FormCap Corp. is a domestic oil and gas exploration and development company. To date, the company has assembled 4,800 acres of oil and gas leases – the Weber City Prospect – located in Curry County, New Mexico.
The company’s Weber City Prospect is geologically located on the northern flank of the prolific Permian Basin. The initial well within the prospect will be drilled to a total depth of 7,000 feet to test four potentially productive hydrocarbon zones – the San Andres, Clearfork, Wolfcamp, and the Cisco Formation.
Based on a modeling of a ‘look-alike’ existing and productive field – the Anton Irish Field – well recoveries are expected to range from 100,000 to over 500,000 barrels of oil per well. An estimated 100 wells could be drilled on the prospect, based on 40 acre spacing in this area. The prospect is estimated to produce from 220 to 300 million barrels of oil in a successful case and wells are anticipated to flow at initial rates averaging 300 barrels of oil per day, free of formation water.
FormCap, whose leases are for five years, is confident of success for their Weber City Prospect. The company’s confidence is based on Landsat imagery, detailed mapping, well log data, seismic analysis and independent third-party geological interpretations for the Prospect along with the Permian Basin’s rich history of oil production.
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