FRMC is truly a monster in the making with the team and connections they have put together. When I say connections... I want you to understand that there is one connection that is undeniable when speaking in terms of potential for this company. The connection I am speaking of is Mr. Norman Mackenzie of Calgary, Alberta, Canada who was contracted to develop and execute the drilling and development plan for the Weber City Prospect. Did I happen to mention that he is a BILLIONAIRE who has made his money from very lucrative oil deals? Mr. Mackenzie has over thirty years of 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 http://www.ccenergialtd.com./ (trades on the Nasdaq for $12.54 a share and their market cap is 680.9 million), 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.
B. Mackenzie is in the business of funding and developing oil and gas interests and wishes to be granted an option to farm-in to FormCap's Weber City Prospect, located in Curry County, New Mexico (and subject to all such third party reservations, royalties or other burdens as apply thereto), as described in Schedule "A" hereto (the "Property") and to acquire an option and first right of refusal to further participate in the Property. Mackenzie has personnel, and access to consultants, with expertise in the industry and would like to become the contract Operator of the Weber City Prospect in accordance with this Agreement. Mackenzie intends, subject to good oilfield practice and the availability of equipment and expert personnel to conduct the following general work program on the property:
Recent FRMC news FormCap Corp. Signs Farm-Out Agreement for Oil and Gas Exploration in Alberta on 03/29/2011 The Agreement stipulates a commencement date for the shooting of a 3D seismic program on the Farm-out Lands not later than June 1, 2011. http://ih.advfn.com/p.php?pid=nmona&article=47061801
Formcap Corporation or FRMC is an emerging Exploration and Development company in the Oil & Gas sector. Its primary focus is the discovery and development of oil in the Continental United States. To date, the Company has assembled 4,800 acres of oil and gas mineral leases, the Weber City Prospect, located in Curry County, New Mexico. There is potential to drill up to 100 wells estimated to produce over 300 million barrels of oil in a successful case. The Weber City Prospect has been defined by detailed geological information; well log data, seismic, Landsat and independent third party geological interpretation.
Weber City Prospect Summary Curry County, New Mexico
FormCap Corporation is pleased to announce the formation of its Weber City Prospect. The Prospect is comprised of 5,800 acres of oil and gas leases, all with primary terms of 5 years. All leases were initiated in June of 2009 and all leases have been duly recorded in the State of New Mexico. 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. The initial well within the Prospect will be drilled to a total depth of 7,000' to test four potential productive hydrocarbon zones; the San Andres, Clearfork, Wolfcamp and finally, the primary objective, the Cisco Formation. 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. 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.
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.
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.