About: FormCap Corp. (FRMC)
FormCap Corp., a reporting issuer, is an emerging exploration and development company in the oil & gas sector. FormCap’s mandate is to seek out highly prospective oil and gas properties for acquisition, exploration and development. FormCap’s primary focus is the discovery and development of oil and gas in the continental United States. To date, the Company has assembled 5,800 gross acres of oil and gas mineral leases at its Weber City Prospect, located in Curry County, New Mexico. The Weber City Prospect has been defined by detailed geological information; well log data, seismic, Landsat and independent third party geological interpretation. Based on successful exploration programs in the immediate area, which are situated in a similar geological setting, Management believes that, in a successful case, there is potential to drill up to wells that could produce over 300 million barrels of oil on the Company’s Weber City.
PLEASE SIGN UP FOR THE COMPANY NEWSLETTER AT FORMCAPCORP.COM
FORMCAP CORP’s President, CEO and President (as of Jan 28, 2011) Mr. Graham Douglas
Graham Douglas is an experienced business executive with 35 years of financial and operational management. Mr.Douglas was the Chief Operating Officer of a large west coast Canadian transportation, warehousing, freight forwarding and sea terminal operator.
Mr. Douglas has been active as a business consultant in the area of corporate restructurings, mergers and acquisitions, corporate finance and public offerings. Mr. Douglas has been an early stage investor and assisted in raising later stage funding for several companies in a variety of industries. Industries include the following: beverage, food processing, clothing, tourism, real estate, construction, telecommunications, hightec, mining and exploration, heavy equipment auction, oil and gas exploration and biofuels.
PRIOR TO THIS RE-APPOINTMENT, IT IS WORTH REMEMBERING THAT GRAHAM DOUGLAS WAS THE CEO AND PRESIDENT UNTIL JUNE OF 2010. IT WAS DURING HIS TERM WHEN FRMC REACHED ITS .47 PPS, RIGHT AROUND FEB AND MARCH OF 2010.
ADDITIONAL FRMC CHARTS BELOW
Current Project
(view website)
Weber City Prospect Summary
Curry County, New Mexico
FormCap Corporation is pleased to announce the formation of its Weber City Prospect. The Prospect is comprised of 5,800 acres of oil and gas leases, all with primary terms of 5 years. All leases were initiated in June of 2009 and all leases have been duly recorded in the State of New Mexico. The Weber City Prospect is located in Curry County, New Mexico which lies on the eastern most side of New Mexico bordering the state of Texas. Geologically, this Prospect in on the northern flank of the prolific Permian Basin and focuses on the Cisco Formation of Pennsylvanian Age. The initial well within the Prospect will be drilled to a total depth of 7,000’ to test four potential productive hydrocarbon zones; the San Andres, Clearfork, Wolfcamp and finally, the primary objective, the Cisco Formation. The Prospect’s multiple secondary objectives are all oil and are primary producing zones in the Permain Basin of New Mexico and Texas. Based on 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 area, the project is estimated to produce over 220 million barrels of oil in a successful case. Project wells are anticipated to flow at initial rates averaging 300 barrels per day, free of formation water.
In order to better understand how the Prospect developed geologically, the following provides a brief description of the formation of the Pennsylvanian Reef reservoirs. The Cisco Formation is primarily marine limestone and shales, with the reservoir developed in limestone sequences. During deposition, the Pennsylvanian seas were relatively shallow and warm or tropical. At the same time in this area of the Permian Basin, an incipient basin margin started to develop. Associated with this development, structures evolved on the Pennsylvanian seafloor. Upon these structures, patch reefs began to grow. As the Pennsylvanian sea deepened, the reefs grew vertically in an attempt to stay close to the surface and most critically within the photic or sunlight zone. A major regression or withdrawal of the seas, ended reef deposition. But leaving the reefs exposed led to excellent porosity and permeability development. Several of these Pennsylvanian Reef reservoirs are giant oil traps, producing over a billion barrels of oil in the Permian Basin. The Weber City Prospect focuses on the same type of oil trap.
Detailed mapping, landsat imagery, seismic analysis and log evaluation outlines a major, combination stratigraphic, structural trap on the Prospect; the existing Anton Irish Field. Structural analysis of the Permian Basin over a 20 year period integrate with landsat analysis by a renowned structural geologist outlines a probable compression structure or “pop bloc”. South of the structure, Gulf Oil tested significant oil from the Cisco Formation. A shallow well drilled and completed in 1947 as a 1,600’ oil producer is located at the crest of the Weber City “pop bloc”. Finally, a well off of the northern flank of the Prospect, drilled into over 1,200’ of basinal shale and defines the northern limits. As in Anton Irish and Pennsylvanian Reef Fields in the Permian Basin (Kelly-Snyder), individual leases can produce over a million barrels of oil.
Recent News & Filings:
- FORM NT 10-K 3/11/2011
- FormCap Corp. Signs Farm-Out Agreement for Oil and Gas Exploration in AlbertaMarketwire (Tue, Mar 29)
On March 16, 2011, the Company signed a Farm-out Agreement for oil and gas exploration in the Peco Area of Alberta. - FORM 8-K 2/23/2011
- FormCap Appoints Graham Douglas President and CEOMarketwire(Thu, Feb 10)
The Company has received and accepted the resignation of Mr. Terry R. Fields as President and CEO as well as Director, which was effective as of January 28, 2011 - FormCap Corp. in Arrears on DebentureBusiness Wire(Wed, Dec 8)
FormCap Corp. is attempting to seek a favorable resolution via a partnership or the extension of the debenture.
- FormCap Corp. Plans to Commence Concise Seismic ProgramMarketwire(Mon, Dec 6)
FormCap Corp. (Pinksheets:FRMC - News), an emerging oil & gas exploration company that is primarily focused on the development of its oil & gas properties in the continental United States, is pleased to announce that it plans to commence a concise seismic program to confirm the similarities of the Weber City Prospect to its analogous oil field -- the 230 million barrel recoverable oil Anton Irish Field, Read More - FormCap Corp. Targets Four Historically Productive Hydrocarbon Zones in Permian BasinMarketwire(Fri, Dec 3)
RENO, NV--(Marketwire - 12/03/10) - FormCap Corp. (Pinksheets:FRMC - News), an emerging oil & gas exploration company that is primarily focused on the development of its oil & gas properties in the continental United States, is pleased to announce that it plans to initiate a seismic survey to confirm drill targets at its Weber City Prospect, Curry County, New Mexico. To date, the Company has assembled 5,800 gross acres of oil and gas mineral leases within the Permian Basin at its Weber City Prospect, where it holds a 100% working interest (80% net revenue interest.) For more information on the Weber City Prospect, Read More. - FormCap Corp. Assembles 5,800 Acres of Oil and Gas Leases in Prolific Permian Basin Where Recent M&A Activity Has SurgedMarketwire(Thu, Dec 2)
RENO, NV--(Marketwire - 12/02/10) - FormCap Corp. (Pinksheets:FRMC - News), an emerging oil and gas exploration company that is primarily focused on the development of its oil and gas properties in the continental United States, is pleased to announce that it has assembled 5,800 gross acres of oil and gas mineral leases within the Permian Basin at its Weber City Prospect, where it holds a 100% working interest (80% net revenue interest). One of the most prolific sources of oil and gas in the United States, the Permian Basin has once again become a hotbed of exploration activity, as exploration permit applications approved by the Texas Railroad commission for major oil companies like Anadarko, Apache, Chevron, Conoco-Phillips, Devon Energy, Kinder Morgan, and Mobil have risen dramatically. For more information on the Weber City Prospect, Read More. - FORMCAP CORP. Files SEC form 10-Q, Quarterly ReportEDGAR Online(Wed, Nov 24)
- FORMCAP CORP. Files SEC form 10-Q, Quarterly ReportEDGAR Online(Wed, Nov 10)
- FORMCAP CORP. Files SEC form 10-Q, Quarterly ReportEDGAR Online(Tue, Oct 26)
- FORMCAP CORP. Files SEC form 10-K, Annual ReportEDGAR Online(Tue, Jul 27)
- FORMCAP CORP. Files SEC form 8-K/A, Changes in Registrant's Certifying AccountantEDGAR Online(Wed, Jun 9)
- FORMCAP CORP. Files SEC form 8-K, Change in Directors or Principal Officers
FormCap Advisors & Consultants
Thomas Markham, Chief Geologist
Mr. Thomas Markham will serve as a consulting Senior Geologist. He is a professional geologist specializing in evaluation and development of oil and gas plays in the mid-continental US, since receiving his Masters of Geology from LSU in 1976. He began his career working with BEPCO, ARCO and then TENNECO, acting as geologist on a wide range of projects spanning over 12 years of development on leading plays including the Pinon, Allen Hill, Brunson Ranch, J.D. Shale, Brown Bassett Extension and NYY projects. During this period, he directed 15 graduate-level geologists and managed annual exploration budgets up of to $21 million.
He has recently acted as Chief Geologist in charge of the supervision and generation of a 21,000 acre Pennsylvanian gas play in the Permian Basin. In Oklahoma, Mr. Markham was instrumental in play development and directed negotiations with the Osage Tribe of Oklahoma for drilling rights on 57-quarter sections (9,120 acres). He has been an independent oil and gas geologist managing project generation and evaluation for various industry and non-industry groups primarily in the Mid Continent.
Mr. Markham has successfully drilled and completed proprietary prospects (while providing the supervision of seismic, leasing, drilling, completion, and production activities) of 88 oil and gas wells (to 10,500’) in Texas, New Mexico, and Oklahoma. He was the generating geologist of a 5 TCFG overthrust play in Central Texas, he finalized a New Mexico San Andres stratigraphic play (50 to 100 MMBO at 4,000’) and a Permian Basin Devonian structural play. He has managed the screening and evaluation of Springer – Atoka sub-basin prospects of the Anadarko Basin (3-D).
Mr. Marham has been published in the American Gas Journal and he has been invited on a technical tour of the former Soviet Union to review oil and gas assets. He was also guest speaker at the American Association of Petroleum Landman’s (AAPL) “Buying Oil and Gas Properties” seminar.
http://www.businesswire.com/news/home/20091208005190/en/Formcap-Hires-Senior-Geologist-Thomas-Markham
http://www.spoke.com/info/pFZc1PT/ThomasMarkham
More from Thomas Markham re Weber City Prospect:
Mr. Markham described the potential of the Weber City Prospect as, “having reserve exposure to (potentially) over 250 million barrels of Oil; this is big time stuff”.
The Company has been approached by several groups interested in providing additional financing, as well as several groups that have expressed an interest in farming in. FormCap’s management team has been pursuing these opportunities and will report on their progress when appropriate.
Randall K. Boatright
Most recently Mr. Boatright served as Interim President and CEO, CFO and Director of Dexterity Surgical, Inc. He has extensive experience in the energy business as he was formerly EVP, CFO and Director of Abraxas Petroleum Corporation (AMEX:ABP) and Controller of a large private independent oil and gas company. Prior to that, Mr. Boatright practiced accounting with the firm of Coopers & Lybrand LLP. He is a CPA and a graduate of the College of William & Mary in Virginia.
MAC Advisory Services
MAC Advisors, a mini-microcap advisory service with oil and gas expertise. MAC principals have over 50 years direct experience in related areas of: Oil and Gas finance, accounting and capital equipment; Corporate Finance and Merchant Banking; and Management of both public and private developmental stage companies. They have work experience that includes work at Gearhart/Haliburton, as well as corporate finance experience with Dorchester Oil and Gas (both Fortune 500 Companies). Their resumes include work experience in the area of corporate finance and as a financial analyst concentrating on exploration, crude oil purchasing and related special projects. They have also worked as independent landman in West Texas and hold royalty and working interests in several producing oil and gas properties. Through the relationship with MAC, Formcap will have full access to valuable industry experience and contacts.
Norman Mackenzie Consulting and Option Agreement
Formcap 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. The Weber City Prospect consists of approximately 4,800 acres with room for 100+ well locations, 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.
Mr. Mackenzie has over thirty years 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.
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 currently capable of producing over 5,000 BOPD.
Companies that Mr. Mackenzie has been associated with have been at the leading edge of 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. 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 FormCap’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
A professional geologist specializing in the evaluation and development of oil and gas plays in the onshore United States, Tom received his Masters of Geology from LSU in 1976 and then pursued a career working with ARCO, BEPCO, HOUSTON OIL and MINERALS, and TENNECO.
ADDITIONAL FRMC CHARTS
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