RENO, Nev., Oct. 9, 2013 (GLOBE NEWSWIRE) -- FormCap Corp. ("FormCap") (OTCQB:FRMC) today announced that a technical study (the Technical Study) with respect to the acquisition of 1500 aces of oil leases in Cowley County Kansas (the Lands) is underway. The lands are located in Sections 4 and 5 Township 30 Range 6; and in the S1/2 of Section 13 in Township 31S Range 6. The study will evaluate the potential for early oil exploration on the Lands, focused on the Mississippian Formation.
Mr. Thomas Markham BSc. P Geol. will carry out the study. Mr. Markham is a professional geologist, with over 30 years of experience as a Petroleum Geologist specializing in the evaluation and development of oil and gas plays in the onshore United States. He received his Masters of Geology from Louisiana State University in 1976 and then pursued a career working with ARCO, BEPCO, Houston Oil and Minerals, and Tenneco, in technical positions of increasing responsibility. During this period, Tom managed exploration and development teams that discovered and developed more than 75 million net equivalent barrels of oil. Along with managerial skills, his geoscience specialties include: electric log analysis and interpretation; evaluation of depositional and diagenetic systems; exploitation of hydrocarbon reservoirs; and, definitive risk/reward economic evaluation of oil and gas projects. Tom has been published in the American Gas Journal and toured the former Soviet Union to review oil and gas assets. He also was a guest speaker at the American Association of Petroleum Landman's (AAPL) Seminars
Significant quantities of oil and gas have been discovered and produced in Cowley County in recent years. The prospects for oil production are excellent with multi-zone potential for both vertical and horizontal development. In addition to the Mississippian, zones producing in this area include the Layton, Lansing-Kansas City, Bartlesville, Stalnaker and the Arbuckle. Reservoir properties are excellent with good porosity and permeability in thicker accumulations of hydrocarbons. Total depths of approximately 4,000 feet provide drilling time of approximately seven (7) days with completed wells costing about $500,000 per vertical well.
FormCap is actively engaged in identifying, financing and developing oil and gas energy resource properties in North America, including the development of the Cowley County, Kansas, Mississippi Prospect in Kansas. FormCap continues to review additional resource properties that combine positive elements of short-term exploration and development costs with high potential for long-term success and financial return.
Additional information can be found at the Company website at: www.formcapcorp.com
On behalf of the Board of Directors,
FormCap Corp. (OTCQB:FRMC)
Signed: 'Graham Douglas'
Graham Douglas, CEO
50 West Liberty Street, Suite 880
Reno, NV 89501
T: +1(775) 285-5775
F: +1(775) 285-5776
This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or development that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the company based on information currently available to the Company. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the possibility of unanticipated costs and expenses. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the company disclaims any intent or obligation to update any forward-looking information whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.