Today after the closing bell, FormCap Corp. announced that its technical team is initiating a comprehensive and systematic strategy to explore for oil and gas at the company’s Weber City Prospect. The six member multi-disciplined technical team, assembled by FormCap’s Calgary based operational partner, will utilize the most advanced technology available to delineate drill targets, as well as to determine the size and scope of the initial seismic and geophysical program.
According to the press release, the members of this team have a combine experience of 150+ years in the oil and gas exploration and development industry. The team includes in-house professionals and technical consultants with the expertise necessary to complete any action for the prudent and timely exploration and development of FormCap’s Weber City Prospect.
As announced previously, 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 years. The Permian Basin is a prolific area that has produced more than 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 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 increase its holdings. The company plans to drill initial wells to test four potentially productive hydrocarbon zones; the San Andres, Clearfork, Wolfcamp and Cisco formations. Formcap believes it 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.”
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