Virtus Oil and Gas Corp. (OTC: VOIL) appointed Rupert Ireland as its CEO, and also appointed Brett A. Murray as COO, after a recent acquisition, the company said June 3.
Ireland has 10 years’ experience in the oil and natural gas industry, the company said, noting that he has worked in Europe and Asia.
Murray most recently worked for Gunnison Energy Corp., Virtus said. He has experience with divestitures and business development of about 150,000 acres and almost $80 million in transactions, the company said.
"I am incredibly optimistic with the opportunities that lay ahead of the new leadership team at Virtus. We will add additional team members over the coming weeks to ensure we've established the right group to execute on our acquire and develop strategy," Ireland said.
The recent acquisition of 18,000 acres in Iron County, Utah, was made in an agreement with an undisclosed seller, Virtus said. Virtus now has 55,477 acres in the Parowan prospect in southwestern Utah, the company said.
"Following the recent Gustavson Associates report, we plan to begin the development of a suitable exploration plan immediately--acquiring the land was the first step. I have great confidence in our team's ability to develop and execute on a high return development plan," Ireland added.
Houston-based Virtus Oil and Gas Corp. explores and develops oil and natural gas in Utah.
Petro Rio SA has inked an agreement with BP Energy do Brasil Ltda. on Nov. 19 for the acquisition of interests of 35.7% in the BM-C-30 Block (Wahoo field) and 60% in the BM-C-32 Block (Itaipu field), thus, subject to the necessary approvals, becoming the operator of both pre-salt fields.
The company has recently completed the renegotiation of significant existing gas gathering contracts with a midstream partner into a single new consolidated gas gathering agreement in order to enhance its already peer-leading cash operating margins.
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