"Acquisition of 2400 Acres Completed Drilling to Commence Q2-2014"
RENO, NV, March 17, 2014 /PRNewswire/ - FormCap Corp. ("FormCap" or "the
Company") (OTCQB: FRMC) announced today that it has completed the
acquisition of 2400 acres of prospective oil leases in Cowley County,
Kansas.
Graham Douglas, CEO of FormCap reports that "its partners Kerr and Keta,
technical advisors and operator will immediately map out decisions on
drill site locations with an anticipated first drill during Q2-2014.
"There are tremendous oil and gas opportunities to produce commercial
light oil and gas in an environment of high crude oil prices and low
finding and developing costs."
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.
Additional information can be found at the Company website: www.formcapcorp.com
On behalf of the Board of Directors,
FormCap Corp. (OTCQB: FRMC)
Signed: 'Graham Douglas'
Forward-Looking Information
This press release contains certain "forward-looking information". All
statements, other than statements of historical fact, that address
activities, events or development that the Company believes, expects or
anticipates will or may occur in the future constitute forward-looking
information. This forward-looking information reflects the current
expectations or beliefs of the company based on information currently
available to the Company. Forward-looking information is subject to a
number of significant risks and uncertainties and other factors that
may cause the actual results of the Company to differ materially from
those discussed in the forward-looking information, and even if such
actual results are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or effects
on the Company. Factors that could cause actual results or events to
differ materially from current expectations include, but are not
limited to, the possibility of unanticipated costs and expenses. Any
forward-looking information speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, the
company disclaims any intent or obligation to update any
forward-looking information whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of future
performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein.
SOURCE FormCap Corp.