Virtus Oil and Gas, f/k/a Curry Gold Corp (OTCBB:VOIL) – A Billion Barrel Exploration Opportunity (Updated)
July 24, 2014 (www.investorideas.com newswire) While the entire American energy industry is focused on the development of shale oil Virtus Oil and Gas (VOIL) which was formerly known as Curry Gold Corp 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.
Update: On July 23, 2014 Virtus Oil and Gas announced final payment for its previously announced 36,787 net acre acquisition in Iron County, Utah, will be paid on August 3, 2014. Upon completion, this will satisfy the total agreed purchase price with a final payment of $100,000. (The subsequent additional 18,690 net acre agreement signed on May 6, 2014 has a final payment due on October 8th 2014).
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