FormCap Enters into Operations and Farm-in Agreement
February 05 2010 - 4:02PM
Business Wire
FORMCAP CORP (FRMC.PK) is pleased to announce that it has
entered into a Consulting and Option Agreement with Mr. Norman
Mackenzie of Calgary, Alberta, Canada, to develop and execute the
drilling and development plan for the Weber City Prospect. The
Weber City Prospect consists of approximately 4,800 acres with room
for 100+ well locations, 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.
Mr. Mackenzie has over thirty years experience in the domestic
and international energy industry with companies that have
developed significant energy projects in the North Sea (UK and
Norway), China, Abu Dhabi, Dubai, Egypt, Bangladesh and Libya. In
addition, he is Chairman and Founder of C & C Energy Canada
Ltd., which is engaged in oil and gas exploration in Colombia,
South America; these assets are currently capable of producing over
5,000 BOPD. Companies that Mr. Mackenzie has been associated with
have been at the leading edge of technology in all sectors of the
oil & gas business. In 1992, Scimitar Hydrocarbons, a public
company founded by Mr. Mackenzie, was merged with Rally Energy
Corp., which was subsequently sold for over $900 million in 2003.
Mr. Mackenzie and his team will develop a strategic development
plan that will include the scope of seismic surveys, the
delineation of multiple drill targets and access to capital to
assist in the ultimate exploitation of FormCap’s leases.
“Mr. Mackenzie and his team bring an extremely high level of
expertise to FormCap’s exploration and development plan for Weber
City Prospect. The fact that he negotiated for rights to
financially participate in the development of this Prospect further
supports our contention that it is a high quality opportunity”
stated Graham Douglas, FormCap’s President
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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