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VOIL > SEC Filings for VOIL > Form 8-K on 8-Jul-2014All Recent SEC Filings

Show all filings for VIRTUS OIL & GAS CORP.

Form 8-K for VIRTUS OIL & GAS CORP.


8-Jul-2014

Entry into a Material Definitive Agreement, Financial Statements and Exhib


Item 1.01 Entry into a Material Definitive Agreement.

On July 1, 2014, Virtus Oil & Gas Corp., a Nevada corporation (the "Company"), entered into that certain Master Geophysical Data-Use License, dated effective June 12, 2014, as supplemented by that certain Supplemental Agreement, dated effective June 12, 2014 (as supplemented, the "License Agreement"), with Seismic Exchange, Inc., a Louisiana corporation ("SEI"). Pursuant to the License Agreement, the Company purchased from SEI certain two-dimensional seismic data covering approximately 47.44 square miles for an aggregate purchase price of $98,434. The seismic data includes geophysical and geological information along the Parowan Prospect in Iron County, Utah, where the Company has entered into agreements to acquire an 87.5% working interest in oil and gas leases covering an aggregate 55,477.50 acres.

The License Agreement has a term of seven years from the effective date of June 12, 2014, subject to earlier termination by SEI upon a material breach by the Company. The term of the Supplemental Agreement attached to the License Agreement will end 20 years after the effective date. The License Agreement grants the Company the non-exclusive right to use the seismic data for internal purposes only, and the Company's use of the data is subject to strict confidentiality requirements. The Company may not show, transfer or allow access to the data except to certain consultants or contractors engaged in providing storage facilities or reformatting and reprocessing services for the geophysical industry, or as otherwise required by law.

The seismic data acquired from SEI is intended to provide the Company with a greater understanding of the subsurface geology and aid its geologists in selecting the optimal location to drill its first well. The Company intends to have the data reprocessed and integrated with its existing seismic data to outline potential drilling prospects, a process which is expected to take approximately six weeks.

A copy of the License Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 Master Geophysical Data-Use License, dated effective June 12, 2014, between Seismic Exchange, Inc. and Virtus Oil & Gas Corp., as supplemented by that certain Supplemental Agreement, dated effective June 12, 2014, between Seismic Exchange, Inc. and Virtus Oil & Gas Corp.

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