PenStox.de: FormCap`s Technical Team Initiates Exploration Program
Feb 28th 2010, Witten, Germany – PenStox.de is pleased to announce to all of its members and investors information on FormCap Corp. (PINKSHEETS: FRMC). The Company released news as follows:
FORMCAP CORP’s (PINKSHEETS: FRMC) technical team is initiating a comprehensive and systematic strategy to explore for oil and gas at the Company’s Weber City Prospect. A six member multi-disciplined technical team, which was assembled by Norman Mackenzie, FormCap’s Calgary based operational partner, will utilize the most advanced technology available to delineate drill targets, as well as determine the size and scope of the initial seismic and geophysical program. The members of the technical team have a combine 150+ years of oil and gas exploration and development experience. The team is comprised of in-house professionals and technical consultants with the necessary expertise and experience to complete any action for the prudent and timely exploration and development of the Weber City Prospect As previously announced, FormCap has increased its land position in the Permian Basin prospect to approximately 5,800 gross acres of oil & gas leases, all with primary terms of five (5) years. The Weber City Prospect is 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. 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 and continues to expand its holdings. FormCap plans to drill initial wells to test four potentially productive hydrocarbon zones; the San Andres, Clearfork, Wolfcamp and Cisco formations. Formcap has sufficient land cover to fully develop discoveries on 40 acre spacing.
Graham Douglas, FormCap’s President and CEO, stated, “Mr. Mackenzie’s is committed to using highly experienced and technically capable professionals to develop the Weber City Prospect. It is our belief that this will maximize our probability for long term success and growth.”
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 5,800 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 (888) 777-8777 (888) 777-8777 (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.
About PenStox.de: PenStox.de is a european website that profiles stocks of interest. We are not licensed brokers or financial consultants. The information here is believed to be reliable, but not guaranteed to be accurate by PenStox.de. Please be advised that the information contained may or may not be complete and is solely for informational purposes only. This is not to be construed as an offer to sell, hold or the solicitation of an offer to buy. Investors are encouraged to seek opinions by their registered brokers or financial advisors after extensive due diligence is performed.
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