Vast Exploration Inc.: Relinquishment of Qara Dagh Block
CALGARY, ALBERTA, Nov 15, 2012 (Menafn - Marketwire via COMTEX) --Vast Exploration Inc. announces that along with its consortium partners Niko Resources Ltd. and Groundstar Resources Inc., it has entered into a relinquishment and termination agreement (the "Relinquishment Agreement") with the Kurdistan Regional Government ("KRG") to surrender their collective interests in the Qara Dagh Block located in the Kurdistan Region of Iraq. Vast acquired a working interest in the block under a production sharing agreement signed in 2009. During the first exploration period, the operator, Niko Resources, conducted a seismic program and drilled one exploration well, which was not commercially successful. Subsequently, an extensive process was undertaken by the operator to find a suitable farm-in partner, which was ultimately unsuccessful.
Pursuant to the Relinquishment Agreement, and after settlement of outstanding expenses, Vast expects to recover a net amount of USD 3.25 Million within the next 12 months.
Mr. Sig Slotboom, President & CEO stated that "Although we are disappointed with the results of our joint venture in Kurdistan, we are pleased to be released from any further obligations on a mutually acceptable basis. In the near term the company will be seeking to reorganize and evaluate new E&P investment opportunities."
In connection with entering into the Relinquishment Agreement, the company also announces the resignation of General Jay Garner (Ret) from its board of directors and appoints Mr. Robin Birchall as a new director. On behalf of the board, Mr. Ahmed Said commented "The guidance and leadership provided by Gen. Garner over the course of this Kurdistan project has been exceptional, and we wish him the best with their future endeavors. At the same time, we would like to welcome Mr. Birchall as a new member of the board."
Robin Birchall has over fourteen years of experience as a resource Corporate Financier, most recently with BMO Capital Markets where he completed a variety of high profile transactions for resource companies. Prior to BMO, Mr. Birchall was V.P. Corporate Finance at Canaccord Adams Ltd. and also at Brown Shipley & Co. Mr. Birchall earned an MBA from the University of Cape Town in South Africa, an Msc in European and International Politics from Edinburgh University in Scotland, a Premiere Degre en Langues Literature et Civilisation, from Stendahl Universite in France and his BA from Queens University in Canada.
Vast also announces the appointment of Mr. Sam Yik as Chief Financial Officer of the Company, effective immediately. The appointment of Mr. Yik follows the resignation of Ms. Deborah Battiston as Interim Chief Financial Officer of the Company. The Company would like to thank Ms. Battiston for her service as Interim Chief Financial Officer.
Mr. Yik is a chartered accountant with over 20 years of diversified business experience in areas of accounting, finance, corporate development, marketing, and logistics, with focus primarily in the resource sector. Mr. Yik graduated from the University of British Columbia and is a member of the Institute of Chartered Accountants of British Columbia. Mr. Yik obtained his CA designation while articling with the Vancouver office of KPMG and is also a member of the CICA's (Canadian Institute of Chartered Accountant) Small Business Advisory Group.
Mr. Yik has been directly involved in the mining industry for a number of years and has held senior financial, commercial, and operational positions with exploration and commercial production stage companies publically listed in Canada and the United States. Mr. Yik also spent 11 years with a large public petro-chemical company, where his roles served increasing responsibilities in reporting, marketing, logistics, and commercial management in an international setting.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the relinquishment of the Qara Dagh Block, the recovery of funds pursuant to the Relinquishment Agreement, the reorganization of the Company and evaluation of new investment opportunities and the resignation and appointment of directors and officers. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT: Vast Exploration Inc. Sig Slotboom President and CEO 1 (403) 441-1173 www.vastexploration.com
SOURCE: Vast Exploration Inc.
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