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Article

Virtus Oil and Gas Corporation Moving Forward with Parowan Project

Press Release

July 3, 2014

Parowan – Houston-based Virtus Oil and Gas Corporation announced it has entered into an agreement with Houston-based Seismic Exchange, Inc. to purchase approximately 30,360 acres of 2D seismic data, enabling the company to initiate phase one of its exploration program in the Parowan area.

The acquired seismic data will provide the company a greater understanding of the sub-surface geology and aid its geologists to select the optimal location to drill its first well. Virtus' Parowan Project includes more than 55,477 acres targeting the Central Utah Overthrust region of southwestern Utah.

"We are very excited about receiving the additional seismic data in the Parowan project area,” said Dr. Robert Benson, exploration director at Virus. “This is a key step in delineating the areas of potential reservoir and for fine tuning our future exploration activity. Once this additional data is incorporated into our existing interpretation, we will proceed with acquiring additional proprietary seismic data to define drillable locations that will optimize our probability of success."

The company’s current focus on the Parowan Project is consistent with Virtus' strategy to acquire and develop oil and gas resources in proven, onshore basins in the United States.

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