HOUSTON, Sept. 2, 2014 /PRNewswire/ -- Virtus Oil and
Gas Corporation (OTCBB: VOIL) ("Virtus" or the "Company") today
announced that its recently purchased 47 miles of 2D seismic data
in the Parowan Project has been received and is currently being
reprocessed with advanced processing software.
Dr. Robert (Bob) Benson,
Exploration Director at Virtus, comments: "The seismic data quality
is excellent, and reprocessing has already yielded a much superior
product than was previously available. In particular, by applying
Prestack Time Migration, we have been able to increase the
resolution of the data while also improving the imaging of the
prospects.
Benson continues: "While the reprocessing of the seismic data is
being finalized, interpretation utilizing the preliminary products
has confirmed several potential prospect locations. This new data
consists of three seismic lines that provide a much clearer image
of the structurally complex geology of the area. Once the final
processed seismic data is received, a revised interpretation will
be completed. This will allow us to determine the need for
additional seismic data in the area."
Dr. Benson has nearly forty years of exploration, development
and management experience in the energy industry. He obtained his
BSc in Geophysical Engineering and his MSc and PhD in Geophysics
from the Colorado School of Mines in
1976, 1984 and 1997, respectively.
As Virtus moves forward in Parowan, additional proprietary data
will be acquired to delineate the most prospective prospects and
determine the highest quality drill sites. After final processing
and interpretation, the Company will identify and select the pad
site for its first test well.
Rupert Ireland, Chief Executive
Officer at Virtus, says: "The exploration stage at the Parowan
prospect is developing on schedule. We are very enthusiastic
about Initial seismic data points and the exploration progress that
is developing at Parowan. We look forward to finalizing the
reprocessing of the seismic data and identifying the next
exploration step."
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
IR@virtusoilandgas.com
SOURCE Virtus Oil and Gas Corporation