Virtus Oil and Gas Corporation Reiterates Existing Business Plan and Addresses Third Party Reports

HOUSTON, July 3, 2014 /PRNewswire/ -- Virtus Oil and Gas Corporation (OTCBB: VOIL) ("Virtus" or the "Company") today reiterates its existing business plan and addresses third party reports.

Virtus Oil and Gas is an early stage exploration company that was founded with the mission of acquiring and developing onshore oil and gas working interests in proven basins in the United States, such as the Central Utah Thrust Belt Region. The Company's ultimate strategic focus is the development of oil and natural gas production and reserves.

As part of our corporate strategy, we believe in the following fundamental principles:

• Acquire oil and gas properties that give us a majority working interest and operational control
• Utilize a highly experienced team of geologists, engineers, and Landmen
• Remain focused on prolific hydrocarbon basins located in North America

Rupert Ireland, Chief Executive Officer at Virtus commented, "Within the past three months, our company has made significant progress evaluating and expanding our now 55,477 acres focused on the Parowan Prospect in the Central Utah Overthrust (CUO) region of southwestern Utah. We continue to be driven by our fundamental principles and the team continues to work diligently in order to move the exploration program forward. "

As previously reported, the Company commissioned the Gustavson Associates technical report that supported the decision to acquire an additional 18,000 acres in Iron County, Utah. Most recently, the Company announced it had entered into an agreement with Seismic Exchange, Inc. (SEI) to purchase approximately 30,360 acres (47.438 miles) of 2D seismic data, enabling the Company to initiate phase one of its exploration program.

Third Party Reports

The Company is aware that there have been third party reports and newsletters published on the Company. Virtus Oil and Gas is not associated with the authors of any third party reports or newsletters. The report contains a number of subjective conclusions and value assessments, about which the Company makes no comment. Shareholders, potential investors and other interested parties should refer to official company news releases and SEC filings for the most current and accurate information available for the Company. Additional information is also available at our website www.virtusoilandgas.com.

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