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FRMC - .032 x .035 - First news since June..

FormCap Corp. Assembles 5,800 Acres of Oil and Gas Leases in Prolific Permian Basin Where Recent M&A Activity Has Surged

FormCap Corp. CEO Provides Corporate Update
RENO, NV, Dec 02, 2010 (MARKETWIRE via COMTEX) -- FormCap Corp. (PINKSHEETS: FRMC), 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, please see: www.formcapcorp.com.

The Weber City Prospect is comprised of four potentially productive hydrocarbon zones: the San Andres, Clearfork, Wolfcamp and the Cisco Formation. In Management's opinion, each of these four zones represents a viable drill target. FormCap's primary target in the four zones is the Cisco Formation of Pennsylvanian Age, a structure that has to date hosted extensive deposits of hydrocarbons for a number of majors working in the area. In Management's opinion, detailed geological information on the Weber City Prospect, including well log data, Landsat imagery, seismic analysis and independent third party geological interpretation suggests that the possibility is present for significant hydrocarbon potential. In light of successful exploration programs conducted by others 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 100 wells that could produce over 300 million barrels of oil on the Company's Weber City Prospect.

Mr. Terry R. Fields, President and CEO of FormCap, stated, "As it becomes more challenging to find inexpensive, US-friendly sources of petroleum, the Permian Basin represents an attractive, domestic source of hydrocarbons. The fact that many of the major oil and gas companies in the US are spending significant capital on exploration in the Permian Basin is an acknowledgement of the area's rich oil and gas potential. Simply put, the Weber City Prospect puts FormCap in the heart of the action where billions are being spent on exploration and M&A activity."

On March 15th, 2010, FormCap Corp.'s Consulting Senior Geologist, Thomas Markham was interviewed by Pat Beechinor for "Stockhouse Small Cap Broadcast," a program produced by TheNewswire.ca. In the interview, 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." Mr. Markham, along with other members of FormCap's technical team are preparing a systematic strategy to develop the Weber City Prospect. To listen to the full interview go to: www.stockhouse.com/exec_casts.

FormCap's management team is led by President and CEO Terry R. Fields and a diverse and experienced team of consultants and advisors. FormCap has engaged Mr. Thomas Markham, the prospect generator, as Senior Consulting Geologist; and Nueva Energy Inc., headed by Norman Mackenzie, as Operator. The Company plans to acquire existing production that holds additional development potential. FormCap is currently investigating several prospects that meet this profile and will report such acquisitions when appropriate.

About FormCap Corp. 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 Prospect.

For more information please visit the company's website at www.formcapcorp.com or direct your inquiry to [e-mail].

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