FormCap acquiring Cowley County prospect in Kansas

FormCap Corp. (OTCQB: FRMC) is making payments to Keta Oil & Gas and Kerr Energy toward the purchase of oil and gas exploration and development leases in Cowley County, Kansas. Formcap will pay Kerr and Keta $200 per acre for up to 2,400 acres of leases, at a cost not to exceed $480,000 (the purchase price) unless agreed otherwise by the company.

Formcap is evaluating a specific block of 875 acres (from the 2,400 acre total) of prospective oil leases to acquire from Kerr and Keta. The company will own 100% of the leases (80% net revenue to FormCap; 20% freehold royalty), and will be operator. FormCap will also have the option to purchase additional leases in Cowley County from Kerr and Keta under an Area of Mutual Interest, the terms of which are set forth in the agreement.

Per the agreement, FormCap is required to drill one well in each of the first two years of the lease term to maintain its interest in the leases, and will have the option to participate in the drilling of up to six exploration or development wells on lands currently owned by Keta and Kerr.

View the original article here

Senators ask EIA to study crude exports’ gasoline price effect

US Sens. Maria E. Cantwell (D-Wash.) and Ronald L. Wyden (D-Ore.) asked the US Energy Information Administration for more information on possible domestic gasoline price impacts from allowing more US crude oil to be exported.

“We would like to understand how allowing unlimited export of American crude oil might affect US oil production and consumption, nationally and regionally; domestic supplies and prices, nationally and regionally, for both crude oil (paid by refiners) and refined products (paid by consumers); and exports of refined products,” they said in a Feb. 3 letter to Adam Sieminski.

Cantwell, who is a senior Energy and Natural Resources Committee member, and Wyden, who chairs the committee, said they also would like EIA to identify transit modes and routes that exported crude might be expected to travel.

Contact Nick Snow at nicks@pennwell.com.

View the original article here

Murphy Oil makes new executive appointments

Murphy Oil Corp. (NYSE:MUR) has made a series of executive appointments, all effective immediately. Walter K. Compton has been promoted to executive vice president and general counsel. Kelli M. Hammock has been promoted to senior vice president of administration. John W. Dumas has been promoted to vice president of corporate insurance. Allan J. Misner has been promoted to vice president of internal audit. K. Todd Montgomery has been elected vice president of corporate planning and services, replacing Tom Mireles who has been promoted within Murphy Exploration & Production Co.

Compton joined the company’s law department in 1988 and was promoted to manager of law and corporate secretary in 1996. He was named vice president of law in 2009. In 2011, he was promoted to senior vice president and took on the role of general counsel. 

Hammock joined Murphy in 1993 as an associate accountant and subsequently received various promotions within the controller's department. In 2004, she was promoted to manager of purchasing and services in the administration department. Hammock was named general manager of administration in 2006 and was promoted to vice president of administration in 2009.

Dumas joined the company in 1988 as manager of corporate insurance. He was promoted to director of corporate insurance in 2005.

Misner joined Murphy in 2007 with over 22 years of experience in internal auditing. He is a certified public accountant, certified internal auditor, and certified information systems auditor.

Montgomery joined Murphy earlier this year and will oversee all corporate strategic planning, procurement, corporate reserves, and oil and gas marketing. He comes to Murphy with 25 years of experience from another major oil company. His experience includes global production and reservoir engineering, with management experience in development and strategic planning.  

View the original article here

Harrison Ford's Son Willard Lists Kim Sing Theatre for $4.5 Million

Willard Ford is selling the Kim Sing Theatre space that he has owned since 1999. Ford, the son of Harrison Ford, is one of the pioneers of downtown’s Chinatown renaissance and is listing  the 10,000-square-foot mixed-use space for $4.5 million.

The former vaudeville house and movie theater was built in 1926 and redesigned by Ford, working in conjunction with XTen Architects. Changes to the site including cutting out the middle of the building to make an internal courtyard, and creating a three-tiered floor where it once sloped for theater seating. The original cinema marquee is intact.

STORY: The Woman Who Rules L.A.'s Most Precious Midday Real Estate

Over the 15 years that has Ford occupied the building, he has used it as a residence, a furniture and fashion showroom, and an event space.

"We have done launch events for BMW, Nike as well as corporate events for the Grammys, Pepsi and Star Wars in this place. It's great for all of that," he says. Flagship, Ford's sales and marketing agency for design, apparel and brands, will most likely relocate to downtown's Fashion District, he adds.

STORY: New Line Cinema to Move to Warner Bros. Lot

David Kean of Teles Properties holds the listing and says that the unique Chinatown property will most likely go to an owner/user. "This is the perfect place for someone in entertainment; either an actor who wants a downtown base or a musician who could have a full recording studio here."

A recent uptick in Chinatown development, including large-scale residential projects such as Forrest City Development's $95 million Blossom Plaza, will add 250 rental units and 20,000 square feet of retail and residential space.

"A myriad of new hip shops, galleries and restaurants are starting to make their mark on the Chinatown historic streetscape," says Kean. "The first domino has fallen; more construction and growth is certain to follow."

View the original article here

FormCap acquiring Cowley County prospect in Kansas

FormCap Corp. (OTCQB: FRMC) is making payments to Keta Oil & Gas and Kerr Energy toward the purchase of oil and gas exploration and development leases in Cowley County, Kansas. Formcap will pay Kerr and Keta $200 per acre for up to 2,400 acres of leases, at a cost not to exceed $480,000 (the purchase price) unless agreed otherwise by the company.

Formcap is evaluating a specific block of 875 acres (from the 2,400 acre total) of prospective oil leases to acquire from Kerr and Keta. The company will own 100% of the leases (80% net revenue to FormCap; 20% freehold royalty), and will be operator. FormCap will also have the option to purchase additional leases in Cowley County from Kerr and Keta under an Area of Mutual Interest, the terms of which are set forth in the agreement.

Per the agreement, FormCap is required to drill one well in each of the first two years of the lease term to maintain its interest in the leases, and will have the option to participate in the drilling of up to six exploration or development wells on lands currently owned by Keta and Kerr.

View the original article here

SBE to Occupy Variety's Wilshire Blvd. Offices

SBE, founded by nightlife and hotel impresario Sam Nazarian, will lease the top two floors of 5900 Wilshire, reports the Los Angeles Times, leaving its current offices near Beverly Blvd. and Fairfax, and moving into the Variety space. The trade magazine’s sign, which was removed last November from the top of the building, will be replaced with an SBE sign by spring.

Nazarian and his 100 employees will be in good company in their new 30,000-square-foot digs: Robert Redford’s Sundance Institute and Millennium Entertainment also have offices in the William J. Pereira-designed, 31-story building, which is located across the street from the Los Angeles County Museum of Art. (Pereira designed that original campus as well.)

SBE, which operates hotels, restaurants and nightclubs such as SLS, Katsuya and Hyde, is planning a second SLS hotel in Los Angeles in the Grand Ave. development on Bunker Hill.

Variety will relocate to Penske’s corporate headquarters in Westwood.

View the original article here