FormCap Corporation is a domestic oil and gas exploration and development company. Several weeks ago, the company issued a corporate update to the public and their shareholders. The highlights of the update follow:
The company completed the acquisition of the Weber City Prospect located in Curry County, New Mexico. The Weber City Prospect consists of 4,800 acres, all with five-year primary term leases. FormCap now holds 100% working interest and 80% net revenue interest in the acreage. The company has commenced activities in preparation for drilling its initial 7,000 foot well to test four potentially productive hydrocarbon zones – the San Andres, Clearfork, Wolfcamp and Cisco formations.
Based on 40-acre spacing, approximately 100 wells could be drilled in the Weber City Prospect. It is estimated that these leases could contain over 220 million barrels of oil in a successful case. Wells are anticipated to flow at initial rates of approximately 300 barrels per day, free of formation water. FormCap has had several groups review their technical and geological data on the Prospect and as Graham Douglas, FormCap’s president and CEO, said, “Without exception, they see the merits of the Prospect and are excited by its potential.” The company’s management is also currently evaluating other potential oil & gas assets for acquisition.
The company also made two other announcements in its update. FormCap has identified several candidates for the positions of CFO, senior geologist, vice-president of corporate development and drilling engineer to strengthen the existing management team. In addition, over the past four months FormCap has completed and filed its year-end audit and quarterly financial information. The company is now preparing its 15c-211 filing for listing on the Over-the-Counter Bulletin Board (OTCBB). It is anticipated that this submission will be made early in the New Year.
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