FormCap’s Technical Team Initiates Exploration Program
Multiple Well and Seismic Program Planned to Explore Weber City Prospect
February 26th, 2010 – FORMCAP CORP’s (PINKSHEETS: FRMC.PK) technical team is initiating a comprehensive and systematic strategy to explore for oil and gas at the Company’s Weber City Prospect. A six member multi-disciplined technical team, which was assembled by Norman Mackenzie, FormCap’s Calgary based operational partner, will utilize the most advanced technology available to delineate drill targets, as well as determine the size and scope of the initial seismic and geophysical program. The members of the technical team have a combine 150+ years of oil and gas exploration and development experience. The team is comprised of in-house professionals and technical consultants with the necessary expertise and experience to complete any action for the prudent and timely exploration and development of the Weber City Prospect.
As previously announced, FormCap has increased its land position in the Permian Basin prospect to approximately 5,800 gross acres of oil & gas leases, all with primary terms of five (5) years. The Weber City Prospect is strategically positioned in the Permian Basin, a prolific area that has produced over 35 billion barrels of oil and 100 trillion cubic feet of gas, and is host to over 20 percent of all domestic oil and gas produced in the US. The Permian Basin’s development history and stable, long-life production is one of the main reasons FormCap has secured the Weber City Prospect acreage and continues to expand its holdings. FormCap plans to drill initial wells to test four potentially productive hydrocarbon zones; the San Andres, Clearfork, Wolfcamp and Cisco formations. FormCap has sufficient land cover to fully develop discoveries on 40 acre spacing.
Graham Douglas, FormCap’s President and CEO, stated, “Mr. Mackenzie’s is committed to using highly experienced and technically capable professionals to develop the Weber City Prospect. It is our belief that this will maximize our probability for long term success and growth.”
