Government & Regulatory | Key Wells | Drilling Activity

Virtus Preps to Drill Lone Pine Test Well in the Uinta Basin

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   |    Monday,August 24,2015

Virtus Oil and Gas Corporation announced Utah's Bureau of Land Management (BLM) approved its permit to drill the Lone Pine 34-11-5 initial test well in Southern Utah.  

The Lone Pine well will be drilled to a total vertical depth of 7,000 feet this August.  Drilling will take approximately five to seven days. An additional 12 to 15 days will be required to complete the initial test well after drilling operations have been concluded.

The Company plans to spud the well on August 25th, 2015. A new page has been created on the Virtus Oil and Gas website to keep interested parties up to date on important operational milestones.

Rupert Ireland, CEO of Virtus, said: "After two years of hard work establishing our land position and doing the necessary geological and geophysical studies, our team is ready to spud and complete the first test well. We are very excited to examine the potential of Jurassic-age zones beneath our acreage."

Steven Plumb, CFO of Virtus, said: "We've taken the necessary steps to insure adequate funding is in place to pursue this endeavor. Our Authority for Expenditures (AFE) to drill the well is complete and we're ready to start drilling."

Bret Murray, COO of Virtus, said: "Energy Drilling will immediately start building the well pad and preparing the roads around Virtus Lone Pine for the arrival of Energy Drilling's Rig 8. We are in full compliance with our water purchase agreement and are eager to start drilling."

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