To date, 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.
Although each of these four zones represents a viable drill target, the company’s primary target is the Cisco Formation of Pennsylvanian Age, a structure that hosts giant oil traps that have produced over a billion barrels of oil in the Permian Basin.
The fields that lie within the Weber City Prospect host a similar type of oil trap.
FormCap believes that, in a successful case, there is potential to drill up to 100 wells that can produce over 300 million barrels of oil on its Weber City Prospect.
The Weber City Prospect is a well-defined basin margin compression structure located in the Permian Basin of south-eastern New Mexico.
