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)
Signed: 'Graham
Douglas'
Graham Douglas, CEO
FormCap Corp.
50 West Liberty Street, Suite 880
Reno, NV 89501
T: +1(775) 285-5775
F: +1(775) 285-5776
info@formcapcorp.com
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.