD
Total Proved + Probable - $3,635,000
KFG 51-101 Reserve Report Ending April 2016
51-101 2016 Net To KFG (Table 1)
Oil
Total Proved Reserves – 81.3 Mbbl
Probable Reserves – 45.8 Mbbl
Total Proved + Probable – 127 Mbbl
Natural Gas Reserves – 0
Net Present Value For 2016 (Table 2) – USD
Total Proved + Probable - $3,610,000
KFG 51-101 Reserve Report Ending April 2015
51-101 2015 Net To KFG (Table 1)
Oil
Total Proved Reserves – 72.2 Mbbl
Probable Reserves – 56.5 Mbbl
Total Proved + Probable – 128.7 Mbbl
Natural Gas Reserves – 0
Net Present Value For 2015 (Table 2) – USD
Total Proved + Probably - $5,140,000 **Higher oil prices**
JonnyRBuck12
9年前
KFG Resources LTD. Q2 Results (Ending October 31, 2015)
Before reading, as a shareholder you should understand the following:
- All numbers are in US Dollars and therefore the balance sheet and assets do not reflect the true value that KFG is actually worth per share. Being a TSXV listed company, you must convert the numbers to Canadian dollars in order to get a true value
- The company is in such a strong financial position that it will be able to weather this down turn in oil prices better than most junior o&g companies in the lower end market cap range.
- Barnum 4, Drouet and Stockfelt production & revenue, were not added to this quarter, only the costs.
Price: $0.05
Common Shares: 50,584,144
Insider/Institutional Holdings: 17%
Financials(In US Dollars)
Assets
Cash: $1,818,812( $2.5 million CDN or $0.05c a share)
Accounts Receivable: $239,482
Prepaid Expenses: $33,225
Reclamation Bond: $20,000
Property and equipment: $992,051
Total Assets: $3,103,570
Liabilities
Accounts Payable: $1,007,729
Decommissioning Liability: $235,060
Total Liabilities: $1,242,789
It’s good to see that KFG has more than enough cash to cover all liabilities and continue drilling with the excess capital. Revenue was down again this quarter because of oil prices and costs increased substantially due to the fact that several productive wells were charged in the quarter, but cash flow will not be added until Q3. Leasing operations and office expenses increased by over $200,000 which caused the loss in the quarter, otherwise KFG would have been flat for earnings.
Oil and gas revenue: $295,631 (production high but average barrel revenue was lower)
Management fee’s: $185,494(This increased by almost $100,000 which is a great secondary revenue)
Total Revenue: $481,125
Total Expenses: $688,262
MD&A Highlights
During the six months ended October 31, 2015 and 2014, oil and gas was the Company’s main source of revenue, and to a lesser extent management fees. At present rates of production and oil prices, management believes the Company has sufficient cash reserves to finance its activities for the remainder of the fiscal year.
The Company drilled and completed two wells in early 2015, which were not on production until late May and June 2015. Those wells, together with two new wells completed in late September 2015, should add to cash flow and lower overall production cost. The Company is participating in the drilling of new shallow wells in north central Texas, marking KFG’s entry into Texas. The Company has a 14% working interest in this venture. The first well drilled was completed as a dry hole. A second well will be drilled in the first quarter of 2016, as a 2,000’ Dyson Sand test in Archer County, Texas. Depending on the results of this well, the Company may elect to participate in the drilling of additional wells in this venture
The quarter ended October 31, 2014 was the last quarter of prices above $100/bbl and reflected the new production. During the quarter ended January 31, 2015, through to the quarter ended April 30, 2015, further price declines and increased depreciation and amortization occurred as a result of a lower reserve bases. Two wells were drilled in February 2015 but were not put on production until late May 2015. The quarter ended July 31, 2015, saw some stabilization of costs. The current quarter has seen two new wells drilled. The quarter ended October 31, 2015 saw two new wells drilled and one dry hole. New production was after the quarter ended. The Barnum #4 and the Drouet Poole Estate wells are adding to production at present but a price of less than $40/bbl is hurting cashflow.
Liquidity and Capital Resources
The Company’s main sources of liquidity are internally-generated cash flow from its oil and gas operations. Because KFG’s internally-generated cash flow is presently sufficient to fund its overall operating expenses, the Company will not require additional funding from equity capital markets.
KFG had cash at October 31, 2015 of $1,818,812. Although oil prices have collapsed, the Company, through the six months ended October 31, 2015, continues to generate positive cash flow. Two recent wells should help continue the trend. The Company will continue to manage its cash resources and will complete its current drilling program. In addition, the Company is increasing its inventory of projects seeking longer term leases. The Drouet Poole Estate #1 well and the Barnum #4 well are adding to production but is somewhat offset by crude oil prices at $35/bbl.
Share Capital
The total number of shares outstanding as at October 31, 2015 and December 28, 2015, is 50,584,144. As of October 31, 2015 and December 28, 2015, there were no stock options or warrants outstanding.
Outlook
The Company’s cash position going forward will be able to finance all projects internally for the remainder of its fiscal year ending April 30, 2016. The Company drilled and completed two wells in early 2015, which were not on production until late May and June 2015. Those wells, together with two new wells completed in late September 2015, should add to cash flow and lower overall production cost. The Company is participating in the drilling of new shallow wells in north central Texas, marking KFG’s entry into Texas. The Company has a 14% working interest in this venture. The first well drilled was completed as a dry hole. A second well will be drilled in the first quarter of 2016, as a 2,000’ Dyson Sand test in Archer County, Texas. Depending on the results of this well, the Company may elect to participate in the drilling of additional wells in this venture.
JonnyRBuck12
9年前
KFG's CEO has history in Texas. Grandfather founded Wichita Falls on Oil
I have found an article which links the CEO of KFG Resources back to Texas. This shows how his family has been involved in the Witchita area for almost eighty years. It is very significant because it means the CEO has a better idea of the oil in that area than any other large cap company. After all, Robert Kadane's family created that city because of the industry they started. I confirmed this information with the CEO of KFG Resources, you can always call or email him yourself.
http://www.forttours.com/pages/hmwichita.asp
Kadane Discovery WellMarker Title: Kadane Discovery Well
Address: SH 25, S of Electra
City: Electra
Year Marker Erected: 1978
Marker Location: From Electra take SH 25 about 14 miles south. Marker is located on west side of highway.
Marker Text: Oil development in this part of Wichita County began in 1919 from shallow depths in the KMA Field. As the original wells went dry, and a severe national Depression blighted the country in the 1930s, the oil industry sought new production. The Mangold family, owners of land at this site, offered liberal terms for deeper exploration, but at first found no driller willing to take the risk on the scant capital then available. Finally veteran operator George E. Kadane (1881-1945) and sons Edward, Jack, and Mike had the courage to drill in this area of negative geologic readings. On Nov. 11, 1937, they struck oil at a depth of 3800 feet, bringing in Mangold No. 1 as a gusher. The discovery effected an extension of the KMA Field. This spot was labeled "Kadane Corner" on local maps. Other operators rushed in, starting a new Wichita County boom. Along with a rapid rise in population came new housing construction, new industries, new jobs, and an era of financial growth. In 1942 a test well on the Griffin Ranch came in at 4300 feet. Final development of the field resulted in more than 2000 producing wells in an area of 75,000 acres.
NOTE: George Kadane is Robert Kadane's grandfather.
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