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Bold Stock Alert
The Latest News from… FormCap Corp!
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FORMCAP CORP (OTC: FRMC)
FormCap Enters into Operations and Farm-in Agreement
Press Release Source: FORMCAP CORP On Friday
February 5, 2010, 4:02 pm EST
RENO, Nev.–(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
href="http://www.sgurunews.com/emailmarketer/link.php?M=39408&N=667&L=1307&F=H">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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FORMCAP CORP (OTC: FRMC)
FORMCAP CORP (OTC: FRMC) is an emerging junior in the oil and gas
sector. FormCap is a fully reporting issuer and has completed and filed its
Year-End Audit and Quarterly financial information. The Company is now
preparing its 15c-211 filing for listing on the Over-the-Counter Bulletin
Board (OTCBB). It is anticipated that this submission will be made early in
2010.
Formcap Major Prospect
- The Weber City Prospect is located in Curry County, New
Mexico. FormCap holds 100% Working Interest (80% Net Revenue Interest)
in the 4,900 acre Weber City Prospect located in Curry County, New Mexico,
and the oil rich Permian Basin. With 40 acre spacing in this area,
the project is estimated to produce over 220 million barrels of oil in a
successful case. Project wells are anticipated to flow at initial rates
averaging 300 barrels per day, free of formation water.
width="201" />Curry County New Mexico 100% Working Interest Five Year
Lease
FormCap holds 100% Working Interest (80% Net Revenue Interest) in the
4,900 acre Weber City Prospect located in Curry County, New Mexico. These
leases have been assigned and are duly recorded with initial 5 year
terms. All leases were initiated in June of 2009 and all leases have
been duly recorded in the State of New Mexico.
Prospect Located in Rich Permian Basin
The Weber City Prospect is located in Curry County, New Mexico which
lies on the eastern most side of New Mexico bordering the state of Texas.
Geologically, this Prospect in on the northern flank of the prolific
Permian Basin and focuses on the Cisco Formation of Pennsylvanian Age.
Initial 7,000 Foot Test Well
While the primary objective is the oil rich Cisco Formation, the
Company plans to drill an initial 7,000 foot well to test four potentially
productive hydrocarbon zones
- The San Andres
- Clearfork
- Wolfcamp
- The Primary Objective: The Cisco Formation
Secondary Objectives
The Prospect’s multiple secondary objectives are all oil and are
primary producing zones in the Permain Basin of New Mexico and Texas. Based
on modeling of a “look alike” existing producing field, the
Anton Irish Field, well recoveries are expected to range from 100,000 to
over 500,000 barrels of oil per well.
Promising Potential
With 40 acre spacing in this area, the project is estimated to produce
over 220 million barrels of oil in a successful case. Project wells are
anticipated to flow at initial rates averaging 300 barrels per day, free of
formation water.
As New Mexico Operator FormCap Improve Prospect’s
Economics
FormCap is an Operator in the State of New Mexico which provides the
Company with complete control over operations on wells developed on its
prospects. The Company plans to drill early in 2010 and establish FormCap
as an Operator. This will eliminate the need for Third Party
contracting of these services which is anticipated to improve the over-all
economics of prospects developed in New Mexico.
Weber City Prospect Geological Potential
In order to better understand how the Prospect developed geologically,
the following provides a brief description of the formation of the
Pennsylvanian Reef reservoirs.
The Cisco Formation is primarily marine limestone and shales, with the
reservoir developed in limestone sequences. During deposition, the
Pennsylvanian seas were relatively shallow and warm or tropical. At the
same time in this area of the Permian Basin, an incipient basin margin
started to develop. Associated with this development, structures evolved on
the Pennsylvanian seafloor.
Upon these structures, patch reefs began to grow. As the Pennsylvanian
sea deepened, the reefs grew vertically in an attempt to stay close to the
surface and most critically within the photic or sunlight zone. A major
regression or withdrawal of the seas, ended reef deposition. But leaving
the reefs exposed led to excellent porosity and permeability development.
Several of these Pennsylvanian Reef reservoirs are giant oil traps,
producing over a billion barrels of oil in the Permian Basin. The Weber
City Prospect focuses on the same type of oil trap.
width="350" />
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width="344" />Detailed mapping, landsat imagery, seismic analysis and log
evaluation outlines a major, combination stratigraphic, structural trap on
the Prospect; the existing Anton Irish Field. Structural analysis of the
Permian Basin over a 20 year period integrate with landsat analysis by a
renowned structural geologist outlines a probable compression structure or
“pop bloc”. South of the structure, Gulf Oil tested significant
oil from the Cisco Formation. A shallow well drilled and completed in 1947
as a 1,600’ oil producer is located at the crest of the Weber City
“pop bloc”. Finally, a well off of the northern flank of the
Prospect, drilled into over 1,200’ of basinal shale and defines the
northern limits. As in Anton Irish and Pennsylvanian Reef Fields in the
Permian Basin (Kelly-Snyder), individual leases can produce over a million
barrels of oil.
Permian Basin Acquisiton
Formcap acquired a strategically
positioned acreage located 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.
Recent Acquisition and Activity
Recently, Exxon Mobil bought XTO Energy for $31 billion. This
acquisition was the largest U.S. energy takeover since Houston-based
Conoco-Phillips acquired Burlington Resources. Exxon’s acquisition of
XTO Energy in December 2009 was largely in part for XTO’s significant
Permian Basin assets. Recent merger and acquisition activity in the Permian
Basin highlights the growing importance of this historically prolific,
domestic source of energy. Shortly after Exxon’s takeover of XTO, a
Bloomberg article on December 14th, 2009, reported that the Exxon
acquisition may have signaled a wave of new acquisitions referencing
Occidental Petroleum’s purchase of Plains Exploration &
Production’s interest in the Permian Basin of West Texas and New
Mexico, as well as their Piceance Basin assets of Colorado for $1.25
billion. Likewise, SandRidge Energy recently acquired Forest Oil’s
Permian Basin assets for $800 million. The Permian Basin’s
development history and stable, long-life production is one of the main
reasons FormCap has secured the Weber City Prospect acreage.
FormCap Management
FormCap’s current management team is led by Graham Douglas.
Consultants and Advisors have been engaged on a contract basis as required
to minimize expenditures during this start-up phase. Many of these
individuals will join the team in a more formal manner as Director’s
and Officer’s of FormCap, once funding is secured.
Graham Douglas, President
Graham Douglas is an experienced business executive with 35 years of
financial and operational management. After graduating in 1970 with a
Bachelor of Commerce Honors degree, Mr. Douglas was employed by two large
Canadian banks in the area of corporate finance.
From 1978 through 1985, Mr. Douglas was involved in the
commercial/industrial real estate development and construction industry in
a financial capacity, progressing to be the President of the Company.
In the period 1986 through 1992, Mr. Douglas was the Chief Operating
Officer of a large west coast Canadian transportation, warehousing, freight
forwarding and sea terminal operator. In this capacity, he oversaw the
restructuring of the company’s operations and the eventual sale of
the various operating entities.
Beginning in 1992, Mr. Douglas has been active as a business consultant
in the area of corporate restructurings, mergers and acquisitions,
corporate finance and public offerings. Mr. Douglas has been an early stage
investor and assisted in raising later stage funding for several companies
in a variety of industries. Industries include the following: beverage,
food processing, clothing, tourism, real estate, construction,
telecommunications, hightec, mining and exploration, heavy equipment
auction, oil and gas exploration and biofuels. In several instances, Mr.
Douglas has taken temporary positions in management and governance through
transitional periods or in difficult circumstances. Mr. Douglas is a
resident of Mexico and works throughout North America and the international
markets.
Advisors & Consultants
Thomas Markham, Chief Geologist
Mr. Thomas Markham will serve as a consulting Senior Geologist.
He is a professional geologist specializing in evaluation and development
of oil and gas plays in the mid-continental US, since receiving his Masters
of Geology from LSU in 1976. He began his career working with BEPCO, ARCO
and then TENNECO, acting as geologist on a wide range of projects spanning
over 12 years of development on leading plays including the Pinon, Allen
Hill, Brunson Ranch, J.D. Shale, Brown Bassett Extension and NYY projects.
During this period, he directed 15 graduate-level geologists and managed
annual exploration budgets up of to $21 million.
He has recently acted as Chief Geologist in charge of the supervision
and generation of a 21,000 acre Pennsylvanian gas play in the Permian
Basin. In Oklahoma, Mr. Markham was instrumental in play development and
directed negotiations with the Osage Tribe of Oklahoma for drilling rights
on 57-quarter sections (9,120 acres). He has been an independent oil and
gas geologist managing project generation and evaluation for various
industry and non-industry groups primarily in the Mid Continent.
Mr. Markham has successfully drilled and completed proprietary
prospects (while providing the supervision of seismic, leasing, drilling,
completion, and production activities) of 88 oil and gas wells (to
10,500’) in Texas, New Mexico, and Oklahoma. He was the generating
geologist of a 5 TCFG overthrust play in Central Texas, he finalized a New
Mexico San Andres stratigraphic play (50 to 100 MMBO at 4,000’) and a
Permian Basin Devonian structural play. He has managed the screening and
evaluation of Springer – Atoka sub-basin prospects of the Anadarko
Basin (3-D).
Mr. Marham has been published in the American Gas Journal and he has
been invited on a technical tour of the former Soviet Union to review oil
and gas assets. He was also guest speaker at the American Association of
Petroleum Landman’s (AAPL) “Buying Oil and Gas
Properties” seminar.
Randall K. Boatright
Most recently Mr. Boatright served as Interim President and CEO, CFO
and Director of Dexterity Surgical, Inc. He has extensive experience in the
energy business as he was formerly EVP, CFO and Director of Abraxas
Petroleum Corporation (AMEX:ABP) and Controller of a large private
independent oil and gas company. Prior to that, Mr. Boatright
practiced accounting with the firm of Coopers & Lybrand LLP. He is a
CPA and a graduate of the College of William & Mary in Virginia.
MAC Advisory Services
MAC Advisors, a mini-microcap advisory service with oil and gas
expertise. MAC principals have over 50 years direct experience in related
areas of: Oil and Gas finance, accounting and capital equipment; Corporate
Finance and Merchant Banking; and Management of both public and private
developmental stage companies. They have work experience that includes work
at Gearhart/Haliburton, as well as corporate finance experience with
Dorchester Oil and Gas (both Fortune 500 Companies). Their resumes include
work experience in the area of corporate finance and as a financial analyst
concentrating on exploration, crude oil purchasing and related special
projects. They have also worked as independent landman in West Texas and
hold royalty and working interests in several producing oil and gas
properties. Through the relationship with MAC, Formcap will have full
access to valuable industry experience and contacts.
Norman Mackenzie Consulting and Option Agreement
Formcap 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.
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
A professional geologist specializing in the evaluation and development
of oil and gas plays in the onshore United States, Tom received his Masters
of Geology from LSU in 1976 and then pursued a career working with ARCO,
BEPCO, HOUSTON OIL and MINERALS, and TENNECO.
Formcap Corp.
50 W. Liberty St.
Suite 880
Reno, NV 89501
Website:
href="http://www.sgurunews.com/emailmarketer/link.php?M=39408&N=667&L=1306&F=H">www.formcapcorp.com
/> Phone: (888) 777-8777.
Get Ready to be Bold on Monday!
Below are our recent Bold Results!
Most Boldly,
Mr. Bold
.
BOLD RESULTS… BE A PART OF IT:
Some of our recent successes:
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BDGN was an instant hit, moving up a full 81% in just six trading
sessions!
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Started on Monday, January 11, 2009. Up 91% on day one.
Volume on Monday more than all of prior December’s
volume.
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A solid 42% gainer!
Those that hung in got the reward!
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While that says 74% above, that is actually over 100% as of highs
earlier this month.
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While many times we see stocks that fall back down on many competitors,
this one has not. It bounced off the recent multi year high of $0.42 this
month again.
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While off of its recent 52 Week High that followed our StockGuru
coverage, it is clear the right news will put this in 52 week high
territory again!
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Strong first day peformance. So many members were very happy that
day!
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