Thanks everyone, appreciate the comments.
This leather was 6/7 oz which is a little thicker than I usually use but I had it on hand. I use warm water to soak the leather until the bubbling stops, I then mold the sheath around the item. Once I get a general shape in place I'll put it in the oven at as low heat as it will go for 5-10 minute intervals while I continue to "crisp up" the mold. Once the leather edges start to dry out I compete any final molding needed and then let it air dry for 24 hours or until completely dry. I then dye, glue, sew and finish with a beeswax sealer to add shine and waterproof. Not sure if that is proper or correct but it's how I do it. I'm still learning as I go to make improvements in my technique and the final product.