The information below is what you usually get from a start-up. They have nothing iron clad, just Oil experts opinions. A lot of this info is in the iBox!
Here is how Virtus Oil and Gas describes its main asset:
The prospect is comprised of a 55,477 acre tract in the Central Utah Overthrust (CUO) region of southwestern Utah, in Iron County.
The prospect is located approximately 80 miles south of Wolverine Gas and Oil’s Covenant Oil Field, also located in the CUO region, which has produced 3.1 million barrels of oil (MMBO) in Utah from structures and reservoir horizons. Potential for the discovery of a similar field within this southern portion of the overthrust belt is suggested by structural interpretation of a large seismically-mapped 4-way structural closure.
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 lies on the Parowan Prospect Iron County leases, with a potential for an oilfield of similar order of magnitude, particularly when multiple prospective horizons are considered.
Virtus Oil and Gas Corporation controls 55,477 acres in the Iron County section of the thrustbelt play. It has agreed to drill a 12,000 foot deep test well to evaluate the Navajo, Kaibab, and Permian Queantoweap Sandstone within 2 years.
Virtus plans to complete an analysis of the potential reservoir rocks, source rocks, structural traps, and reservoir sealant horizons, leads to a recommendation to refine structural parameters with a review of seismic work, and 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.
There aren’t any typos in the above description. The company is claiming to be chasing something that could have close to a billion barrels of oil. A person would likely want to make note of the word claim and the word could in the preceding sentence.
On a first look it is hard to know what to conclude about Virtus Oil and Gas. The people involved and the numbers that the company is throwing about are certainly interesting. Whether any of this ever amounts to anything of true value is however completely unknown.
