Overview
FormCap Corporation (OTCQB:FRMC) is an emerging oil and gas exploration and development company. Its primary focus is the discovery and development of light crude oil in the lower US states, primarily targeting the Mississippian formation. This prolific area has numerous producing zones, including the Mississippian, Layton, Lansing-Kansas City, Bartlesville, Stalnaker, and the Arbuckle. Total depths of 4,000 foot provides short drilling time; with wells being drilled in approximately 7 days. Access to water sources is easily obtained with two projects located within five miles of township 32 south range, 5 east. Access to drilling rigs for vertical and horizontal wells are in large supply, which creates attractive pricing for drilling and completing a well for under $500,000 per vertical well. Total historical production in Cowley County, Kansas is over 160 million barrels of oil and over 200 billion cubic feet of natural gas. Fields adjacent to FormCap’s acreage AMI include the Hittle Field, which has produced 10,900,000 barrels of oil and the David Field with over 7,000,000 barrels of oil in the Bartlesville and Arbuckle zones.
An acreage position in Cowley County, Kansas will provide for an initial Mississippi Lime Project potential. The participation of Shell Oil, Sandridge, Chesapeake, Range Resources, and Chaparal Energy in this area has increased leasing values and drilling activity throughout southern Kansas.
The overall prospects for positive results in the Mississippian lime project are high. The State of Kansas has produced over 6 billion barrels of oil, with the large percentage coming from between the Central Kansas uplift and the Nemaha up-lift. A strong trend is projected through the proposed townships and ranges, which is confirmed by historic well data, seismic and sub-surface interpretation. Recent wells drilled in Township 32S R5E are associated with our proposed acreage position in the trend moving north and east, which shows multizone potential with up to 5 zones per well that can produce. Wells in this area have shown good showings of oil, strong bottom hole pressures (BHP) or good fluid, which correlates with low depletion rates. Strong zone pressures with fair oil/fluid recovery, indicates zone development, associated with nearby oil reservoir potential.
