Virtus Oil and Gas Corporation today 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.
Source: Virtus Oil and Gas Corp.
Date: Feb 23, 2016