Virtus Oil And Gas Corporation Announces Completion Date For Final Payment Of Its Initial 36,787 Acre Acquisition

HOUSTON, July 23, 2014 /PRNewswire/ -- Virtus Oil and Gas Corporation (OTCBB: VOIL) ("Virtus" or the "Company") today announced final payment for its previously announced 36,787 net acre acquisition in Iron County, Utah, will be paid on August 3, 2014. Upon completion, this will satisfy the total agreed purchase price with a final payment of $100,000. (The subsequent additional 18,690 net acre agreement signed on May 6, 2014 has a final payment due on October 8^th 2014).

In November 2013, the company entered into an agreement to purchase an 87.5% Working Interest (WI) in Tidewater Oil & Gas Company LLC's Iron County, Utah acreage position. Tidewater will retain a 12.5% WI and a 12.5% carried interest in the initial vertical test well.

Virtus Oil and Gas Chief Operating Officer (COO) Brett A. Murray, said: "The importance of acquiring and owning this acreage under Virtus is beyond beneficial and a major stepping stone in developing these assets. Following the Gustavson Report, our Geo-Team is identifying valuable potential reserves and Virtus can now begin the process of being an Operator with the BLM and the State of Utah so we move forward with our plans."

Virtus Oil and Gas Chief Executive Officer (CEO) Rupert Ireland, said: "We are pleased to be making this final payment on schedule as we can move ahead with our exploration program. Upon completion, we'll begin converting the Tidewater registered leases to the Virtus-name, a necessary requirement we must complete in order to file as an Operator in the state of Utah. We expect the transfer of lease titles to be completed within a few weeks of the final payment."

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