HOUSTON, Aug. 24, 2015 /PRNewswire/ -- Virtus Oil and Gas Corporation (OTCBB: VOIL) ("Virtus" or "the Company") today announced Utah's Bureau of Land Management (BLM) approved its permit to drill the Lone Pine 34-11-5 initial test well in Southern Utah.
The Lone Pine well will be drilled to a total vertical depth of 7,000 feet this August. Drilling will take approximately five to seven days. An additional 12 to 15 days will be required to complete the initial test well after drilling operations have been concluded.
The Company plans to spud the well on August 25th, 2015. A new page has been created on the Virtus Oil and Gas website to keep interested parties up to date on important operational milestones.
Rupert Ireland, CEO of Virtus, said: "After two years of hard work establishing our land position and doing the necessary geological and geophysical studies, our team is ready to spud and complete the first test well. We are very excited to examine the potential of Jurassic-age zones beneath our acreage."
Steven Plumb, CFO of Virtus, said: "We've taken the necessary steps to insure adequate funding is in place to pursue this endeavor. Our Authority for Expenditures (AFE) to drill the well is complete and we're ready to start drilling."
Bret Murray, COO of Virtus, said: "Energy Drilling will immediately start building the well pad and preparing the roads around Virtus Lone Pine for the arrival of Energy Drilling's Rig 8. We are in full compliance with our water purchase agreement and are eager to start drilling."
Please note, the time it takes to complete the well is dependent on results of the cuttings and potential oil shows from the Jurassic-age zones.
About Virtus Oil and Gas Corporation
Virtus Oil and Gas Corp. (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.
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 its 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.
Virtus Oil and Gas Corporation
1517 San Jacinto Street
Houston, TX 77002
IR Phone: (855) 733-VOIL
SOURCE Virtus Oil and Gas Corporation