Virtus Oil and Gas Corp (OTCBB:VOIL) made some spectacular moves last year running from well under a $1 to highs of $2.25 on what looked like some heavy promotion. Since then the stock has dropped significantly as I predicted it would and now clings to $0.50 a share on moderate volume.
VOIL was a multi-million dollar stock promotion from The Moskowitz Report with a landing page that says ‘Virtus Oil & Gas VOIL may have just beat a group of Industry Titans to the punch on what could prove to be a Major U.S. Oil-Find – Parowan Project, Utah! translation, buy Virtus Oil & Gas VOIL. Now up to $2.00 at a confirmed low end resource estimate of 266 million barrels. VOIL holds a potential resource value of $44.05 per share in Recoverable Oil! and that’s using just 10% of the low-end¨
$44.05 per share is ridiculous and this stock will never see anywhere near that however the promotional material seemed to work perfectly as VOIL ran well over $2 driving up the Company’s market valuation close to the $100 million mark.
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.
Back in September VOIL 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 of VOIL, 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.
For more info on VOIL Please Subscribe below, also you should know we have Something Huge Coming!
We have become aware that VOIL management and principals have ties to previous promotions of UFSM, ASUV, GFOX and LSTG one would think they would know better than to make absolutely preposterous predictions like $44.05 per share which would take VOIL to a $2 billion plus market valuation.
Back in January VOIL announced the completion of its required onsite well staking for the first #1 well pad and ancillary facilities.
A Notice of Staking (NOS) has been sent to Bureau of Land Management (BLM) which serves as the Company’s request to schedule an on-site inspection. Upon completion of the on-site inspection, last Wednesday January 14, 2015, Virtus can now submit its Application for Permit to Drill (APD) to Utah’s Cedar City District Field Office of the BLM.
Concurrently, Virtus is in the process of establishing its Federal Unit, which covers approximately 25,000 net acres within the Parowan Prospect. Federal Units allow operators such as Virtus the ability to explore large acreage blocks, operate the area as a single leasehold, and extend lease terms on the acreage for an additional five years. The Parowan Federal Unit will have a single well drilling commitment within six months of the unit being approved.
Currently trading at a $28 million market valuation VOIL has little assets on no revenues to date. The stock was the subject of a massive promotion by the Moskowitz Report which seems to have now come to an end. We will be updating on VOIL when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with VOIL.
Sign Up now for our 100% FREE Penny Stock Newsletter
Disclosure: we hold no position in VOIL either long or short and we have not been compensated for this article.