FormCap is a rising exploration and development firm in the oil and gas sector. The company has signed the Farm-out agreement for oil and gas exploration in the Peco Area of Alberta on March 16, 2011.
This Farm-out agreement includes Seismic Option, a Farm-out and a Participation clause, through which the exploration responsibilities and the working attention of FormCap will be emphasized. Under the terms of agreement, the company has a specific date for initiating the three-dimensional seismic program on the Farm-out Lands but not after June 1, 2011.
The land area, which is included in the Farm-out agreement, has made a number of successful explorations in the past. The company has planned to expeditiously carry out the exploration program, which contains the three-dimensional seismic component, as specified in the agreement. This exploration will be the first venture for FormCap in Alberta.
FormCap is authorized to look for extremely potential oil and gas properties for acquisition, exploration and development. Hence, FormCap will keep on aggressively following the additional oil and gas properties acquisition in reputed producing regions in continental North America.