The company has assembled 5,800 gross acres of oil and gas mineral leases within the Permian Basin at its Weber City prospect, where it holds a 100% working interest (80% net revenue interest).
The four potentially productive hydrocarbon zones that comprise the Weber City prospect include the San Andres, Clearfork, Wolfcamp and the Cisco Formation.
FormCap’s primary target in the four zones is the Cisco Formation of Pennsylvanian Age, a structure that has hosted extensive deposits of hydrocarbons.
The Cisco Formation is primarily marine limestone and shales, with the reservoir developed in limestone sequences.
The detailed geological information on the Weber City prospect suggests that the possibility is present for significant hydrocarbon potential.
In light of successful exploration programs conducted by others in the immediate area, which are situated in a similar geological setting, the company believes that, in a successful case, there is potential to drill up to 100 wells on its Weber City prospect.
