Virtus Oil & Gas (CURG) 10-Q 17 Apr 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Feb. 28, 2014	Apr. 09, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Virtus Oil & Gas Corp.	'
Document Type	'10-Q	'
Document Period End Date	28-Feb-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001478725	'
Current Fiscal Year End Date	'--11-30	'
Entity Common Stock, Shares Outstanding	'	48,300,000
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Feb. 28, 2014	Nov. 30, 2013
Current assets:	'	'
Cash	$62,899	$486
Prepaid expenses	563	937
Total current assets	63,462	1,423
Property and equipment, net	1,223	1,295
Deposit on oil and gas properties, net allowance of $30,000 at February 28, 2014 and November 30, 2013	97,734	0
Total assets	162,419	2,718
Current liabilities:	'	'
Accounts payable and accrued expenses	46,443	55,432
Accrued interest, related party	6,891	4,529
Note payable, related party	47,749	47,749
Total current liabilities	101,083	107,710
Stockholders' equity (deficit):	'	'
Common stock, $0.001 par value, 150,000,000 shares authorized 48,300,000 and 47,300,000 shares issued and outstanding at February 28, 2014 and November 30, 2013, respectively	48,300	47,300
Additional paid-in capital	936,846	171,179
Stock subscription payable	160,000	60,000
(Deficit) accumulated during development stage	-1,083,810	-383,471
Total stockholders' equity (deficit)	61,336	-104,992
Total liabilities and stockholders' equity (deficit)	$162,419	$2,718

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Nov. 30, 2013	Nov. 30, 2012
Statement of Financial Position [Abstract]	'	'
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares Issued	48,300,000	47,300,000
Common Stock, Shares Outstanding	48,300,000	47,300,000
Allowance on deposit	$30,000	$0

Condensed_Statements_of_Operat

Condensed Statements of Operations (USD $)	3 Months Ended		53 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Income Statement [Abstract]	'	'	'
Revenue	$0	$0	$0
Operating expenses:	'	'	'
General and administrative	651,633	4,886	811,215
Professional Fees	46,344	14,145	227,459
Total operating expenses	697,977	19,031	1,038,674
Net operating (loss)	-697,977	-19,031	-1,038,674
Other income (expense):	'	'	'
Foreign currency gain (loss)	0	0	-1,055
Impairment of oil and gas asset	0	0	-30,000
Interest expense	-2,362	-1,033	-14,081
Total other income (expense)	-2,362	-1,033	-45,136
Net (loss)	($700,339)	($20,064)	($1,083,810)
Weighted average number of common shares outstanding - basic and fully diluted	47,979,775	46,900,000	'

Statement_of_Stockholders_Equi

Statement of Stockholders' Equity (Deficit) (USD $)	Common Stock	Additional Paid-In Capital	Stock Subscription Payable	(Deficit) Accumulated Development Stage	Total
Beginning balance, value at Sep. 29, 2009	'	'	'	'	'
Common stock issued for cash, shares	46,900,000	'	'	'	'
Common stock issued for cash, value	$46,900	($31,400)	'	'	$15,500
Net loss	'	'	'	-745	-745
Ending balance, value at Nov. 30, 2009	46,900	-31,400	'	-745	14,755
Ending balance, shares at Nov. 30, 2009	46,900,000	'	'	'	'
Net loss	'	'	'	-33,941	-33,941
Ending balance, value at Nov. 30, 2010	46,900	-31,400	'	-34,686	-19,186
Ending balance, shares at Nov. 30, 2010	46,900,000	'	'	'	'
Net loss	'	'	'	-26,519	-26,519
Ending balance, value at Nov. 30, 2011	46,900	-31,400	'	-61,205	-45,705
Ending balance, shares at Nov. 30, 2011	46,900,000	'	'	'	'
Contributed capital from debt forgiveness	'	62,979	'	'	'
Net loss	'	'	'	-50,362	'
Ending balance, value at Nov. 30, 2012	46,900	31,579	'	-111,567	'
Beginning balance, shares at Nov. 30, 2012	46,900,000	'	'	'	'
Common stock issued for cash, shares	400,000	'	'	'	'
Common stock issued for cash, value	400	139,600	60,000	'	200,000
Net loss	'	'	'	-271,904	'
Ending balance, value at Nov. 30, 2013	47,300	171,179	60,000	-383,471	-104,992
Ending balance, shares at Nov. 30, 2013	47,300,000	'	'	'	'
Common stock issued for cash, shares	500,000	'	'	'	'
Common stock issued for cash, value	500	199,500	100,000	'	300,000
Share based compensation, shares	500,000	'	'	'	'
Share based compensation, value	500	566,167	'	'	566,667
Net loss	'	'	'	-700,339	-700,339
Ending balance, value at Feb. 28, 2014	$48,300	$936,846	$160,000	$1,083,810	$61,336
Ending balance, shares at Feb. 28, 2014	48,300,000	'	'	'	'

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	3 Months Ended		53 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES	'	'	'
Net (loss)	($700,339)	($20,064)	($1,083,810)
Adjustments to reconcile net (loss) to net cash used in operating activities:	'	'	'
Depreciation expense	72	0	216
Impairment of oil and gas properties	0	0	30,000
Share based compensation expense	566,667	0	566,667
Decrease (increase) in assets:	'	'	'
Prepaid expenses	374	188	-563
Increase (decrease) in liabilities:	'	'	'
Accounts payable	-33,664	-5,374	1,768
Accounts payable, related party	0	0	14,918
Accrued expenses	24,675	0	30,994
Accrued expenses, related party	2,362	1,033	12,845
Net cash used in operating activities	-139,853	-24,217	-426,965
CASH FLOWS FROM INVESTING ACTIVITIES	'	'	'
Purchase of oil and gas properties	-97,734	0	-127,734
Purchase of property and equipment	0	0	-1,439
Net cash used in investing activities	-97,734	0	-129,173
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	'
Proceeds from sale of common stock	300,000	0	515,500
Proceeds from notes payable	0	0	21,435
Proceeds from note payable, related party	0	34,944	84,235
Repayments on note payable, related party	0	-1,838	-2,133
Net cash provided by financing activities	300,000	33,106	619,037
NET CHANGE IN CASH	62,413	8,889	62,899
CASH AT BEGINNING OF PERIOD	486	0	0
CASH AT END OF PERIOD	62,899	8,889	62,899
SUPPLEMENTAL INFORMATION:	'	'	'
Interest paid	0	0	'
Income taxes paid	$0	$0	'

1_Nature_of_Business_and_Signi

1. Nature of Business and Significant Accounting Policies	3 Months Ended
	Feb. 28, 2014
Accounting Policies [Abstract]	'
Nature of Business and Significant Accounting Policies	'
	Nature of Business
	Virtus Oil and Gas Corp. (“the Company”) was incorporated in the state of Nevada on September 30, 2009 (“Inception”). The Company was originally formed as Curry Gold Corp to become an operator and franchisor of fast-casual food catering vans that capitalize on the growing trend of food to go (convenience food) with its Currywurst product, a product native to Germany, and market it through Switzerland and into major metropolitan US cities. On July 17, 2012, however, the Company abandoned its plans to enter into the catering van business and is now an oil and gas exploration and production company.
	Basis of Presentation
	The financial statements included herein, presented in accordance with United States generally accepted accounting principles and is stated in US currency have been prepared by the Company pursuant to the rules and regulations of the SEC.
	The Company is considered to be in the development stage as defined by FASB ASC 915-10-05. This standard requires companies to report their operations, shareholders equity and cash flows from inception through the reporting date. The Company will continue to be reported as a development stage entity until, among other factors, revenues are generated from management’s intended operations. Management has provided financial data since inception (September 30, 2009).
	The Company has adopted a fiscal year end of November 30.
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Cash and Cash Equivalents
	We maintain cash balances in non-interest-bearing accounts, which do not currently exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents.
	Start-Up Costs
	The Company accounts for start-up costs, including organization costs, whereby such costs are expensed as incurred.
	Development Stage Policy
	The Company has not earned revenue from planned principal operations since inception (insert date of inception). Accordingly, the Company's activities have been accounted for as those of a "Development Stage Enterprise" as set forth by current authoritative account literature. Among the disclosures required by current accounting literature are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception.
	Stock Based Compensation
	Stock-based awards to non-employees are accounted for using the fair value method.
	The Company adopted provisions which require that we measure and recognize compensation expense at an amount equal to the fair value of share-based payments granted under compensation arrangements.
	The Company has adopted the “modified prospective” method, which results in no restatement of prior period amounts. This method would apply to all awards granted or modified after the date of adoption. In addition, compensation expense must be recognized for any unvested stock option awards outstanding as of the date of adoption on a straight-line basis over the remaining vesting period. The Company will calculate the fair value of options using a Black-Scholes option pricing model. The Company does not currently have any outstanding options subject to future vesting therefore no charge is required for the periods presented. Our method also requires the benefits of tax deductions in excess of recognized compensation expense to be reported in the Statement of Cash Flows as a financing cash inflow rather than an operating cash inflow. In addition, our method required a modification to the Company’s calculation of the dilutive effect of stock option awards on earnings per share. For companies that are using the “modified prospective” method, disclosure of pro forma information for periods prior to adoption must continue to be made.
	Income Taxes
	Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not, that such asset will not be recovered through future operations.
	Fair Value of Financial Instruments
	Financial instruments consist principally of cash, trade and related party payables and accrued liabilities. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to significant currency or credit risks arising from these financial instruments.
	Revenue Recognition
	Revenue is recognized at the time of sale if collectability is reasonably assured. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.
	Basic and Diluted Loss per Share
	The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
	Recent Accounting Pronouncements
	In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The new guidance requires that unrecognized tax benefits be presented on a net basis with the deferred tax assets for such carryforwards. This new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013. We do not expect the adoption of the new provisions to have a material impact on our financial condition or results of operations.
	In February 2013, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income , to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:
		-	Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and
		-	Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.
	The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.
	In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities , which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.
	In October 2012, the FASB issued ASU 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

2_Going_Concern

2. Going Concern	3 Months Ended
	Feb. 28, 2014
Risks and Uncertainties [Abstract]	'
Going Concern	'
	As shown in the accompanying financial statements, the Company has no revenues and has incurred continuous losses from operations, had an accumulated deficit of $1,083,810 and a working capital deficit of $37,621 at February 28, 2014. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new ventures to increase revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful, therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern.
	The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

3_Related_Party

3. Related Party	3 Months Ended
	Feb. 28, 2014
Related Party Transactions [Abstract]	'
Related Party	'
	From time to time the Company’s CEO, Daniel Ferris has paid invoices on behalf of the Company. As of February 28, 2014, the Company owed Mr. Ferris a total of $49,057, including $6,891 of interest accrued at 10% per annum.
	On July 5, 2012, the Company’s former CEO, Soenke Timm sold 2,000,000 shares of the Company’s $0.001 par value common stock, representing sixty percent (60%) of the issued and outstanding shares of common stock, to Daniel M. Ferris. Mr. Timm owned no shares of common stock of the Company after the sale to Mr. Ferris. At the time of the sale of the Shares, Mr. Timm was the sole director and officer of the Company. Mr. Timm subsequently resigned as an officer of the Company effective July 6, 2012. Also effective July 6, 2012, Mr. Timm, as sole director acting by written consent without a special meeting, appointed Mr. Ferris to serve as President, Treasurer and Secretary of the Company.
	On October 12, 2009, the Company issued 2,000,000 founder’s shares to the Company’s former President at the par value of $0.001 in exchange for proceeds of $2,000.
	On October 12, 2009, the Company issued 50,000 founder’s shares to a former Director of the Company at $0.01 in exchange for proceeds of $500.
	During the month of October, 2009, the Company issued 1,300,000 founder’s shares at the $0.01 in exchange for proceeds of $13,000.
	From time to time the former CEO loaned the Company money to fund operations. The CEO has advanced the following unsecured demand loans, bearing interest at 10%, to fund operations:
		-	On April 8, 2011, the Company received a loan of $4,800
		-	On September 30, 2010, the Company received a loan of $15,000
		-	On September 15, 2010, the Company received a loan of $553
		-	On August 11, 2010, the Company received a loan of $11,000
		-	On June 28, 2010, the Company received a loan of $3,000
	On July 6, 2012, these loans totaling $62,979, consisting of $55,788 of principal and $7,191 of accrued interest was forgiven and contributed as capital by the lenders.
	On December 5, 2013, the Company entered into an Employment Agreement with Daniel M. Ferris regarding his position as President and Chief Executive Officer of the Company. Mr. Ferris will be paid a base salary of $120,000 per year. Mr. Ferris will also be entitled to receive up to 1,500,000 shares of Common Stock to be issued in increments of 500,000 shares on December 5 in 2014, 2015 and 2016. The Employment Agreement has an initial term of three years and will automatically renew for successive one-year periods until earlier terminated. The Employment Agreement may be terminated (i) at any time by the Company for “cause”, (ii) upon 90 days’ written notice by either party for any reason, or (iii) upon 30 days’ written notice by either party at the end of any term. The Employment Agreement also terminates immediately upon Mr. Ferris’ death or disability.
	If Mr. Ferris’ employment is terminated for “cause” by the Company, or if he voluntarily resigns, then he will forfeit any shares of Common Stock that have not yet been issued by the Company as of the date of such termination or resignation. If Mr. Ferris’ employment is terminated for any other reason, he will be entitled to receive the full 1,500,000 shares of Common Stock. The Employment Agreement defines “cause” as the willful and continued failure by Mr. Ferris to perform his duties, the conviction of a felony, or any other material conduct that is contrary to the best interests of the Company or adversely affects the reputation of the Company.
	The fair market value of the stock grant on the date of the Employment Agreement was $1,200,000. The Company paid the CEO $30,000 in cash compensation and recognized compensation expense of $100,000 related to the Employment Agreement during the three months ended February 28, 2014.
	On August 1, 2013, the Company, entered into an engagement letter with Clear Financial Solutions, Inc., a Texas corporation (Clear Financial). On December 5, 2013, the Company and Clear Financial entered into Amendment No.1 to Engagement Letter. Under the engagement letter and the amendment (collectively, the “Engagement Letter”) Clear Financial will provide certain financial consulting services to the Company and Mr. Steven M. Plumb, founder and President of Clear Financial, will serve as the Chief Financial Officer of the Company. Clear Financial will, among other things, prepare and review the Company’s financial statements, oversee internal accounting controls and provide advice on generally accepted accounting principles. In addition, As compensation for the services provided, the Company will pay Clear Financial a fee of $4,500 per month and has agreed to issue up to 1,000,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), to Mr. Plumb. The Engagement Letter has an initial term of one year and will automatically renew for successive one-year periods until terminated by either party upon 60 days’ written notice prior to the end of the then current term. Clear Financial was paid $13,500 for Mr. Plumb’s services during the quarter ended February 28, 2014. In addition, in February 2014, the Company issued 500,000 shares of the Company’s common stock to Mr. Plumb, having a fair market value of $400,000 on the date of grant, which the Company recorded as compensation expense during the quarter ending February 28, 2014. In addition, the Company recognized an additional $66,667 in compensation expense during the quarter ending February 28, 2014 related to the unissued portion of Mr. Plumb’s stock grant.
	The Engagement Letter further provides that Clear Financial may from time to time bring oil and gas investment opportunities to the Company’s attention. Pursuant to the Engagement Letter, the Company will assign a 1% carried interest to each of Mr. Plumb and/or Mr. Jerry Walters, a principal of Clear Financial, with respect to each oil and gas investment opportunity that Messrs. Plumb and/or Walters bring to the Company’s attention and in which the Company invests.

4_Fair_Value_of_Financial_Inst

4. Fair Value of Financial Instruments	3 Months Ended
	Feb. 28, 2014
Fair Value Disclosures [Abstract]	'
Fair Value of Financial Instruments	'
	The Company adopted FASB ASC 820-10 upon inception at September 30, 2009. Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.
	The Company has cash and a related party note payable that is considered a financial instrument that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:
	Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The fair value of the Company’s cash is based on quoted prices and therefore classified as Level 1.
	Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
	Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.
	The following schedule summarizes the valuation of financial instruments at fair value on a non-recurring basis in the balance sheets as of February 28, 2014 and November 30, 2013, respectively:
			Fair Value Measurements at February 28, 2014
			Level 1		Level 2		Level 3
	Assets
	Cash	$	–	$	–	$	–
	Total assets		–		–		–
	Liabilities
	Note payable, related party		–		–		–
	Total liabilities		–		–		–
		$	–	$	–	$	–
			Fair Value Measurements at November 30, 2013
			Level 1		Level 2		Level 3
	Assets
	None	$	–	$	–	$	–
	Total assets		–		–		–
	Liabilities
	None		–		–		–
	Total liabilities		–		–		–
		$	–	$	–	$	–
	There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the three months ended February 28, 2014 and the year ended November 30, 2013.
	Level 2 liabilities consist of a short term, unsecured, related party promissory note. No fair value adjustment was necessary during the three months ended February 28, 2014 and the year ended November 30, 2013.

5_Fixed_Assets_and_Deposits

5. Fixed Assets and Deposits	3 Months Ended
	Feb. 28, 2014
Property, Plant and Equipment [Abstract]	'
Fixed Assets and Deposits	'
	Fixed assets consist of the following at February 28, 2014 and November 30, 2013, respectively:
		February 28,			November 30,
		2014			2013
	Office equipment	$	1,439		$	1,439
	Less accumulated depreciation		(216	)		(144	)
		$	1,223		$	1,295
	Depreciation and amortization expense totaled $72 and $-0- for the three months ended February 28, 2014 and 2013, respectively.
	During the period ended February 28, 2014, the Company made a payment of $97,734 toward Tidewater Agreement, See Note 6. The total purchase price for the unproven leases is $290,000 and is payable by the Company as follows: $45,000 on or before December 21, 2013, $45,000 on or before February 4, 2014, $100,000 on or before May 5, 2014 and $100,000 on or before August 3, 2014. The leases will not be transferred to the Company until the purchase price has been paid in full. The Company has also agreed to assume its proportionate share of all rental payments due on the leases, beginning immediately. The Company is not obligated to make payments; however, if the Company fails to pay timely any rental payment, it will lose its interest in the underlying lease.

6_Oil_and_Gas_Properties

6. Oil and Gas Properties	3 Months Ended
	Feb. 28, 2014
Extractive Industries [Abstract]	'
6. Oil and Gas Properties	'
	Oil and gas properties consist of the following at February 28, 2014 and November 30, 2013, respectively:
		February 28,			November 30,
		2014			2013
	Oil and gas properties	$	127,734		$	30,000
	Less impairment		(30,000	)		(30,000	)
		$	97,734		$	–
	Tidewater Agreement
	On November 14, 2013, the Company, entered into a purchase agreement (the “Tidewater Agreement”) with Tidewater Oil & Gas Company LLC (“Tidewater”) pursuant to which the Company agreed to purchase an 87.5% working interest in unproven oil and gas leases covering approximately 36,787 acres in Iron County, Utah. Tidewater has agreed to deliver the leases to the Company with an 80% net revenue interest. Tidewater’s sale of the leases was subject to the approval of the U.S. District Court for the District of Colorado (the “Bankruptcy Court”), which is presiding over Tidewater’s Chapter 11 bankruptcy proceedings. The Bankruptcy Court approved the sale of the leases on December 11, 2013.
	Pursuant to the Tidewater Agreement, the purchase price for the leases is $290,000 and is payable by the Company as follows: $45,000 on or before December 21, 2013, $45,000 on or before February 4, 2014, $100,000 on or before May 5, 2014 and $100,000 on or before August 3, 2014. The Company made the initial $45,000 payment on December 17, 2013. The leases will not be transferred to the Company until the purchase price has been paid in full. The Company has also agreed to assume its proportionate share of all rental payments due on the leases, beginning immediately. The Company is not obligated to make payments; however, if the Company fails to pay timely any rental payment, it will lose its interest in the underlying lease.
	The Tidewater Agreement contemplates the drilling of an initial 12,000 foot vertical test well in the Jurassic-Navajo, Permian-Kaibab formation on the leases. Although Tidewater will retain a 12.5% working interest in the leases, the Company has agreed to pay 100% of the cost of drilling and completing this test well, which is estimated to be approximately $2.5 million. The Company has agreed to pre-pay such costs at least 30 days prior to the spud date, which is expected to be no later than February 3, 2015. If the Company fails to prepay such costs, it will forfeit its interests in the oil and gas leases and Tidewater will retain the purchase price. On January 30, 2014, the Company paid $52,734 to Tidewater, for reimbursement for costs of $7,734 and the second installment of the purchase price of $45,000.
	Pioneer Agreement
	On October 19, 2013, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with Pioneer Oil and Gas (the “Seller”) pursuant to which the Company has agreed to purchase the Seller’s interest in two separate oil and gas leases issued by the Bureau of Land Management for the United States (the “BLM”), comprising 4,150 acres in Beaver County, Utah, for an aggregate purchase price of $460,000 (the “Purchase Price”). The Company has also agreed to assume all rental payments due on the leases. The Seller intends to convey to the Company a 100% working interest and an 80% net revenue interest in the leases. The Seller and certain other parties have retained an aggregate 20% overriding royalty interest in the leases. Both leases expire on January 1, 2017.
	The Purchase Price is payable by the Company as follows: $30,000 on or before October 25, 2013, $30,000 on or before December 25, 2013, $100,000 on or before February 25, 2014, $100,000 on or before April 25, 2014, $100,000 on or before June 25, 2014 and $100,000 on or before August 25, 2014. If the Company fails to make a payment on time, the Purchase Agreement will terminate. The Company made the initial $30,000 payment on October 25, 2013. The leases will not be transferred to the Company until the Purchase Price has been paid in full; however, the Company is responsible for all lease payments beginning immediately. All payments made by the Company are non-refundable and will be forfeited to the Seller as liquidated damages if the Company does not pay the full purchase price to acquire the Leases.
	Upon payment of the final installment of the Purchase Price and no later than September 15, 2014, the Company will file and record with the BLM and relevant county recorder office all of the paperwork necessary to assign the leases to the Company. The Seller represents and warrants that title to the leases will be free and clear of all liens, mortgages, encumbrances and other claims and further represents and warrants title to the leases against the claims of all persons claiming by or through the Seller.
	In the event that the 1 Falcon Well currently being drilled by Falcon Exploration Company near the acreage subject to these leases is deemed a commercial well producing oil or natural gas in commercial quantities, the Purchase Agreement will automatically terminate and be rendered null and void. The Seller will retain the leases and will return all of the funds previously paid to the Company.
	On December 23, 2013, the Company delivered written notice to Seller of the Company’s intention to terminate the purchase agreement with Seller dated October 19, 2013 (the “Hinge Line Agreement”).
	Pursuant to the Hinge Line Agreement, the Company agreed to purchase Seller’s interest in two oil and gas leases comprising 4,150 acres in Beaver County, Utah, for an aggregate purchase price of $460,000. The Company made an initial payment of $30,000 to Seller on October 25, 2013, but has not made any subsequent payments. Under the Hinge Line Agreement, title to the oil and gas leases would not be transferred to the Company until the full $460,000 purchase price had been paid to Seller. Accordingly, Seller will retain all rights to the oil and gas leases that are the subject of the Hinge Line Agreement, and Seller is entitled to retain the initial $30,000 payment as liquidated damages in accordance with the terms of the Hinge Line Agreement. The initial payment was capitalized and impaired in October 2013.

7_Notes_Payable_Related_Party

7. Notes Payable, Related Party	3 Months Ended
	Feb. 28, 2014
Debt Disclosure [Abstract]	'
Notes Payable, Related Party	'
	Note payable, related party consists of the following at February 28, 2014 and November 30, 2013, respectively:
		February 28,		November 30,
		2014		2013
	10% unsecured demand loan from Daniel M. Ferris, CEO bearing interest at 10% per annum.	$	47,749	$	47,749
	The Company had accrued interest of $6,891 and $4,529 owed to the Company’s CEO as of February 28, 2014 and November 30, 2013, respectively.
	Interest expense was $2,362 and $1,033 for the three months ended February 28, 2014 and 2013, respectively.

8_Stockholders_Equity

8. Stockholders' Equity	3 Months Ended
	Feb. 28, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	The Company has authorized 75,000,000 shares of $0.001 par value common stock.
	Common Stock
	On October 12, 2009, the Company issued 2,000,000 founder’s shares to the Company’s former CEO at the par value of $0.001 in exchange for proceeds of $2,000.
	On October 12, 2009, the Company issued 50,000 founder’s shares to a former Director of the Company at $0.01 in exchange for proceeds of $500.
	During the month of October, 2009, the Company issued 1,300,000 founder’s shares at the $0.01 in exchange for proceeds of $13,000.
	On July 19, 2013, the Company entered into a Securities Purchase Agreement with Fieldstone Industries, Inc., pursuant to which the Company agreed to issue 150,000 shares of Common Stock to the investor for an aggregate purchase price of $50,000, or $0.3333 per share.
	On August 20, 2013, the Company entered into a Securities Purchase Agreement with Fieldstone Industries, Inc., pursuant to which the Company agreed to issue 150,000 shares of Common Stock to the investor for an aggregate purchase price of $50,000, or $0.3333 per share.
	On October 7, 2013, the Company entered into a Securities Purchase Agreement with Fieldstone Industries, Inc., pursuant to which the Company agreed to issue 250,000 shares of Common Stock to the investor for an aggregate purchase price of $100,000, or $0.40 per share. As of February 28, 2014, 100,000 shares were issued and the remaining 150,000 shares valued at $60,000 remains unissued and recorded as a stock payable.
	On January 9, 2014, the Company entered into a Securities Purchase Agreement with Fieldstone Industries, Inc., pursuant to which the Company agreed to issue 250,000 shares of Common Stock to the investor for an aggregate purchase price of $100,000, or $0.40 per share.
	On February 6, 2014, the Company entered into a Securities Purchase Agreement with Fieldstone Industries, Inc., pursuant to which the Company agreed to issue 250,000 shares of Common Stock to the investor for an aggregate purchase price of $100,000, or $0.40 per share.
	On February 27, 2014, On February 6, 2014, the Company entered into a Securities Purchase Agreement with Fieldstone Industries, Inc., pursuant to which the Company agreed to issue 250,000 shares of Common Stock to the investor for an aggregate purchase price of $100,000, or $0.40 per share. The proceeds was received, but the shares have not been issued and as of February 28, 2014 recorded as a stock payable.
	Contributed Capital
	On July 6, 2012, a total of $40,307 of debts, including accrued interest of $5,954, owed to the former CEO were forgiven and contributed to capital.
	On June 26, 2012, a total of $22,672 of debt, including accrued interest of $1,237 was forgiven and contributed to capital.

9_Subsequent_Events

9. Subsequent Events	3 Months Ended
	Feb. 28, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	The Company has not conducted any reportable subsequent events through the date of the filing of this report.

1_Nature_of_Business_and_Signi1

1. Nature of Business and Significant Accounting Policies (Policy)	3 Months Ended
	Feb. 28, 2014
Accounting Policies [Abstract]	'
Nature of Business	'
	Nature of Business
	Virtus Oil and Gas Corp. (“the Company”) was incorporated in the state of Nevada on September 30, 2009 (“Inception”). The Company was originally formed as Curry Gold Corp to become an operator and franchisor of fast-casual food catering vans that capitalize on the growing trend of food to go (convenience food) with its Currywurst product, a product native to Germany, and market it through Switzerland and into major metropolitan US cities. On July 17, 2012, however, the Company abandoned its plans to enter into the catering van business and is now an oil and gas exploration and production company.
Basis of Presentation	'
	Basis of Presentation
	The financial statements included herein, presented in accordance with United States generally accepted accounting principles and is stated in US currency have been prepared by the Company pursuant to the rules and regulations of the SEC.
	The Company is considered to be in the development stage as defined by FASB ASC 915-10-05. This standard requires companies to report their operations, shareholders equity and cash flows from inception through the reporting date. The Company will continue to be reported as a development stage entity until, among other factors, revenues are generated from management’s intended operations. Management has provided financial data since inception (September 30, 2009).
	The Company has adopted a fiscal year end of November 30.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	We maintain cash balances in non-interest-bearing accounts, which do not currently exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents.
Start-Up Costs	'
	Start-Up Costs
	The Company accounts for start-up costs, including organization costs, whereby such costs are expensed as incurred.
Development Stage Policy	'
	Development Stage Policy
	The Company has not earned revenue from planned principal operations since inception (insert date of inception). Accordingly, the Company's activities have been accounted for as those of a "Development Stage Enterprise" as set forth by current authoritative account literature. Among the disclosures required by current accounting literature are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception.
Stock Based Compensation	'
	Stock Based Compensation
	Stock-based awards to non-employees are accounted for using the fair value method.
	The Company adopted provisions which require that we measure and recognize compensation expense at an amount equal to the fair value of share-based payments granted under compensation arrangements.
	The Company has adopted the “modified prospective” method, which results in no restatement of prior period amounts. This method would apply to all awards granted or modified after the date of adoption. In addition, compensation expense must be recognized for any unvested stock option awards outstanding as of the date of adoption on a straight-line basis over the remaining vesting period. The Company will calculate the fair value of options using a Black-Scholes option pricing model. The Company does not currently have any outstanding options subject to future vesting therefore no charge is required for the periods presented. Our method also requires the benefits of tax deductions in excess of recognized compensation expense to be reported in the Statement of Cash Flows as a financing cash inflow rather than an operating cash inflow. In addition, our method required a modification to the Company’s calculation of the dilutive effect of stock option awards on earnings per share. For companies that are using the “modified prospective” method, disclosure of pro forma information for periods prior to adoption must continue to be made.
Income Taxes	'
	Income Taxes
	Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not, that such asset will not be recovered through future operations.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	Financial instruments consist principally of cash, trade and related party payables and accrued liabilities. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to significant currency or credit risks arising from these financial instruments.
Revenue Recognition	'
	Revenue Recognition
	Revenue is recognized at the time of sale if collectability is reasonably assured. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.
Basic and Diluted Loss per Share	'
	Basic and Diluted Loss per Share
	The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The new guidance requires that unrecognized tax benefits be presented on a net basis with the deferred tax assets for such carryforwards. This new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013. We do not expect the adoption of the new provisions to have a material impact on our financial condition or results of operations.
	In February 2013, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income , to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:
		-	Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and
		-	Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.
	The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.
	In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities , which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.
	In October 2012, the FASB issued ASU 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

4_Fair_Value_of_Financial_Inst1

4. Fair Value of Financial Instruments (Tables)	3 Months Ended
	Feb. 28, 2014
Fair Value Of Financial Instruments Tables	'
Valuation of financial instruments	'
			Fair Value Measurements at February 28, 2014
			Level 1		Level 2		Level 3
	Assets
	Cash	$	–	$	–	$	–
	Total assets		–		–		–
	Liabilities
	Note payable, related party		–		–		–
	Total liabilities		–		–		–
		$	–	$	–	$	–
			Fair Value Measurements at November 30, 2013
			Level 1		Level 2		Level 3
	Assets
	None	$	–	$	–	$	–
	Total assets		–		–		–
	Liabilities
	None		–		–		–
	Total liabilities		–		–		–
		$	–	$	–	$	–

5_Fixed_Assets_Tables

5. Fixed Assets (Tables)	3 Months Ended
	Feb. 28, 2014
Property, Plant and Equipment [Abstract]	'
Fixed assets	'
		February 28,			November 30,
		2014			2013
	Office equipment	$	1,439		$	1,439
	Less accumulated depreciation		(216	)		(144	)
		$	1,223		$	1,295

6_Oil_and_Gas_Properties_Table

6. Oil and Gas Properties (Tables)	3 Months Ended
	Feb. 28, 2014
Extractive Industries [Abstract]	'
Oil and gas properties	'
		February 28,			November 30,
		2014			2013
	Oil and gas properties	$	127,734		$	30,000
	Less impairment		(30,000	)		(30,000	)
		$	97,734		$	–

7_Notes_Payable_Related_Party_

7. Notes Payable, Related Party (Tables)	3 Months Ended
	Feb. 28, 2014
Debt Disclosure [Abstract]	'
Notes payable, related party	'
		February 28,		November 30,
		2013		2012
	10% unsecured demand loan from Daniel M. Ferris, CEO bearing interest at 10% per annum.	$	47,749	$	47,749

2_Going_Concern_Details_Narrat

2. Going Concern (Details Narrative) (USD $)	Feb. 28, 2014
Risks and Uncertainties [Abstract]	'
Working capital	($37,621)

3_Related_Party_Details_Narrat

3. Related Party (Details Narrative) (USD $)	3 Months Ended		53 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Compensation expense	$566,667	$0	$566,667
Professional fees	46,344	14,145	227,459
Ferris	'	'	'
Due to related party	49,057	'	49,057
Fair market value of stock grant	1,200,000	'	'
Officer compensation	30,000	'	'
Compensation expense	100,000	'	'
Clear Financial	'	'	'
Professional fees	13,500	'	'
Stock issued for services, shares	500,000	'	'
Stock issued for services, value	400,000	'	'
Compensation expense on unissued portion of stock grant	$66,667	'	$66,667

4_Fair_Value_of_Financial_Inst2

4. Fair Value of Financial Instruments (Details) (USD $)	Feb. 28, 2014	Feb. 28, 2013
Fair value valuation assets	$0	$0
Fair value valuation liabilities	0	0
Fair Value, Inputs, Level 1 [Member]	'	'
Fair value valuation assets	0	0
Fair value valuation liabilities	0	0
Fair Value, Inputs, Level 2 [Member]	'	'
Fair value valuation assets	0	0
Fair value valuation liabilities	0	0
Fair Value, Inputs, Level 3 [Member]	'	'
Fair value valuation assets	0	0
Fair value valuation liabilities	$0	$0

5_Fixed_Assets_Details

5. Fixed Assets (Details) (USD $)	3 Months Ended		53 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Nov. 30, 2013
Fixed Assets Details	'	'	'	'
Office equipment	$1,439	'	$1,439	$1,439
Less Accumulated depreciation	-216	'	-216	-144
Fixed assets, net	1,223	'	1,223	1,295
Depreciation expense	$72	$0	$216	'

6_Oil_and_gas_properties_Detai

6. Oil and gas properties (Details) (USD $)	Feb. 28, 2014	Nov. 30, 2013
Oil And Gas Properties Details	'	'
Oil and gas properties, gross	$127,734	$30,000
Less impairment	-30,000	-30,000
Oil and gas properties, net	$97,734	$0

7_Note_Payable_Related_Party_D

7. Note Payable Related Party (Details) (USD $)	Feb. 28, 2014	Nov. 30, 2013
Note payable, related party	'	'
Note payable, related party	$47,749	$47,749

7_Note_Payable_Related_Party_D1

7. Note Payable, Related Party (Details Narrative) (USD $)	3 Months Ended		53 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Nov. 30, 2013
Note Payable Related Party Details Narrative	'	'	'	'
Accrued interest, related party	$6,891	'	$6,891	$4,529
Interest expense	$2,362	$1,033	$14,081	'