LAS VEGAS, March 09, 2017 (GLOBE NEWSWIRE) -- Virtus Oil and Gas Corporation (OTCBB:VOIL), is pleased to announce it has signed Asset Purchase Agreements for Squaw Canyon and Tin Cup Mesa Unit from private sellers. The terms of the acquisition were not disclosed. The Company expects to close by month end.
The two properties: Tin Cup Mesa Unit and Squaw Canyon are both in San Juan County, Utah. The combined Proved Reserves are greater than 2,000,000 barrels of oil (BO.)
Tin Cup Mesa Unit and Squaw Canyon are in the Paradox Basin producing in the Upper Ismay formation. The cumulative production for Tin Cup Mesa is 2,138,000 BO and 3,263,000 Mcf of gas. The cumulative production for Squaw Canyon is 356,000 BO and 930,000 Mcf of gas. There is potential production in the Lower Ismay and Desert Creek. Eight of the wells are candidates for Horizontal Drilling.
About Virtus Oil and Gas Corporation
Virtus Oil and Gas Corp. (VOIL) is a Nevada-based oil and gas exploration and production company currently focused on producing assets in the State of Colorado and Utah. Virtus' strategy is to acquire proven and producing assets and/or 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 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.