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Wednesday, December 1, 2021

What a Move on Virtus Oil and Gas Corp (OTCBB:VOIL)

Virtus Oil and Gas Corp (OTCBB:VOIL) is the multi-million dollar promotion that rocketed to $2.25 highs in October 2014 followed by over a year of steady losses. The stock is currently making an explosive move up since reversing off $0.0106 lows.

The dead cat bounce/short covering rally may not last long if Investors bothered to read the PRE 14C released on February 4 that states the BOD approved a vote to increase the number of authorized shares of the Company from 150,000,000 to 525,000,000 shares and to effectuate a Reverse Stock Split of the Company’s Common Stock, $.001 par value, by a ratio of one-for-ten.

Virtus Oil and Gas Corp (OTCBB:VOIL) bills itself as 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.”

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.

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.

On February 23 VOIL announced it has signed a letter of intent with a US subsidiary of an international Oil and Gas Company, to acquire its U.S. operated, producing Oil and Gas Fields in San Juan County, Utah.

Under the terms of the letter, VOIL has 30 days to conduct and complete its due diligence on the title, compliance, and facility review and finalize the pending offer subject to the third party Reserve Report. VOIL is currently compliant with State of Utah and the Bureau of Land Management to Operate and produce in the state of Utah and will be using previous bond in place to do this.

The PRE 14C states ””NOTICE IS HEREBY GIVEN that the following actions have been approved pursuant to the written consent of the holders of a majority of the voting power of the outstanding capital stock of the Company dated January 14, 2016, in lieu of a special meeting of the shareholders.

1. To authorize the Board of Directors of the Company to amend its Certificate of Incorporation to increase the number of authorized shares of the Company from 150,000,000 to 525,000,000 shares.

2. To Authorize the Board of Directors to amend the Company’s certificate of incorporation to effectuate a Reverse Stock Split of the Company’s Common Stock, $.001 par value, by a ratio of one-for-ten.

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Currently trading at a $1 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. VOIL has made a big move up since reversing off $0.0106 lows however this may not last long considering the Company just raised the AS to 525 million and approved a 10 for 1 reverse stock split. 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.

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