FormCap Appoints New President

June 22nd, 2010 - FORMCAP CORP’s (PINKSHEETS: FRMC.PK) is pleased to announce the appointment of Mr. Terry R. Fields as President, CEO and Director. Effective immediately, Mr. Graham Douglas will resign as President, CEO and Director.

Mr. Fields has been involved in the oil and gas sector throughout his career. He is currently President and majority shareholder of Spirit Holding Inc., a private company holding a 35% interest in twenty-five wells on +1,000 acres in central Texas. Mr. Fields is a consultant and equity owner of Gibraltar Energy Group LLC, which holds large oil and gas interests in Michigan and Kentucky. He acts as consultant to Regent Ventures Inc. (TSX-V) with specific regard to their oil property in Louisiana. For the past 25 years, he has provided legal counsel to the President of United Energy Corp. (UNRG.BB), which is involved in all phases of the oil industry internationally. Mr. Fields holds an equity position in United Energy Corp. as well.

Mr. Fields is a graduate of the University of California in Los Angeles (UCLA) receiving his Bachelor of Science Degree in 1965. He attended Loyola University School of Law in Los Angeles, where he was Student Body President and earned the Alumni Award and the American Bar Association Silver Key Award for Excellence. He obtained his Doctorate of Law Degree (J.D.) in 1968. Mr. Fields was admitted to the California State Bar in 1969.

“We are pleased that Mr. Fields has agreed to provide his proven leadership, corporate finance and E&P expertise to FormCap Corp. As we move into the operational phase of our corporate development, he will add invaluable direction to our future growth.” stated Mr. Graham Douglas, FormCap’s out-going President. “I have reviewed FormCap’s opportunities in New Mexico and I am very excited about the potential to develop this highly prospective property” stated Mr. Terry Fields, FormCap’s new President & CEO.

About FormCap Corp
FORMCAP is a reporting issuer with the shares traded on the “Pink Sheets”. FormCap holds 100% Working Interest (80% Net Revenue Interest) in the 5,800 gross acres at the Weber City Prospect located in Curry County, New Mexico. Formcap’s mandate is to seek out highly prospective oil and gas properties for acquisition, exploration and development. For more information contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or visit our website at www.formcapcorp.com.

Safe-Harbor Statement
Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act''), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,'' “would,'' “will,'' “expect,'' “estimate,'' “anticipate,'' “believe,'' “intend,'' and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.