Virtus Oil and Gas (VOIL) – A Billion Barrel Exploration Opportunity
July 23, 2014 (www.investorideas.com newswire) Emerging Opportunities Reports: While the entire American energy industry is focused on the development of shale oil Virtus Oil and Gas (VOIL) is turning back the clock with a wildcat exploration play.
The prospect that Virtus has in its sites is a 55,477 acre tract of land in the Central Utah Overthrust (CUO) region of southwestern Utah.
The prospect is 80 miles south of Wolverine Gas and Oil's Covenant Oil Field. The Covenant Oil Field exhibits closure over approximately 11,000 acres with about 400 feet of pay in the Navajo, thus allowing a projection of nearly one billion barrels of oil within that field.
A similar structure (as viewed through seismic mapping) lies on the Parowan Prospect Iron County leases that Virtus controls, with a potential for an oilfield of similar order of magnitude, particularly when multiple prospective horizons are considered.
Third party reservoir appraisers have also pegged the Parowan Prospect as having potential for hundreds of millions of barrels of oil as follows:
Virtus plans to complete an analysis of the potential reservoir rocks, source rocks, structural traps, and reservoir sealant horizons, then possibly some more geological detail and gravity surveying, followed by drilling of a test well.
Test well drilling is tentatively scheduled to commence by September 2015.
The technical team leading Virtus includes Chief Operating Officer Brett A. Murray and Exploration Director Dr. Robert Benson.
Mr. Murray previously worked as a land manager for Gunnison Energy Corporation which is owned by William Koch. Prior to Gunnison, Mr. Murray spent time with Phil Anschutz's private company, Anschutz Exploration Corporation where he was heavily involved in the $1.4 billion divestiture of the company's Southern Bakken properties and as well as its $114 million Northern Bakken property sale.
Dr. Benson has had nearly forty years of exploration, development and management experience in the energy industry. He obtained his BSc in Geophysical Engineering and his MSc and PhD in Geophysics from the Colorado School of Mines in 1976, 1984 and 1997, respectively. A major focus of Benson's work includes seismic data acquisition, processing and interpretation, in both the Rocky Mountains and worldwide. He has worked extensively in reservoir characterization with emphasis on multi-component, 3-D and 4-D seismic methods.
About Emerging Opportunities
Emerging Opportunities is focused on introducing investors to young companies that have high impact potential.
Visit our blog: http://emergingstockopportunity.blogspot .com
Contact us: Emergingstockopportunities@gmail.com
Investorideas.com was paid $75 for basic news publication and upload.
This news is published on the Investorideas.com Newswire and its syndicated partner network
Get free news alerts:
Sign up here
Published at the Investorideas.com Newswire - Big ideas for Global Investors
Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news as well as creates original content as a news source. Original content created by investor ideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and global syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions and advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.