FORMCAP Increases Land Position in New Mexico
Date : 02/08/2010 @ 4:20PM
Source : Business Wire
Stock : FORMCAP CORP (FRMC)
Quote : 0.37 -0.09 (-19.57%) @ 8:02AM
FORMCAP Increases Land Position in New Mexico
FORMCAP CORP (PINKSHEETS:FRMC.PK) is pleased to announce that it has increased its acreage position in the Permian Basin by approximately 1,000 gross acres to 5,800 acres of oil & gas leases, all with primary terms of five (5) years. These 5,800 gross acre leases comprise the Weber City Prospect located in Curry County, New Mexico, which lies on the eastern most side of New Mexico bordering the State of Texas. These new leases are part of an on-going acquisition plan currently under way in New Mexico
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. Recent M&A activity in the Permian Basin highlights the growing importance of this historically prolific, domestic source of energy. 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. FormCap plans to drill an initial 7,000 foot well to test four potentially productive hydrocarbon zones; the San Andres, Clearfork, Wolfcamp and Cisco formations. Over 100 wells (based on 40 acre spacing) could be drilled on the Prospect and it is estimated that these leases could contain over 220 million barrels of oil in a successful case
“As part of our long-term strategy, FormCap is continuing to secure additional acreage in the Weber City Prospect area. We are also actively pursuing and evaluating other potential acquisitions for the Company” stated Graham Douglas, FormCap’s President & CEO
About FormCap Corp.: FORMCAP is a reporting issuer with the shares traded on the “Pink Sheets”. FormCap holds 100% Working Interest (80% Net Revenue Interest) in the 4,900 acre Weber City Prospect located in Curry County, New Mexico. Formcap’s mandate is to seek out highly prospective oil and gas properties for acquisition, exploration and development. For more information see our website at www.formcapcorp.com or call (888) 777-8777
Safe-Harbor Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act''), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,'' “would,'' “will,'' “expect,'' “estimate,'' “anticipate,'' “believe,'' “intend,'' and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors
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