Vast Sells Alabama Natural Gas Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

Sold two of its natural gas subsidiaries in Alabama and Alberta.

Vast Exploration Inc. (Toronto Venture: VST) has sold two of its wholly-owned natural gas subsidiaries in Alabama and Alberta to an undisclosed buyer for an unidentified price.

The buyer has given Vast a promissory note for $325,000 with interest payable at 3% per annum and has assumed the debt of the natural gas subsidiaries.

The sale by Vast is of two non-core subsidiaries and is part of the company’s ongoing plans to restructure and refocus 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 pursuing new acquisitions.

Vast Exploration is backed by Forbes & Manhattan Energy Group and is based in Calgary.