Virtus Oil and Gas Corporation Announces Additions to Strategic Leadership
Team and Increases Acreage Position in Iron County, Utah, to 55,477 Acres with
Acquisition of 18,000 Acres
HOUSTON, June 3, 2014
HOUSTON, June 3, 2014 /PRNewswire/ -- Virtus Oil and Gas Corporation (OTCBB:
VOIL) ("Virtus" or the "Company") today announced it has entered into an
agreement with an undisclosed seller to acquire an additional 18,000 acres in
Iron County, Utah. The transaction expands Virtus' footprint to 55,477 acres
focused on the Parowan Prospect, in the Central Utah Overthrust (CUO) region
of southwestern Utah.
Following the Gustavson Associates technical report published on the property
last month, Virtus directors agreed the characteristics and attributes of the
acreage block appropriately fit the Company's mission of acquiring and
developing assets with significant exploration and development potential.
The extended prospect is located near recent discoveries, including Wolverine
Gas and Oil's Covenant Oil Field, in Utah.
Strategic Leadership Additions
Virtus also announced two significant additions to its management team. Rupert
Ireland has assumed the role of Chief Executive Officer (CEO). Mr. Ireland
joins Virtus from an oil & gas trading background. Over the past 10 years he
has been working throughout Europe and Asia focusing mainly in this sector.
His extensive energy knowledge, coupled with his numerous business
relationships in the oil & gas industry will benefit the Company now and in
Brett A Murray has assumed the position of Chief Operating Officer (COO). Mr.
Murray recently worked for Gunnison Energy Corporation, an Oxbow Company owned
by William Koch in 2012, as Land Manager. Prior to GEC, Mr. Murray spent time
at Anschutz Exploration Corporation. Mr. Murray has been involved with
multiple divestitures and business development of approximately 150,000 acres
and nearly $80MM in transactions. At Anadarko Petroleum, he was a company
landmanwho worked on curative issues before drilling in the Wattenberg Field.
Murray started his land career as a field landman in Northeastern Colorado. He
acted as the main lease buyer for Tecton Energy where he leased near 100,000
acres in the Albuquerque Basin, New Mexico. In 2008, Murray was a board member
on Steve Naeve's private company Houston Power Associates, that focused on
renewable energy in seven states. His depth of land knowledge and business
development background will be vital to the Company now and in the future.
Robert Benson, Ph.D. joins Virtus as company Exploration Director. Dr. Benson
joins with nearly forty years of exploration, development and management
experience in the energy industry. He has worked extensively in reservoir
characterization, including as the co-director of the Reservoir
Characterization Project at the Colorado School of Mines. Dr. Benson is a
member of numerous professional societies, including the Society of
Exploration Geophysicists and the American Association of Petroleum
Geologists. His work has been published in a number of prestigious
publications, including The American Oil & Gas Reporter, E&P Magazine, and The
Chief Executive Officer Rupert Ireland commented: "I am incredibly optimistic
with the opportunities that lay ahead of the new leadership team at Virtus. We
will add additional team members over the coming weeks to ensure we've
established the right group to execute on our acquire and develop strategy."
Rupert continued: "Following the recent Gustavson Associates report, we plan
to begin the development of a suitable exploration plan immediately –
acquiring the land was the first step. I have great confidence in our team's
ability to develop and execute on a high return development plan."
Further team information can be found at
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. 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 Investor Relations
1517 San Jacinto Street
Houston, TX 77002
Phone: +1-281806 5000
Investor Relations: +1-303 296 8834
SOURCE Virtus Oil and Gas Corporation
Press spacebar to pause and continue. Press esc to stop.