Virtus Oil and Gas Corporation announced final payment for its previously announced 36,787 net acre acquisition in Iron County, Utah, will be paid on August 3, 2014. Upon completion, this will satisfy the total agreed purchase price with a final payment of $100,000. (The subsequent additional 18,690 net acre agreement signed on May 6, 2014 has a final payment due on October 8th 2014).
In November 2013, the company entered into an agreement to purchase an 87.5% Working Interest (WI) in Tidewater Oil & Gas Company LLC's Iron County, Utah acreage position. Tidewater will retain a 12.5% WI and a 12.5% carried interest in the initial vertical test well.