CALGARY, ALBERTA–(Marketwired – June 28, 2013) – Vast Exploration Inc. (TSX VENTURE:VST), a Forbes & Manhattan Energy Group company, reports that it has completed a transaction with an independent third party company to sell two of its wholly owned subsidiaries historically involved in natural gas exploration and production operations in Alberta and Alabama. In consideration for the sale of the subsidiaries and the assignment of debt owed by the subsidiaries to Vast, the purchaser has provided Vast with a promissory note in the amount of $325,000, with interest payable at 3% per annum. The payments to Vast under the promissory note will be made in increments over a three year period.
The sale transaction by Vast is a divestment of two non-core subsidiaries with potential liabilities due to historical operations. This transaction is a part of the company’s ongoing plans to restructure and refocus for its next potential venture. Vast currently holds a net 10% carried interest in the Putumayo 3 oil and gas block in Colombia and plans on evaluating and pursuing new acquisition opportunities.