Colt has been pitching for Albuquerque of the PCL this season. He has a 4.08 ERA in 42 games, all in relief. He has 10 walks and 46 strikeouts in 53 innings. He pitched for the Padres in 2013, 22 games, a 9.00 ERA, 25 hits, 9 walks and 13 strikeouts in 17 innings and that's the extent of his MLB career so far.
I imagine he's going to be depth at Buffalo, they are down a couple of pitchers lately, with Neil Wagner's Tommy John surgery and Brad Mills sitting in DFA limbo at the moment. Beyond that, I don't see that he's really worth a spot on the 40-man roster.
Welcome to the Jays Colt.