Formcap Corp. (OTCPK:FRMC) entered into a letter of intent to acquire 1,500 acres of oil leases in Cowley County from Kerr Energy Group and Keta Oil & Gas LLC on August 6, 2013. The transaction is subject to signing of definitive agreement and approval by the Board of Directors of Formcap Corp., Kerr Energy Group and Keta Oil & Gas LLC.

Formcap Corp. (OTCPK:FRMC) entered into a definitive agreement to acquire 1,500 acres of oil leases in Cowley County from Kerr Energy Group and Keta Oil & Gas LLC for $0.3 million on September 30, 2013. Pursuant to the terms of the agreement, Formcap will pay Kerr and Keta a non-refundable deposit in the amount $0.03 million that will be applied to the purchase price. As of November 18, 2013, due diligence is ongoing and FormCap paid $0.08 million of deposit. Furthermore FormCap will pay Kerr and Keta $200 per acre for up to 1,500 acres of leases within 30 days of execution of agreement subject to final due diligence by FormCap.

Formcap Corp. (OTCPK:FRMC) agreed to acquire 2,400 acres of oil leases in Cowley County from Kerr Energy Group and Keta Oil & Gas LLC for $0.48 million on December 4, 2013. FormCap has expanded the scope of its lease purchase program in Cowley County by an additional 900 acres for a total of up to 2,400 acres of oil and gas exploration Leases and will pay Kerr and Keta $200 per acre for up to 2400 acres of leases. Due diligence on the acquisition of 1500 acres of oil leases in Cowley County is completed.

As of December 18, 2013, FormCap has paid Kerr and Keta $0.125 million and final payment of $0.55 million is expected to be paid in January 2014. The payment of 0.05 million was paid on December 18, 2013. As on February 6, 2014, FormCap Corp. made a payment in the amount of $0.075 million.

On February 26, 2014, Formcap Corp. settled $0.67 million in debt and trade payables in exchange for the issuance of its common stock to Ironridge Global IV, Ltd.