FormCap Corp. is a domestic oil and gas exploration and development company. The company announced in October the acquisition of 4,800 acres of oil and gas leases, all with primary terms of five years, initiated in June 2009, for a cost of $250,000. The leases, together called the Weber City Prospect, are located in Curry Country, New Mexico.
Geologically, the Weber City Prospect is on the northern flank of the prolific Permian Basin, which is well known for its oil production, having four well-established hydrocarbon formations. The initial well will be drilled to a total of 6,500 feet to test four potential productive hydrocarbon zones: the San Andres, Clearfork, Wolfcamp and finally, the primary objective – the Cisco formation.
Based on a modeling of a look-alike existing producing field (the Anton Irish field), well recoveries are expected to range from 100,000 to over 500,000 barrels of oil per well. With 40 acre spacing in this prospect, there is room for approximately 100 wells. The Weber City Prospect is estimated to contain potentially over 220 million barrels of oil. Prospect wells are anticipated to flow at initial rates averaging 300 barrels per day, free of formation water.
FormCap is confident of success for the Weber City Prospect. Detailed mapping, Landsat imagery, seismic analysis and log evaluation outlines a major, combination stratigraphic, structural trap on the Prospect, as was the case in the existing ‘Anton Irish’ field. The company has also outlined multiple secondary objectives in the primary producing zones of the Permian Basin in areas of Texas and New Mexico.
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