RENO, NV, March 18, 2014 /PRNewswire/ - FormCap Corp. ("FormCap" or "the Company") (OTCQB: FRMC) announced today that effective immediately Thomas A. Markham is no longer associated with the Company, its officers, directors or acting as an independent geologist on behalf of the Company in any capacity.
Formcap's General Oil and Gas Advisor, Nueva Oil and Gas Corporation, will provide the necessary geological and geophysical consulting going forward.
On February 26, 2014 the Company announced it completed an equity financing in the amount of $672,000 with Ironridge Global IV, Ltd. ("Ironridge"), an institutional investor specializing in direct equity investments in oil and gas development companies. The proceeds were applied towards completing the acquisition 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. The Company owns 100% of the Leases (80% net revenue to FormCap; 20% freehold royalty), and will be operator. The remaining funds are held by Ironridge and will be applied towards drilling in Q2-2014.
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)
Signed: 'Graham Douglas'
Graham Douglas, CEO
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.