FormCap Makes Oil Lease Payment to Acquire Cowley County Kansas Prospect
18 Dicembre 2013 - 11:07PM
FormCap Corp. ("FormCap" or "the Company") (OTCQB:FRMC) today
announced that it has made a payment in the amount of US$50,000.00
to Keta Oil & Gas and Kerr Energy pursuant to the purchase of
oil and gas exploration and development leases in Cowley County
Kansas. FormCap will pay Kerr and Keta two hundred dollars
($200.00) per acre for up to 2400 acres of Leases, at total cost
not to exceed a total of four hundred and eighty thousand dollars
($480,000) (the "Purchase Price") unless agreed otherwise by the
Company.
FormCap has paid Kerr and Keta one hundred twenty five thousand
dollars ($125,000) to December 18, 2013. Final payment of up to
three hundred fifty five thousand dollars ($355,000) is expected to
be paid in January 2014. FormCap will own 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.
FormCap will also have the option to participate in the drilling
of up to six (6) exploration or development wells on lands
currently owned by Keta and Kerr under terms set forth in
the Agreement.
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.
Graham Douglas, CEO of FormCap reports that, "FormCap is excited
about the potential of its relationship with Kerr and Keta in
Cowley County, Kansas as there are tremendous opportunities to
produce commercial light oil and gas in an environment of high
crude oil prices and low finding and developing costs."
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.
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