Forbes & Manhattan Inc.

Forbes & Manhattan Inc.
Longford Energy Inc.
TSX VENTURE : LFD

Longford Energy Inc.
Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

September 28, 2009 00:01 ET

Forbes and Its Companies Comment on the Recent Dispute Between the KRG and an Independent Contractor

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2009) - Forbes & Manhattan, Inc. ("Forbes") together with Longford Energy Inc. ("Longford") (TSX VENTURE:LFD) and Vast Exploration Inc. ("Vast") (TSX VENTURE:VST) (the "Companies") would like to reiterate its continued confidence in its investment projects in the Kurdistan Region of Iraq. Further to recent media reports regarding a dispute between the Kurdistan Regional Government ("KRG") and an independent contractor, the Companies confirm that their operations in the region remain unaffected. Over the past several years, Forbes has dealt with the KRG on various investment projects, including negotiations with the Ministry of Natural Resources, for the acquisition of interests in the Qara Dagh and Chia Surkh petroleum exploration and development blocks. Forbes has always been highly impressed by the structure, efficiency and degree of transparency of these discussions. The KRG has in the past engaged leading international oil and gas advisors to formulate a competitive model Production Sharing Contract ("PSC") incorporating international industry standards to attract investors to the region. Vast negotiated the Qara Dagh PSC and Longford negotiated the Chia Surkh PSC with the KRG in a professional and transparent manner.

Forbes has investments in over 22 countries and has made the Kurdistan Region of Iraq one of its core focus areas due to its security, stability and investor friendly policies. Vast and Longford maintain confidence in their respective PSCs with the KRG and reaffirm their position that the PSCs used in the region provide excellent incentives to attract experienced contractors to a world class petroleum basin. The contracts used provide reasonable protection to the companies through mechanisms such as fiscal stabilization, international arbitration and various dispute resolutions.

Stan Bharti, Chairman, commented, "All interactions that we have had with the Ministry of Natural Resources have been conducted professionally, ethically and in the spirit of achieving the best results for the people of the Kurdistan Region and Iraq. The Minister has done an admirable job formulating the strategic policies to attract significant investors in the participation and development of the oil and gas industry in the region."

U.S. Army General (ret'd) Jay Garner, an advisor to Forbes and its companies, stated, "The petroleum sector is an example of the progressive development of the Kurdistan Region over the last several years. Since being formed, the Ministry has attracted over 35 leading international oil and gas companies through its investor friendly policies, which will in turn lead to the creation of significant wealth for the people."

About Forbes & Manhattan, Inc.

Forbes & Manhattan Inc. is a private merchant bank operating in Canada, the U.S., Western Europe, Africa and the Middle East. Forbes creates shareholder value by putting together a successful combination of assets, management, financial and marketing support in early stage public companies in the resource sector.

About Longford Energy Inc.

Longford Energy Inc., is a junior Canadian oil and gas exploration and production company. Longford has acquired a significant interest in the Chia Surkh Block Production Sharing Contract in the Kurdistan Region - Iraq. The Block offers both a field development opportunity and multiple exploration prospects.

About Vast Exploration Inc.

Vast Exploration Inc. is an independent oil and gas company, and a partner of Niko Resources Ltd. Vast is focused on the exploration and development of its principal asset, the Qara Dagh Block, in the Kurdistan region of Iraq. The Qara Dagh Block lies on trend with existing discoveries and is located in the prolific Zagros Fold Belt of Northern Iraq which contains several large fields including the super-giant Kirkuk field.

Forward-Looking Statement Warning

This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the acquisition of the blocks, the prospective geology of the blocks, the impact of the acquisitions on Vast and Longford, the relationship with the KRG on an ongoing basis, security and stability in the area and the receipt of all necessary approvals, including shareholder and regulatory approvals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; acquisition risks; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information