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News today, Farmout Complete!
Formcap Completes Farmout Agreement Cowley County, Kansas Prospect
Reno, Nevada (FSCwire) - Formcap Corp. (“Formcap” or “the Company”) (OTCQB: FRMC) announced today that it has completed a Farm-out Agreement (“Farm-out Agreement”) with Rainchief Energy Inc, (“Rainchief”) Vancouver, British Columbia.
The oil & gas prospect is 100% controlled by Formcap up to 2400 acres of prospective oil and gas leases (“The Formcap Lands”) located in Cowley County, Kansas. The Lil-Bobby #1-28, a proposed 3,300’ Mississippian well will be drilled in the NE/4 of the SE/4 of Section 28-T30S-R6E.
During the past 90 days; 28 Notices of Intent to Drill in Cowley County have been permitted according to the Kansas Corporate Commission. Notable companies drilling or intending to drill include: Taos Resources, Val Energy, Endeavor Energy Resources, Toto Energy and Jones & Buck Development among others. Targeting the Mississippian Formation with high impact well fracturing has yielded positive results in the area.
Under the terms of the Proposed Farm-out Agreement Rainchief shall have the right to earn a 60% working interest in 920 acres of the Formcap Lands by paying 100% of the cost to drill, complete and equip three (3) wells to target the Mississippian Formation. Upon completion of the third and final well Rainchief will also earn a 50% interest in the balance of the Formcap Lands representing up to 1440 acres.
Significant quantities of oil and gas have been discovered and produced in Cowley County in recent years. The prospects for oil production are excellent with multi-zone potential for both vertical and horizontal development. In addition to the Mississippian, zones producing in this area include the Layton, Lansing-Kansas City, Bartlesville, Stalnaker and the Arbuckle. Reservoir properties are excellent with good porosity and permeability in thicker accumulations of hydrocarbons. Total depths of approximately 4,000 feet provide drilling time of approximately seven (7) days with completed wells costing about $600,000 per vertical well.
Formcap is actively engaged in identifying, financing and developing oil and gas energy resource properties in North America, including the development of the Cowley County, Kansas, Mississippi Prospect in Kansas. Formcap continues to review additional resource properties that combine positive elements of short-term exploration and development costs with high potential for long-term success and financial return.
FormCap Corp.
50 West Liberty Street, Suite 880
Reno, NV 89501
T: +1(775) 285-5775
F: +1(775) 285-5776
info@formcapcorp.com
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/formcap11042014.pdf
Source: FORMCAP Corp. (OTC Pink:FRMC) http://formcapcorp.com/
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2014 Filing Services Canada Inc.
You may be right Flyer, you have been here the longest. Or maybe, just maybe they get it all right this time and the stock goes on a nice run!
Respectfully,
Its a good deal for FRMC. They end up being carried 40% on the first 3 wells then heads up 50/50, no cash required and can focus on increasing acreage position for further Farmin(s).
Farmin is perfect and no up front deposit or costs involved! They should be able to fund this as debt using the 2400 acres!
Looking good here!
36% dump 47,940 shares = less than $2500 dollars, give me a break small fry, that's retail selling nothing more.
Call 775-285-5775 and leave your name and contact information and the Company will call you back if you have any intelligent questions.
getting another permit takes 5 mins in Kansas, what's importing is drilling partners and capital to drill 5-10 well over the next 4 months.
The permit, r/s and short selling has absolutely nothing to do with anything going on with FRMC. There is no master scheme here, just a small Company who purchased 2400 acres for $480k and now raising funds and/or partners to drill the leases in Cowley. That's it folks!
Short Selling Data
A whopping Short Interest of 5,025 (289.84%)
Aug 29, 2014
is there is no short or short sellers in FRMC.
Ironridge has been dissolved, it does not exist anymore nor does the financing. Ironridge is long gone from FRMC.
not sure but I'm going to find out for you!
Looks like status date 07.02.2014 issued from the state of Delaware - this is big news for the stock getting rid of that toxic financing + with the earnest 1:10 split this is in good shape going forward. FRMC ended up with the 2400 acres paid for in full with no debt or liens on the leases!! ;)
Probably drilling news update on the horizon or hopefully a new investment partner now that Ironridge has been dissolved - that's good news for the stock not having them and their massive dilution calculations pinning the stock down!
trading nicely today!
Yep, that Oklahoma prospect announced in that LOI has huge potential, at the very least this stock is going to run to $2 bucks this fall!
You should update your account paperwork at etrade wherby no fees can be deducted without your consent, these fees should be paid by your broker (etrade) they just passed them on to their client (You) the Company does not benefit in any way.
Should be tomorrow
Yes, please sell...hit my bids!
the offer is 0.10 the mm didn't post your bid...was it less than 5000 shares?
"D" Off on the 28th. Effective date of the r/s was July 31 + 20 business day's = Aug 28th.
Attention
August 13, 2014
Rainchief Executes Letter of Intent with Chizum Oil LLC
(Glencoe Prospect – Pawnee County, Oklahoma)
Vancouver, BC – RainChief Energy Inc. (OTCQB: RCFEF) (the “Company”) today announced that on August 6, 2014 a Letter of Intent (“LOI”) was executed with Chizum Oil LLC, Andover, Kansas, to acquire a 100% interest in an oil and gas prospect; Glencoe (“Glencoe”) located in Pawnee County, Oklahoma. The terms of the “LOI” include Rainchief’s exclusive right to acquire 100% of “Glencoe” upon completion of a due diligence period to conclude by October 1, 2014. A deposit in the amount of $25,000 is due upon execution of a Purchase Sale Agreement (“PSA”) by October 1, 2014 with a final Definitive Agreement (“Definitive Agreement”) on or before Nov 30, 2014. The total purchase price of the acquisition is an amount not to exceed US$3,000,000.
The Glencoe Prospect in Pawnee County, Oklahoma covers approximately 875 productive acres in the Upper Cleveland sand and 1720 acres in the Lower Cleveland sand. Rainchief’s Calgary, AB based independent engineering consultants will commence with an evaluation of the Glencoe effective immediately.
Previously, on June 24, 2014 Rainchief executed an Investment Banking Agreement with Pyranees Investments, LLC, (“PYR”) Las Vegas, Nevada, to act as the Company’s financial consultant (“Consultant”). Pyranees will introduce the Company to its investment network with the intent to raise capital for Rainchief in the form of equity, or debt, or a combination thereof.
RainChief Energy Inc. (OTCQB: RCFEF)
For corporate information contact:
Rainchief Energy Inc.
Tel: +1(604) 200-0071
Fax: +1(604) 200-0072
www.rainchief.com
New Symbol FRMCD for 20 day's.
Cowley County, Kansas
Significant quantities of oil and gas have been discovered and produced in Cowley County in recent years. The prospects for oil production are excellent with multi-zone potential for both vertical and horizontal development. In addition to the Mississippian, other zones producing in this area include the Layton, Lansing-Kansas City, Bartlesville, Stalnaker and the Arbuckle. Reservoir properties are excellent with good porosity and permeability in thicker accumulations of hydrocarbons. Total depths of approximately 4,000 feet provide drilling time of approximately seven (7) days with completed wells costing about $500,000 per vertical well.
FormCap acquired 2400 acres in Cowley County, Kansas, Mississippi Prospect. FormCap continues to review additional resource properties that combine positive elements of short-term exploration and development costs with high potential for long-term success and financial return with the goal to drill and go into production.
Company website: www.formcapcorp.com
10Q for period ended June 30, 2014 due out by Aug 15, 2014.
received this this morning:
The 1-10 Reverse Split of Formcap Corp (FRMC) will be announced 07/30/2014.
This corporate action will take effect at the open of business 07/31/2014. The new symbol will be FRMCD. The D will be removed in 20 business days.
Description of Corporate Action:
· 1-10 Reverse Split
· Pre-Split: 102,238,236
· Post-Split: 10,223,824
· New CUSIP: 34637U301
· Effective Date: 07/31/2014
its a one new for each ten old (1:10) post split should be trading + $0.10
Appears Ironridge is not finish dumping
Green Baron is a dud...what other ones are good?
Very simple here: They hit we win, they don't we lose.
That's all folks!
FormCap executes drilling contract with Val Energy
PR Newswire FormCap Corp.
18 minutes ago
RENO, NV, May 27, 2014 /PRNewswire/ - FormCap Corp. ("FormCap" or "the Company") (OTCQB: FRMC) announced today that a drilling contract has been executed between Val Energy Inc., Wichita, Kansas and Formcap's operator; Tiger Oil & Gas LLC, Wichita, Kansas to commence drilling on the 2400 acres of prospective oil and gas leases in Cowley County, Kansas.
The well name and number is Lil Bobby #1-28, located in Cowley County, Kansas; land description: 2300' FSL 330' FEL, Sec 28-30S-6E at a depth to 3600 feet.
The approximate commence date is July 8th and subject when the rig is next available.
FormCap has acquired a total of 2400 acres of prospective oil and gas leases for a total cost of four hundred and eighty thousand dollars ($480,000) from Kerr and Keta and owns 100% of the Leases (80% net revenue to FormCap; 20% freehold royalty), and will be operator. FormCap will have the option to purchase additional leases in Cowley County from Kerr and Keta under an Area of Mutual Interest ("AMI"), the terms of which are set forth in the Agreement. FormCap is required to drill one (1) well in each of the first two (2) years of the Lease term to maintain its interest in the Leases.
Significant quantities of oil and gas have been discovered and produced in Cowley County in recent years. The prospects for oil production are excellent with multi-zone potential for both vertical and horizontal development. In addition to the Mississippian, zones producing in this area include the Layton, Lansing-Kansas City, Bartlesville, Stalnaker and the Arbuckle. Reservoir properties are excellent with good porosity and permeability in thicker accumulations of hydrocarbons. Total depths of approximately 4,000 feet provide drilling time of approximately seven (7) days with completed wells costing about $500,000 per vertical well.
FormCap is actively engaged in identifying, financing and developing oil and gas energy resource properties in North America, including the development of the Cowley County, Kansas, Mississippi Prospect in Kansas. FormCap continues to review additional resource properties that combine positive elements of short-term exploration and development costs with high potential for long-term success and financial return.
FormCap will have the option to purchase additional leases in Cowley County from Kerr and Keta under an Area of Mutual Interest ("AMI"), the terms of which are set forth in the Agreement. FormCap is required to drill one (1) well in each of the first two (2) years of the Lease term to maintain its interest in the Leases.
Additional information can be found at the Company website: www.formcapcorp.com
On behalf of the Board of Directors,
FormCap Corp. (OTCQB: FRMC)
I would not be surprised to see a little news update early on the 27th cause that would be great!
Looks like they capitalized the asset on the books at $516,803 + a $367,000 receivable which is the cash for drilling so that's good news!
working away here!
i think the 500,000 offered @ .03 by canaccord is a bogus short offer there to scare buyers while he is scooping all the cheap shares. I bet if we start chipping at the 0.03's it will disappear so fast!
Tomorrow i will buy every single share at $0.03 and under!
yes that was an awesome ride and i was in at the beginning, made heavy money on that run and now i will reload. That last run was on speculation of acquiring these hot Cowley Leases (which they did)and this next run will be on fundamentals, drilling, results and revenue. This little FRMC could turn into a beast once again!
Need some more muscle to break thru the 0.03's i get the sense a monster program is going to kick-in soon as we lead into the drill! Hello Europe are you awake??
me too taking out the 0.024's now