FormCap Corp. recently announced that it had entered into a consulting and option agreement with Mr. Norman Mackenzie of Calgary, Alberta, Canada to develop and execute the drilling and development plan for the company’s Weber City Prospect. The Weber City Prospect consists of approximately 5,800 acres, with room for over 120 well locations, that are strategically positioned in the Permian Basin.
The Permian Basin is well known to US oil and gas investors. It is a prolific area, located in Texas and New Mexico, that has produced over 35 billion barrels of oil and 100 trillion cubic feet of natural gas. Many reservoirs within the Permian Basin have production levels of over 1 million barrels of oil. Overall, the Permian Basin is the source of over 20 percent of all domestic oil and gas production.
Mr. Mackenzie has over 30 years experience in the energy industry with companies that have developed significant energy projects in the North Sea (UK and Norway), Abu Dhabi, Dubai, Egypt, Libya, Bangladesh and China. He is also currently the founder and chairman of C&C Energy Canada LTD., which is involved in oil and gas exploration in Columbia. These assets are currently capable of producing over 5,000 barrels of oil per day.
Companies that Mr. Mackenzie has been associated with have been at the leading edge of technology in all sectors of the oil and gas business. His expertise and that of his team will be used to develop a strategic plan for the development of FormCap’s Weber City Prospect. The plan will include the scope of seismic surveys, the delineation of multiple drill targets and access to capital to assist in the exploration of the company’s leases.
Formcap’s president Graham Douglas 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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