FormCap Enters Into Operations, Farm-In Agreement

Published: 05-Feb-2010

FormCap has entered into a consulting and option agreement with Norman Mackenzie of Calgary, Alberta, Canada, to develop and execute the drilling and development plan for the Weber City Prospect.

The Weber City Prospect consists of approximately 4,800 acres with room for 100+ well locations, 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% of all domestic oil and gas produced in the US.

Mr Mackenzie has over thirty years experience in the domestic and international energy industry with companies that have developed 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, which is engaged in oil and gas exploration in Colombia, South America; these assets are currently capable of producing over 5,000bopd.

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.

Graham Douglas, president of FormCap, said: ''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.''

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