SOURCE: FormCap, Inc

December 06, 2010 09:30 ET

FormCap Corp. Plans to Commence Concise Seismic Program

Data on Hand Suggests Fields of Weber City Prospect Analogous to Producing Anton Irish Field

RENO, NV--(Marketwire - December 6, 2010) - FormCap Corp. (PINKSHEETS: FRMC), an emerging oil & gas exploration company that is primarily focused on the development of its oil & gas properties in the continental United States, is pleased to announce that it plans to commence a concise seismic program to confirm the similarities of the Weber City Prospect to its analogous oil field -- the 230 million barrel recoverable oil Anton Irish Field. To date, the Company has assembled 5,800 gross acres of oil and gas mineral leases within the Permian Basin at its Weber City Prospect, where it holds a 100% working interest (80% net revenue interest.) For more information on the Weber City Prospect, please see:

The four potentially productive hydrocarbon zones that comprise the Weber City Prospect include the San Andres, Clearfork, Wolfcamp and the Cisco Formation. Although each of these four zones represents a viable drill target, Management's primary target is the Cisco Formation of Pennsylvanian Age, a structure that hosts giant oil traps that have produced over a billion barrels of oil in the Permian Basin. The fields that lie within the Weber City Prospect host a similar type of oil trap. 

Detailed mapping, Landsat imagery, seismic analysis and log evaluation outlines a major, combination stratigraphic, structural trap on the Weber City Prospect, as is the case of the "Anton Irish" field. In light of successful exploration programs conducted by others in the immediate area, which are situated in a similar geological setting, Management believes that, in a successful case, there is potential to drill up to 100 wells that could produce over 300 million barrels of oil on the Company's Weber City Prospect. 

Proposed Seismic Survey

The Weber City Prospect is a well-defined basin margin compression structure located in the Permian Basin of south-eastern New Mexico. Geological studies of wells drilled in the immediate area demonstrate the existence of a subsurface structure, and the presence of hydrocarbons. The sparse well control, however, does not allow the precise location of the bounding faults and the thickness, quality of the target oil and gas reservoirs (San Andres, Clear Fork, Wolfcamp, and Pennsylvanian). A concise seismic program has been proposed to confirm the similarities of the Prospect to its analogous oil field -- the 230 million barrel recoverable oil Anton Irish Field. 

Mr. Terry R. Fields, President and CEO stated, "The proposed seismic program will tie in the key wells, allowing projections of structure and reservoir quality onto the Prospect. Interpretation of the seismic will confirm the previous Geological Studies, allowing us to further determine the aerial and vertical size of the Weber City structure. In addition, the size and quality of the prospective oil reservoirs will be further delineated through modeling of the data. In summary, the proposed seismic program will allow us to be more effective in selecting the optimum drill site location of our first well for the highest success rate. In addition, this strategy will allow us to prepare appropriate drilling parameters so that the drilling iscompleted in a cost effective, timely matter."

FormCap's management team is led by President and CEO Terry R. Fields and a diverse and experienced team of consultants and advisors. FormCap has engaged, Mr. Thomas Markham, the prospect generator as Senior Consulting Geologist; and Nueva Energy Inc. headed by Norman Mackenzie as Operator. The Company plans to acquire existing production that holds additional development potential. FormCap is currently investigating several prospects that meet this profile and will report such acquisitions when appropriate.

About FormCap Corp.

FormCap Corp., a reporting issuer that is listed on the Pink Sheets under the symbol: FRMC.PK, is an emerging exploration and development company in the oil & gas sector. FormCap's mandate is to seek out highly prospective oil and gas properties for acquisition, exploration and development. FormCap's primary focus is the discovery and development of oil and gas in the continental United States. To date, the Company has assembled 5,800 gross acres of oil and gas mineral leases at its Weber City Prospect, located in Curry County, New Mexico. The Weber City Prospect has been defined by detailed geological information; well log data, seismic, Landsat and independent third party geological interpretation. There is potential to drill up to 100 wells estimated to produce over 300 million barrels of oil in a successful case. 

Safe Harbour 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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