Virtus Oil and Gas Corporation Provides Parowan Project Operations Update and Announces Purchase of 2D Seismic Data

HOUSTON, July 1, 2014 /PRNewswire/ -- Virtus Oil and Gas Corporation (OTCBB: VOIL) ("Virtus" or the "Company") today announced it has entered into an agreement with Seismic Exchange, Inc. (SEI) to purchase approximately 30,360 acres (47.438 miles²) of 2D seismic data, enabling the Company to initiate phase one of its exploration program.

2D Seismic Data Acquisition

Virtus signed a Master License Agreement and a Seismic License Agreement with SEI for the acquisition of 2D seismic data at a cost of $2,075 per square mile for a total cost of $98,434. The acquired seismic data will provide the Company a greater understanding of the sub-surface geology and aid its geologists to select the optimal location to drill its first well. Virtus' Parowan Project includes more than 55,477 acres targeting the Central Utah Overthrust (CUO) region of southwestern Utah.

Seismic Interpretation

Once Virtus receives the newly purchased data from SEI, the Company will have it reprocessed using modern techniques to improve the data quality and to make it more compatible with its existing seismic data. After the seismic data reprocessing, the new data will be integrated with the existing interpretation. This reprocessing and interpretation process is scheduled to take a total of approximately six weeks.

After interpretation, the company will be ready to acquire its own proprietary seismic data in specific areas to outline drillable prospects. The time frame of this will depend on the amount of seismic data needed, location of the seismic data, seismic crew availability, and permit regulations. Virtus has already started to contact potential acquisition contractors.

Management Comments:

Dr. Robert (Bob) Benson, exploration director at Virus said, "We are very excited about receiving the additional seismic data in the Parowan project area. This is a key step in delineating the areas of potential reservoir and for fine tuning our future exploration activity. Once this additional data is incorporated into our existing interpretation, we will proceed with acquiring additional proprietary seismic data to define drillable locations that will optimize our probability of success."

Rupert Ireland, Chief Executive Officer at Virtus added, "This marks our first important step in the exploration process following our acquisition of additional acreage. Following the addition of the much needed seismic data, we can continue moving forward with our plans and our goals."

About Seismic Exchange

The Seismic Exchange Inc. (SEI) is a prime source of premium 2D and 3D seismic data for the upstream oil and gas industry. It has an extensive proprietary seismic data library of consisting of over 1,650,000 miles of 2D data and over 35,000 square miles of onshore data.

About Virtus Oil and Gas Corporation

Virtus Oil and Gas Corp.  (OTCBB: VOIL) is a Houston-based oil and gas exploration and production company currently focused on the Parowan Project, a 55,477 acre prospect targeting the Central Utah Thrust Belt. The prospect is situated near recent Utah discoveries, including Wolverine Gas and Oil's Covenant Oil Field, which is consistent with Virtus' strategy to acquire and develop oil and gas resources in proven, onshore basins in the United States.

Forward-looking Statements

This news release may contain "forward-looking" statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for the Company's products, as well as additional risks and uncertainties that are identified and described in the Company's SEC reports. The company will need to raise additional financing in order to advance it's exploration and drilling program.   Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.

Contact:

Virtus Oil and Gas Corporation 
1517 San Jacinto Street
Houston, TX 77002
IR Phone: (855) 733-VOIL
[email protected]

SOURCE Virtus Oil and Gas Corporation