NR farmout 90% Columbia assets

Welcome To The Vast Exploration HUB On AGORACOM

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Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Sincerely,

George et al

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duncanmcl

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NR farmout 90% Columbia assets

posted on Jul 02, 2011 02:50PM

Vast Exploration Inc. Closes 10% Acquisition Of Exploration Block in The Putumayo Basin Of Colombia

May 17, 2011 - Calgary, Alberta, - Vast Exploration Inc. (“Vast” or the “Company”) (TSX-V: VST) is pleased to announce that it has closed its previously announced farm-out of a 90% interest in the Putumayo Basin of Colombia Block (the "Block") to a wholly-owned subsidiary of Sagres Energy Inc. (“Sagres”) in consideration for the Company retaining a 10% carried interest during the first exploration phase (the "Carried Interest") (See News Release dated April 20, 2011).

The Block has an area of 148,000 acres (gross) and is located in the Putumayo Basin of Colombia. The Block offers exploration upside on a structural trend with existing discoveries, and is situated strategically between two blocks (CAG-6 and PUT-09) awarded to Pacific Rubiales and Talisman Energy, respectively. The Block carries a royalty of 7% payable to the Government of Colombia in addition to the basic royalty scheme established under Colombia Law, being 8% for up to 5,000 bopd and increasing to 25% for a 600,000 bopd field. All other terms of the contract are standard to the model Colombian E&P Contract. Sagres will have an option to acquire the Company’s Carried Interest in the Block over the next twelve months at a price to be mutually agreed.

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