Virtus Oil and Gas Corporation Announces Additions to Strategic Leadership Team and Increases Acreage Position in Iron County, Utah, to 55,477 Acres with Acquisition of 18,000 Acres

HOUSTON, June 3, 2014 /PRNewswire/ -- Virtus Oil and Gas Corporation (OTCBB: VOIL) ("Virtus" or the "Company") today announced it has entered into an agreement with an undisclosed seller to acquire an additional 18,000 acres in Iron County, Utah. The transaction expands Virtus' footprint to 55,477 acres focused on the Parowan Prospect, in the Central Utah Overthrust (CUO) region of southwestern Utah.

Following the Gustavson Associates technical report published on the property last month, Virtus directors agreed the characteristics and attributes of the acreage block appropriately fit the Company's mission of acquiring and developing assets with significant exploration and development potential.

The extended prospect is located near recent discoveries, including Wolverine Gas and Oil's Covenant Oil Field, in Utah.

Strategic Leadership Additions

Virtus also announced two significant additions to its management team. Rupert Ireland has assumed the role of Chief Executive Officer (CEO). Mr. Ireland joins Virtus from an oil & gas trading background. Over the past 10 years he has been working throughout Europe and Asia focusing mainly in this sector. His extensive energy knowledge, coupled with his numerous business relationships in the oil & gas industry will benefit the Company now and in the future.

Brett A Murray has assumed the position of Chief Operating Officer (COO). Mr. Murray recently worked for Gunnison Energy Corporation, an Oxbow Company owned by William Koch in 2012, as Land Manager. Prior to GEC, Mr. Murray spent time at Anschutz Exploration Corporation. Mr. Murray has been involved with multiple divestitures and business development of approximately 150,000 acres and nearly $80MM in transactions. At Anadarko Petroleum, he was a company landman who worked on curative issues before drilling in the Wattenberg Field. Murray started his land career as a field landman in Northeastern Colorado. He acted as the main lease buyer for Tecton Energy where he leased near 100,000 acres in the Albuquerque Basin, New Mexico. In 2008, Murray was a board member on Steve Naeve's private company Houston Power Associates, that focused on renewable energy in seven states. His depth of land knowledge and business development background will be vital to the Company now and in the future.

Robert Benson, Ph.D. joins Virtus as company Exploration Director. Dr. Benson joins with nearly forty years of exploration, development and management experience in the energy industry. He has worked extensively in reservoir characterization, including as the co-director of the Reservoir Characterization Project at the Colorado School of Mines. Dr. Benson is a member of numerous professional societies, including the Society of Exploration Geophysicists and the American Association of Petroleum Geologists. His work has been published in a number of prestigious publications, including The American Oil & Gas Reporter, E&P Magazine, and The Leading Edge.

Management Comments:

Chief Executive Officer Rupert Ireland commented: "I am incredibly optimistic with the opportunities that lay ahead of the new leadership team at Virtus. We will add additional team members over the coming weeks to ensure we've established the right group to execute on our acquire and develop strategy."

Rupert continued: "Following the recent Gustavson Associates report, we plan to begin the development of a suitable exploration plan immediately – acquiring the land was the first step. I have great confidence in our team's ability to develop and execute on a high return development plan."

Further team information can be found at www.virtusoilandgas.com/company-info/management-team

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. 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 Investor Relations
1517 San Jacinto Street
Houston, TX 77002
Phone: +1-281 806 5000
Investor Relations: +1-303 296 8834
Email: [email protected]

SOURCE Virtus Oil and Gas Corporation