Vast Exploration Inc. has terminated the farm-out agreement entered into with Sagres Energy Inc. related to PUT-03, a 148,005 acre block located in the Putumayo Basin of Columbia (the "Block"). Vast successfully acquired the Block in June 2010 through a bidding round organized by the Agencia Nacional de Hidrocarburos of Colombia.

As per the terms of the Agreement, Vast farmed out a 90% interest in the Block to a subsidiary of Sagres Energy Inc. in exchange for retaining a 10% carried interest during the first exploration phase, which consisted of a minimum expenditure of USD$12.9 million over a period of 36 months.

Tags: Vast Exploration Inc.