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.