RAB Special Situations L.P.

Vast Exploration Inc.

Vast Exploration Inc.

April 22, 2005 17:37 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

APRIL 22, 2005 - 17:37 ET

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

LONDON, UNITED KINGDOM--(CCNMatthews - April 22, 2005) - RAB Special
Situations L.P. ("Special Situations") announces that Special Situations
subscribed for a total of 1,000,000 units (the "Units") of Vast
Exploration Inc. (TSX VENTURE:LOO) (the "Company") at a price of
Cdn.$0.50 per Unit (the "Private Placement"). Each Unit consists of one
common share in the capital of the Company (a "Share") and one-half
(1/2) of one (1) Share purchase warrant (a "Warrant") of the Company.
Each whole Warrant entitles Special Situations to acquire one additional
Share of the Company (a "Warrant Share") at a price of Cdn.$0.65 per
Warrant Share for a period of eighteen (18) months from the Closing
Date. The transaction took place off the market by way of private
placement and closed on March 29, 2005.

Special Situations has ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 8.83% 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
1,466,667 Shares and 966,667 Warrants, representing approximately 13.94%
of the issued and outstanding Shares on a Partially Diluted Basis and
William Philip Seymour Richards ("Philip Richards"), who may be
considered a joint actor with Special Situations, owned 166,667 Shares
and 166,667 Warrants, representing approximately 2.00% of the issued and
outstanding Shares on a Partially Diluted Basis.

Special Situations 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. However, Special Situations together
with joint actors, if any, does not intend to acquire 20% or more 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
    (+44) 20-7389-7054 (FAX)
    nw@rabcap.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.