LAS VEGAS, March 1, 2010 (GLOBE NEWSWIRE) -- Recent positive economic factors, including better than expected growth of the economy in the fourth quarter of 2009, have fueled interest in oil and gas as many anticipate an increase in demand driven by an improving economy. Obviously, demand drives prices, and rising prices increase profits for companies producing oil.
According to The Commerce Department, the U.S. economy grew at an annual rate of 5.9% in the fourth quarter of 2009, slightly higher than the advance estimate of a 5.7% increase.
This certainly bodes well for oil and gas equities such as FormCap Corp (Pink Sheets:FRMC) which has been making progress in its substantial efforts to garner more oil. In an aftermarket release Friday, FormCap announced that its technical team is initiating a comprehensive and systematic strategy to explore for oil and gas at the Company's promising Weber City Prospect.
The Weber City Prospect is strategically positioned in the Permian Basin, a prolific area that has produced over 35 billion barrels of oil and 100 trillion cubic feet of gas, and is host to over 20 percent of all domestic oil and gas produced in the U.S. To date, FormCap has increased its land position in the Permian Basin prospect to approximately 5,800 gross acres of oil & gas leases, all with primary terms of five (5) years, giving the company substantial opportunity to execute its plan.
In doing so, FormCap has provided to its shareholders the prospect of a future potentially enhanced by the rising price of the very oil the company is seeking.
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