UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2013
FORMCAP CORP.
(Exact name
of registrant as specified in its charter)
| Nevada | 000-28847 | 1006772219 |
| (State or Other Jurisdiction of | (Commission File Number) | (IRS Employer Identification No.) |
| Incorporation) |
| 50 West Liberty Street, Suite 880 | |
| Reno, Nevada | 89501 |
| (Address of Principal Executive Offices ) | (Zip Code) |
Registrant’s telephone number, including area code: (775) 285-5775
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
As used in this report, the terms "we", “us", “our", the “Company" refer to Formcap Corp., a Nevada corporation.
ITEM 3.02 – PRESS RELEASE
September 30, 2013 – Reno, NV – FormCap Corp. (“FormCap” or “the Company”) (OTCQB: FRMC) announces that the Company executed a Definitive Agreement (the Agreement) with: Kerr Energy Group and Keta Oil & Gas LLC (Kerr and Keta) both incorporated in Wichita, Kansas.
Pursuant to the terms of the Agreement the Company will pay Kerr and Keta a non-refundable deposit in the amount of $25,000 (the “Deposit”) that will be applied to the purchase price of oil leases (the Leases) to be purchased, by Formcap, in Cowley County Kansas. The Company will also issue Kerr and Keta a total of 200,000 Rule 144 shares of FormCap pursuant to the terms of the Agreement.
Furthermore Formcap will pay Kerr and Keta two hundred dollars ($200.00) per acre for up to 1,500 acres of Leases, at total cost not to exceed three hundred thousand dollars ($300,000) (the “Purchase Price”) within 30 days of execution of the Agreement subject to final due diligence by Formcap. FormCap will own 100% of the Leases (80% net revenue to FormCap; 20% freehold royalty), and will be operator. FormCap will have the option to purchase additional leases in Cowley County from Kerr and Keta under an Area of Mutual Interest (“AMI”), the terms of which are set forth in the Agreement. FormCap is required to drill one (1) well in each of the first two (2) years of the Lease term to maintain its interest in the Leases.
FormCap will also have the option to participate in the drilling of up to six (6) exploration or development wells on lands currently owned by Keta and Kerr under terms set forth in the Agreement .
Graham Douglas, CEO of Formcap stated: “Formcap is excited to conclude a Definitive Agreement to purchase oil leases in Cowley County Kansas, an area of heightened oil exploration in recent years. Prospects for commercial development of oil and gas in North America have never been better”
Significant quantities of oil and gas have been discovered and produced in Cowley County in recent years. The prospects for oil production are excellent with multi-zone potential for both vertical and horizontal development. In addition to the Mississippian, zones producing in this area include the Layton, Lansing-Kansas City, Bartlesville, Stalnaker and the Arbuckle. Reservoir properties are excellent with good porosity and permeability in thicker accumulations of hydrocarbons. Total depths of approximately 4,000 feet provide drilling time of approximately seven (7) days with completed wells costing about $500,000 per vertical well.
FormCap is actively engaged in identifying, financing and developing oil and gas energy resource properties in North America, including the development of the Cowley County, Kansas, Mississippi Prospect in Kansas. FormCap continues to review additional resource properties that combine positive elements of short-term exploration and development costs with high potential for long-term success and financial return.
Graham Douglas, CEO of FormCap reports that “FormCap is excited about the potential of its relationship with Kerr and Keta in Cowley County, Kansas as there are tremendous opportunities to produce commercial light oil and gas in an environment of high crude oil prices and low finding and developing costs.”
Additional information can be found at the Company website: www.formcapcorp.com
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 4, 2013 | FORMCAP CORP | |
| By: | /s/ Graham Douglas | |
| Graham Douglas | ||
| Chief Executive Officer | ||