Vast Exploration Inc., along with its consortium partners Niko Resources Ltd. and Groundstar Resources Inc., 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.

Tags: Vast Exploration Inc.