Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

October 15, 2009 12:03 ET

Vast Exploration-99% of Votes Cast FOR Acquisition of Additional 10% Interest in Qara Dagh

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2009) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to announce that Vast shareholders have approved the creation of a new Control Person (as such term is defined by the TSX Venture Exchange) through the issuance of 60,000,000 common shares in the capital of the Corporation to the Kurdistan Regional Government of Iraq in return for an additional 10% net working interest in the Qara Dagh Production Sharing Contract (the "Acquisition"). As a result of the Acquisition, Vast will hold an aggregate 37% net working interest in the PSC.

At the special meeting, more than 99% of the votes cast were voted FOR the Acquisition. Completion of the Acquisition remains subject to the required regulatory approvals, including the approval of the TSX Venture Exchange. Vast plans to close the Acquisition in the coming weeks.

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 completion of the proposed acquisition, the prospective geology of the block, the terms of acquisition, the impact of the acquisition on Vast and 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

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