Virtus Oil and Gas Corp (OTCBB:VOIL) has seen a massive surge of volume and the stock has begun to make moves since reversing off $0.02 lows. VOIL was the subject of a massive promotion last year and traded for well over $2 a share so when this one gets going Investors pay attention.
VOIL was incorporated in 2009 as Curry Gold Corp. In August 2013 the Company changed their name to Virtus Oil and Gas Corp and a month later affected a 14 for 1 forward stock split.
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.
VOIL was a multi-million dollar stock promotion from The Moskowitz Report that took the stock as high as $2.25 at the peak with a landing page that said ‘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.”
Lat year VOIL announced that it 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.
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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.
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.
The last press release from VOIL came on September 15 when they announced they have encountered oil shows after penetrating the 1st Navajo Formation while drilling the Lone Pine 34-11-5 test well to a final depth of 5,362 feet.
Over the last few weeks of drilling, the Company has discovered 200 feet of oil traces in the Navajo Formation that were consistent with Virtus’ seismic interpretations done in the last year. Based on the initial data collected from oil traces, log files and mud logs, the Company is excited with the findings from this first pilot (or Test) well.
VOIL Engineer Mike Roberts said “We decided it was better to drill a shallower pilot well and identify all potential formation tops and correlate this with the seismic the Company has purchased and interpreted in 2014. The data acquired from this test well is valuable and it is encouraging that oil traces were discovered at the Virtus Lone Pine confirming that is was not a dry well.”
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Currently trading at a $1.8 million market valuation VOIL has little assets on no revenues to date. VOIL was a multi-million dollar stock promotion from The Moskowitz Report that took the stock as high as $2.25 at the peak and we have been predicting this final outcome for a long time now. Considering VOIL recent history and promotion and the straight line drop from over $2 VOIL has excellent continued bounce potnetial. 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.
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Disclosure: we hold no position in VOIL either long or short and we have not been compensated for this article.