Virtus Oil and Gas CorpInvestor Presentation April 2017

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provide financial advice in respect of its shares.

Disclaimer

Introduction

Strategy

Challenges Forward

Conclusion

1

2

3

4 History

Production/

Cash Flow/Self

funding

• 90 boepd of existing production with ability to scale quickly

to 800 boepd by mid-2017 and 1,500 boepd by the end of

2017

• Restarting low cost conventional shut-in production

• Cash flow positive at current oil prices by Summer 2017.

• Projected Gross Revenue to go from $1 million annual run-

rate to $12 million annual run-rate with growth in production

and modest uplift in oil prices

Reserves

• 4.3mmboe oil & gas reserves certified by independent third

party

- PV-10 of $94 million

- Revenue of $137 million

• Ability to significantly expand reserve base over the next 12

months

Key

Infrastructure

• Includes affiliate-controlled gas plant (200 MMscfpd capacity)

and 25-mile pipeline

- Key infrastructure assets of former Delta Petroleum

- Assets represent over $295 million of cumulative capex

Platform for

expansion

• First deal completed on March 2017

• Targeting significant production and cash flow growth:

- FYE 2017: 1,000 Bopd; FYE 2018: 3,000 Bopd; FYE 2019:

5,000 Bopd

• Production uplift to coincide with price recovery

• Over 250 drill sites with ability to grow production

Board

appointments

• Ex Nevada Governor and US Oil and Gas executives with

proven track records of success

Key Benefits- Paradox Basin

Net Acreage NRI 1P 3P Production

Squaw Canyon 160 82.50% 315 Mbo 315 Mbo 10 bopd

Tin Cup 880 85.50% 1,730 Mbo 6,110 Mbo 20 bopd

Paradox

Federal Unit*21,271+/- 81.00% 2,100 Mbo 10,600 Mbo 60 bopd

Totals 22,311 4,145 Mbo 17,025 Mbo 90 bopd

* Paradox Federal Unit to be closed in 2017. LOI Signed

Transaction delivers reserve base of 4.2mmboe;

FNOR $137 million PV-10, USD$94 million revenue

Company Assets

-

5.00

10.00

15.00

20.00

25.00

$45/bbl $55/bbl $65/bbl $70/bbl

Total Revenue USD (m)

90boepd

400boepd

600boepd

800boepd

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

$45/bbl $55/bbl $65/bbl $70/bbl

Net Revenue USD (m)

90boepd

400boepd

600boepd

800boepd

Oil Price Revenue Scenarios USD (m)

Production Scenarios USD (m)

Production/Revenue Scenarios

($10/bbl)

($10/bbl)

(net VOIL)

(net VOIL)

Company Assets with Midstream

• Sellers of Recent Acquisitions also own a gas plant and a

25-mile pipeline (200 MMscfpd capacity)

- Key infrastructure assets of former Delta Petroleum Corporation

- Assets represent over $295 million of cumulative capex

- Virtus Oil is in process of negotiating to acquire the legacy assets

tied to these prospects.

Pipeline and Gas Plant

Value* Delivered in Recent Deals

Asset Potential Value Comments

1P Reserves $94,000,000 PV-10

Gas Plant $ 5,000,000 Based on Revenue and

Inventory of items in

closing

Pipeline $40,000,000 Based on Revenue Potential and Capex Spent by Delta to permit across BLM, State and County Lands

Total $139,000,000 ALL STOCK TRADE

Virtus Investment

The Company has acquired proven assets in the Paradox Basin. These

assets were bought with company stock and needed workover

capital as the Seller had deferred maintenance during the recent

decline in oil prices. Virtus Management has identified de-risked

opportunities for re-entry and workover wells. As of March 2017, The

Company began to bring these existing wells back on production.

The company has recently spent ~$100k in costs to repair a water disposal well and replaced two pumps on wells that are now ready

for production.

Downside Case Base Case Upside Case

30 Days- 250

boepd

60 Days- 500

boepd

90 Days- 1,000

boepd

120 Days-1,100

boepd

150 Days 1,300

boepd

30 Days-

200boepd

60 Days- 400

boepd

90 Days- 750

boepd

120 Days-900

boepd

150 Days 1,200

boepd

30 Days- 100

boepd

60 Days- 250

boepd

90 Days- 400

boepd

120 Days-600

boepd

150 Days 800

boepd

Virtus has identified 10 wells needing workovers from pump jack changes, flow lines

installed, valves replaced, etc. Capital of ~$3 million will be used to work-over these

wells. The company is flexible with respect to structure in accommodating the right

investors. Options include but are not necessarily limited to: i) Stock Issuance; ii) Debt

tied to Production (VPP); iii) Direct Equity Investment; and iv) a combination of all of the

above. The company has excellent well control in the area along with an extensive

Reserve Report from Ralph E. Davis and Baker Hughes Analytical Review and Study.

De-Risked Upside for Production

Increased Density Drilling Potential

bopd Mcfd Revenue LOE Net Rev G&A CapExWorking Capital

2017* 1,100 2,100 6,828,000 1,005,000 5,823,000 466,000 5,528,000 6,000,000

2018 2,000 2,300 26,262,000 2,187,000 24,075,000 960,000 6,000,000

2019 2,600 4,200 44,216,000 2,187,000 42,029,000 1,320,000 12,000,000

2020 3,100 5,900 57,818,000 2,187,000 55,631,000 1,800,000 12,000,000

* Eight months of production in 2017

Oil price increases from $52/bbl to $65/bbl

Gas price $3.00 Mcf

CapEx from $6MM from Investment and balance from cash flow

Drill Six Horizonal wells in 2018

Drill Four Offsets in 2019

Drill Four Offsets in 2020

A capital investment of $6 million for drilling increases the company’s production

significantly and the cash flow generated from this investment can fund ten

additional work-over projects and the drilling of fourteen new wells by 2020.

Virtus Board and Management

Dan Green - Director and Executive Petroleum Engineer with over 37 years of

Professional Experience in Oil and Gas Industry.

President of Pacific Energy & Mining Company an oil

and gas operator.

Previously President of Western Energy Inc., an

independent oil company that was publicly traded

which held leases in Utah and Kansas.

Bachelor of Science in Mineral Engineering with

Minor in Geology from Colorado School of Mines.

Brett A. Murray - Senior VP B.D./Land and Director

Based in Denver and has over 12 years’ experience

in the Oil and Gas Industry including the last two

years as Chief Operating Officer for publicly traded

Virtus Oil and Gas Corporation,

Senior Management for Gunnison Energy

Corporation, Sundance Energy Australia Limited

(ASX: SEA), Anschutz Exploration and Anadarko

Petroleum Corporation.

Bachelor of Arts in Communications from Kansas

Wesleyan University. Member of AAPL and RMMLF

James Gibbons - Independent Director Former Governor of the State of Nevada, Former

Member of the United States Congress, Attorney,

Fighter Pilot in the United States Air Force, an Air

Line Pilot, Geologist and a Hydrologist.

Bachelor of Science and Master of Science from

University of Nevada, Reno and a JD from

Southwestern University.

Dale Larsen- Consultant/ Future BoD Over 36 Years as Professional Engineer

BoD for Denver Petroleum Club, Board of Advisors

with Western Energy Alliance, and Committee

member for Colorado Oil and Gas Association

(COGA)

Bachelor of Science in Geological Engineering from

South Dakota School of Mines

Author of multiple writings for Society of Professional

Engineers (SPE)

2020

2019

2018

2017

2017: 2nd Quarter-500 boepd2017: 4th Quarter- 1,500 boepd

2018: 2,000 boepd2019: 2,600 boepd

2020: 3,100+ boepdNet to Company

Goals for Virtus Oil

virtusoil.com