Virtus Oil and Gas Corporation (OTCBB: VOIL) ("Virtus" or the "Company") today announced that its recently purchased 47 miles of 2D seismic data in the Parowan Project has been received and is currently being reprocessed with advanced processing software.
Dr. Robert (Bob) Benson, Exploration Director at Virtus, comments: "The seismic data quality is excellent, and reprocessing has already yielded a much superior product than was previously available. In particular, by applying Prestack Time Migration, we have been able to increase the resolution of the data while also improving the imaging of the prospects.
Benson continues: "While the reprocessing of the seismic data is being finalized, interpretation utilizing the preliminary products has confirmed several potential prospect locations. This new data consists of three seismic lines that provide a much clearer image of the structurally complex geology of the area. Once the final processed seismic data is received, a revised interpretation will be completed. This will allow us to determine the need for additional seismic data in the area."
Dr. Benson has 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.
As Virtus moves forward in Parowan, additional proprietary data will be acquired to delineate the most prospective prospects and determine the highest quality drill sites. After final processing and interpretation, the Company will identify and select the pad site for its first test well.
Rupert Ireland, Chief Executive Officer at Virtus, says: "The exploration stage at the Parowan prospect is developing on schedule. We are very enthusiastic about Initial seismic data points and the exploration progress that is developing at Parowan. We look forward to finalizing the reprocessing of the seismic data and identifying the next exploration step."
About Virtus Oil and Gas Corporation
Virtus Oil and Gas Corp. (OTCBB: VOIL) is a Houston-based oil and gas exploration and production company currently focused on the Parowan Project, a 55,477 acre prospect targeting the Central Utah Thrust Belt. The prospect is situated near recent Utah discoveries, including Wolverine Gas and Oil's Covenant Oil Field, which is consistent with Virtus' strategy to acquire and develop oil and gas resources in proven, onshore basins in the United States.
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. The company will need to raise additional financing in order to advance it's exploration and drilling program. 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.