Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

January 16, 2007 17:35 ET

Vast Provides Update on Compass Acquisition

CALGARY, ALBERTA--(CCNMatthews - Jan. 16, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Vast Exploration Inc. (TSX VENTURE:VST) ("Vast" or "the Company") is pleased to announce that it has completed its due diligence on the Compass acquisition and has found it to be materially consistent with expectations. The Company is currently exploring financing alternatives for the acquisition, which remains subject to regulatory approval.

In addition, the Company has granted options to purchase 75,000 common shares of the Company at $0.42 to a director, valid for a period of five years, subject to regulatory approval.

Vast Exploration Inc. is an Alberta-based exploration and production company focused on its joint venture agreements with both the Paddle Prairie Metis in Boyer, Alberta and with Samson Oil and Gas Inc. (owned by the Samson Cree Nation of Hobbema, Alberta); an exploration land play in Barrhead, Alberta; and a Coal Bed Methane (CBM) farm-out in the Black Warrior Basin in Alabama. Vast produces 35 boe/d, has 32,000 acres of undeveloped land in Western Canada and, through a joint venture with Samson Oil and Gas Inc., has access to up to 1,000,000 acres of Treaty Entitlement Lands in Saskatchewan. The Company trades on the TSX Venture Exchange under the symbol "VST". Further information on Vast can be found at www.vastexploration.com.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.

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