RAB Special Situations L.P.

Vast Exploration Inc.

Vast Exploration Inc.

February 11, 2005 15:17 ET

RAB SPECIAL SITUATIONS L.P./Vast Exploration Inc.-Announcement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RAB SPECIAL SITUATIONS L.P.

AND VAST EXPLORATION INC.

TSX VENTURE SYMBOL: LOO

FEBRUARY 11, 2005 - 15:17 ET

RAB SPECIAL SITUATIONS L.P./Vast Exploration
Inc.-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - Feb. 11, 2005) - RAB Special
Situations L.P. ("Special Situations") announces that Special Situations
and William Philip S. Richards ("Philip Richards") (collectively the
"Subscribers"), respectively subscribed for a total of 466,667 and
166,667 units (the "Units") of Vast Exploration Inc. (TSX VENTURE:LOO)
(the "Company") at a price of Cdn.$0.30 per Unit (the "Private
Placement"). Each Unit consists of one common share in the capital of
the Company (a "Share") and one (1) Share purchase warrant (a "Warrant")
of the Company. Each whole Warrant entitles the Subscribers to acquire
one additional Share of the Company (a "Warrant Share") at a price of
Cdn.$0.35 per Warrant Share for a period of twenty-four (24) months from
the Closing Date. The transaction took place off the market by way of
private placement and closed on February 8, 2005.

The Subscribers have ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 11.37% of the issued and outstanding Shares on a partially
diluted basis (assuming exercise of the Warrants) ("Partially Diluted
Basis").

Immediately after the Private Placement, Special Situations owned
466,667 Shares and 466,667 Warrants, representing approximately 8.50% of
the issued and outstanding Shares on a Partially Diluted Basis and
Philip Richards owned 166,667 Shares and 166,667 Warrants, representing
approximately 3.12% of the issued and outstanding Shares on a Partially
Diluted Basis.

The Subscribers purchased securities for investment purposes only and
not with the purpose of influencing the control or direction of the
Company. Special Situations together with joint actors, if any, may,
subject to market conditions, make additional investments in or
dispositions of securities of the Company in the future, including
additional purchases of Shares. Special Situations together with joint
actors, if any, does not, however, intend to acquire 20% of any class of
the outstanding voting or equity securities of the Company.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RAB Special Situations L.P.
    Mr. Neil Warrender
    (44) 20-7389-7000
    nw@rabcap.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.