Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

November 02, 2009 07:30 ET

Vast Exploration Inc.-Provides Operational Update

CALGARY, ALBERTA--(Marketwire - Nov. 2, 2009) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to provide an operational update with regards to its exploration activities on the Qara Dagh Block in the Kurdistan Region of Iraq.

As previously announced, in June 2009, the Consortium successfully completed the acquisition of 355 kilometers of 2D seismic program over the surface structure that dominates the Block. The seismic data was subsequently processed, interpreted and integrated with surface and regional geologic models. Three main prospects were identified along the Qara Dagh structure as three subsurface culminations that extend across multiple horizons. The primary prospective reservoirs have been identified as the main carbonate sequences in the Cretaceous as well as underlying Jurassic and Triassic sections.

Based on the seismic data, three well locations were also identified. The central feature, the Qara Dagh dome, being the largest structure was selected for the drilling of the first exploratory well. It is planned that this well will be drilled to a depth of 4000 meters and could encounter up to eight potential reservoirs. The first exploratory well is anticipated to be spud in the first quarter of 2010.

An invitation to tender has been issued to twelve drilling contractors. After technical and commercial evaluation, a company with existing operations in the region was selected to mobilize a 2000 HP rig to the block for drilling of one firm well and three optional wells. Contracts for long lead items have been awarded and well site construction is underway. Additionally, contracts for drilling support services have been tendered, evaluated and finalized with various service companies operating in the region.

The Consortium is in the process of obtaining an independent 51-101 prospective resource estimate for the Qara Dagh Block which is expected to be completed in December 2009.

Mr. Ahmed Said, President and Chief Executive Officer, stated "We and our partners are making rapid progress towards the spudding of the first exploration well on the Qara Dagh Block. The preparations are at an advanced stage and we expect the well to be spud on time during the first quarter of 2010."

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.

Regulatory Statements

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 seismic program and data, the anticipated drilling timeline, targets and likelihood of identifying potential reservoirs as well as the timeline for the resource estimate. 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; regulatory risks; ability to attract financing on acceptable terms; 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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