KFG participates in Wilcox test in Louisiana 2019-09-18 10:10 MT - News Release Mr. Robert Kadane reports KFG OPERATIONS UPDATE KFG Resources Ltd.'s subsidiary, KFG Petroleum Corp., Natchez, Miss., is participating in a 6,050-foot Wilcox test operated by Bay Gas LLC, in Concordia Parish, La. It comprises a 280-acre lease with a 25-per-cent royalty burden. KFG has a 2.5-per-cent working interest. Drilling is under way. In Saskatchewan, KFG's interest at West Hazel continues to perform well with current production between 160 to 170 barrels of oil per day. KFG owns a financial interest through Hillcrest Petroleum equal to 11.25 per cent. Plans are being finalized for drilling on the lease and will be reported in the near future. In addition, KFG is involved in a directional project with Bay Gas, in Wilkinson county, Mississippi, and details will be forthcoming when the location dries out enough to support a drilling operation, probably in October at this writing. © 2019 Canjex Publishing Ltd. All rights reserved.
KFG October 2019 Company Presentation: http://kfgresources.com/wp-content/...es-Ltd.-October-2019-Company-Presentation.pdf
January 2020 Company Presentation: http://kfgresources.com/wp-content/...es-Ltd.-January-2020-Company-Presentation.pdf
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.
Hillcrest to connect West Hazel ops to Sask. power grid 2020-02-05 08:15 MT - News Release Mr. Donald Currie reports HILLCREST ELECTRIFIES WEST HAZEL OIL PRODUCTION OPERATIONS Further to its recent news release dated Jan. 31, 2020, Hillcrest Petroleum Ltd. has provided an update on its operational improvement initiative to increase operational reliability and reduce operating costs by connecting its West Hazel production operations to the Saskatchewan power grid. The process will significantly reduce operating costs and eliminate greenhouse gas emissions from its current diesel/propane power system. The Company recently initiated actions with Sask Power to connect its West Hazel oil production operations to Saskatchewan's electricity grid. Connection to the grid involves connecting to nearby main electricity transmission lines and installing necessary electrical equipment to service operational requirements. This will transition West Hazel production operations from expensive, greenhouse gas emitting, diesel and propane fuels to clean grid electricity, is expected to deliver additional production from increased operational reliability (e.g. reduced downtime) and reduce direct operating expenses by approximately $8,000 per month, representing approximately a 10% operating cost saving. "Since re-starting production from the West Hazel field early last year, we have gained valuable insight into opportunities to add value by optimizing our operations and implementing environmental best practices," commented Don Currie, CEO of Hillcrest Petroleum. "Electrifying the field is the first of a number of value adding field development activities planned to deliver maximum value from our West Hazel assets." We seek Safe Harbor. © 2020 Canjex Publishing Ltd. All rights reserved.
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.
Cadillac, KFG agree to merge 2020-11-04 06:15 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. AGREES TO PURSUE AN AMALGAMATION Cadillac Ventures Inc. and KFG Resources Ltd. have signed a letter of intent to pursue an amalgamation, with the support of both boards, subject to approval by shareholders of each company and TSX Venture Exchange approval. The amalgamation will proceed with an exchange of KFG common shares for Cadillac common shares on a one for one basis. The companies believe that the amalgamation will create significant value for both shareholder groups. As such, the boards of directors of both companies have agreed specific terms of the proposed transaction will be determined based on corporate, tax and securities laws, and other considerations. The principals of both Cadillac and KFG will provide support agreements for the transaction. Following completion of the amalgamation, Cadillac will proceed to effect a consolidation of its shares, expected to be on a 1:3 basis. The directors of KFG wish to thank their shareholders for their support during the downturn of the oil market over the past several years. They believe that the proposed transaction with Cadillac can create a new and more impressive company with diversified assets, cash flows and reduced costs to make the company's oil production more lucrative. Both Mr. Haney and Mr. Grassi approve of the transaction and urge all KFG shareholders to follow suit. The directors of Cadillac believe that the cash flow provided by the oil revenue related to this transaction will allow the company to be more effective in the review and acquisition of additional mineral properties. The directors urge Cadillac shareholders to support the transaction. © 2020 Canjex Publishing Ltd. All rights reserved.
KFG enters definitive deal for sale to Cadillac 2021-02-09 19:53 MT - News Release Mr. Robert Kadane reports CADILLAC VENTURES INC. AND KFG RESOURCES LTD. ENTER INTO ARRANGEMENT AGREEMENT In connection with their previously announced letter of intent, Cadillac Ventures Inc. and KFG Resources Ltd. have entered into a definitive arrangement agreement dated Feb. 9, 2021, pursuant to which, among other things, Cadillac will acquire all of the issued and outstanding common shares of KFG. Under the arrangement agreement, KFG shareholders will be entitled to receive one common share of Cadillac in exchange for each KFG common share held. The arrangement agreement will be filed on KFG's SEDAR profile on the SEDAR website. The transaction will be effected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and will require approval by at least 66-2/3rds per cent of votes cast by KFG shareholders present in person or represented by proxy at a special meeting of KFG shareholders to be called in connection with the transaction in addition to any minority approval required under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). In addition to KFG shareholder approval, closing of the transaction is subject to the receipt of certain regulatory, court and stock exchange approvals, and the satisfaction of other closing conditions customary in transactions of this nature. Further information regarding the transaction will be contained in a management information circular that KFG will prepare, file and mail to KFG shareholders in connection with the meeting. All KFG shareholders are urged to read the information circular once available as it will contain additional important information concerning the transaction. The transaction has been unanimously approved by the board of directors of both KFG and Cadillac. The board of directors of KFG unanimously recommends that KFG shareholders vote in favour of the transaction at the meeting. Following completion of the transaction, it is anticipated one KFG director will be appointed to the Cadillac board of directors and a second KFG nominee will be appointed at Cadillac's next annual shareholders meeting. KFG common shares will be delisted from the TSX Venture Exchange. We seek Safe Harbor.
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.
