Vast Exploration Inc.: Relinquishment of Qara Dagh Block
CALGARY, ALBERTA -- (Marketwire) -- 11/15/12 -- Vast Exploration Inc.
(TSX VENTURE:VST) 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
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
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
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Vast Exploration Inc.
President and CEO
+1 (403) 441-1173
Press spacebar to pause and continue. Press esc to stop.