Vast Exploration Inc.: Relinquishment of Qara Dagh Block
CALGARY, ALBERTA, Nov 15, 2012 (Menafn - MARKETWIRE via COMTEX) --Vast Exploration Inc. announces that along withits consortium partners Niko Resources Ltd. and Groundstar ResourcesInc., it has entered into a relinquishment and termination agreement(the "Relinquishment Agreement") with the Kurdistan RegionalGovernment ("KRG") to surrender their collective interests in theQara Dagh Block located in the Kurdistan Region of Iraq. Vastacquired a working interest in the block under a production sharingagreement signed in 2009. During the first exploration period, theoperator, Niko Resources, conducted a seismic program and drilled oneexploration well, which was not commercially successful.Subsequently, an extensive process was undertaken by the operator tofind a suitable farm-in partner, which was ultimately unsuccessful.
Pursuant to the Relinquishment Agreement, and after settlement ofoutstanding expenses, Vast expects to recover a net amount of USD3.25 Million within the next 12 months.
Mr. Sig Slotboom, President & CEO stated that "Although we aredisappointed with the results of our joint venture in Kurdistan, weare pleased to be released from any further obligations on a mutuallyacceptable basis. In the near term the company will be seeking toreorganize and evaluate new E&P investment opportunities."
In connection with entering into the Relinquishment Agreement, thecompany also announces the resignation of General Jay Garner (Ret)from its board of directors and appoints Mr. Robin Birchall as a newdirector. On behalf of the board, Mr. Ahmed Said commented "Theguidance and leadership provided by Gen. Garner over the course ofthis Kurdistan project has been exceptional, and we wish him the bestwith their future endeavors. At the same time, we would like towelcome Mr. Birchall as a new member of the board."
Robin Birchall has over fourteen years of experience as a resourceCorporate Financier, most recently with BMO Capital Markets where hecompleted a variety of high profile transactions for resourcecompanies. Prior to BMO, Mr. Birchall was V.P. Corporate Finance atCanaccord Adams Ltd. and also at Brown Shipley & Co. Mr. Birchallearned an MBA from the University of Cape Town in South Africa, anMsc in European and International Politics from Edinburgh Universityin Scotland, a Premiere Degre en Langues Literature et Civilisation,from Stendahl Universite in France and his BA from Queens Universityin Canada.
Vast also announces the appointment of Mr. Sam Yik as Chief FinancialOfficer of the Company, effective immediately. The appointment of Mr.Yik follows the resignation of Ms. Deborah Battiston as Interim ChiefFinancial 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 diversifiedbusiness experience in areas of accounting, finance, corporatedevelopment, marketing, and logistics, with focus primarily in theresource sector. Mr. Yik graduated from the University of BritishColumbia and is a member of the Institute of Chartered Accountants ofBritish Columbia. Mr. Yik obtained his CA designation while articlingwith the Vancouver office of KPMG and is also a member of the CICA's(Canadian Institute of Chartered Accountant) Small Business AdvisoryGroup.
Mr. Yik has been directly involved in the mining industry for anumber of years and has held senior financial, commercial, andoperational positions with exploration and commercial productionstage companies publically listed in Canada and the United States.Mr. Yik also spent 11 years with a large public petro-chemicalcompany, where his roles served increasing responsibilities inreporting, marketing, logistics, and commercial management in aninternational setting.
This press release contains "forward-looking information" within themeaning 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, thereorganization of the Company and evaluation of new investmentopportunities and the resignation and appointment of directors andofficers. Generally, forward looking information can be identified bythe 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 thatcertain actions, events or results "may", "could", "would", "might"or "will be taken", "occur" or "be achieved". Forward-lookinginformation is subject to known and unknown risks, uncertainties andother factors that may cause the actual results, level of activity,performance or achievements of the Company to be materially differentfrom those expressed or implied by such forward-looking information,including but not limited to: general business, economic,competitive, geopolitical and social uncertainties; the actualresults of exploration activities; regulatory risks; risks inherentin foreign operations; and other risks of the oil and gas industry.Although the Company has attempted to identify important factors thatcould cause actual results to differ materially from those containedin forward-looking information, there may be other factors that causeresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate, asactual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information. The Company does notundertake to update any forward-looking information, except inaccordance with applicable securities laws.
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Vast Exploration Inc.
President and CEO
1 (403) 441-1173
SOURCE: Vast Exploration Inc.
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