Friday after the closing bell, FormCap Corp. was pleased to announce that it has entered into a Consulting and Option Agreement with Mr. Norman Mackenzie of Calgary, Alberta, Canada to develop and execute the drilling and development plan for the Weber City Prospect. Consisting of approximately 4,800 acres with room for 100+ well locations, the Weber City Prospect is strategically positioned in the Permian Basin, a prolific area that has produced more than 35 billion barrels of oil and 100 trillion cubic feet of gas.
Mr. Mackenzie has over three decades experience in the domestic and international energy industry with companies that have developed significant energy projects in the North Sea (UK and Norway), China, Abu Dhabi, Dubai, Egypt, Bangladesh and Libya. Currently, he is Chairman and Founder of C & C Energy Canada Ltd., which is engaged in oil and gas exploration in Colombia, South America. These assets are capable of producing over 5,000 BOPD.
Companies that Mr. Mackenzie has been associated with utilized cutting edge technology in all sectors of the oil & gas business. In 1992, Scimitar Hydrocarbons, a public company founded by Mr. Mackenzie, was merged with Rally Energy Corp., which was subsequently sold for over $900 million in 2003. For FormCap, Mr. Mackenzie and his team will develop a strategic development plan that will include the scope of seismic surveys, the delineation of multiple drill targets and access to capital to assist in the ultimate exploitation of the company’s leases.
“Mr. Mackenzie and his team bring an extremely high level of expertise to FormCap’s exploration and development plan for Weber City Prospect. The fact that he negotiated for rights to financially participate in the development of this Prospect further supports our contention that it is a high quality opportunity” stated Graham Douglas, FormCap’s President.
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