FormCap Corp. announced yesterday that it is establishing itself as a Bonded Operator in the State of New Mexico in anticipation of its first proposed well on the Weber City Prospect located in Curry County, New Mexico. The company holds 100% Working Interest in approximately 5,800 gross acres of oil & gas leases in the Permian Basin, all with primary terms of five (5) years. The Company’s operational partner, led by Calgary based Norman Mackenzie, has confirmed that the technical team is completing its deliberations and an initial well will be proposed soon.
The Weber City Prospect is 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 percent of all domestic oil and gas produced in the US, the Permian Basin’s development history and stable, long-life production is one of the main reasons FormCap has secured the Weber City Prospect acreage and continues to expand its holdings. FormCap plans to drill wells to test four potentially productive hydrocarbon zones; the San Andres, Clearfork, Wolfcamp and Cisco formations. According to the company, over 125 wells (based on 40 acre spacing) could be drilled on the Prospect.
“As a Bonded Operator in New Mexico, FormCap will more fully control operations and production from our successful wells on the Weber City Prospect. This will minimize operational costs and maximize our profits over the long term,” stated Graham Douglas, FormCap’s President & CEO.
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