Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

August 31, 2005 16:05 ET

Vast Closes First Tranche Of Private Placement Financing

CALGARY, ALBERTA--(CCNMatthews - Aug. 31, 2005) -

NOT FOR DISTRIBUTION BY UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VAST EXPLORATION INC. (TSX VENTURE:VST) has completed the first tranche of its previously announced private placement. A total of 940,345 common shares at $0.40 per common share and 692,500 flow through shares at $0.48 per flow through share were issued pursuant to the financing for gross proceeds of $708,538. Each of common Shares and flow through shares are subject to a hold period that will expire on January 1, 2006.

Emerging Equities Inc. acted as agent on the financing and received a commission of $49,597.66 and broker warrants entitling it to purchase 130,627 common shares of the Company at $0.48 per common share until August 31, 2007. The net proceeds of the financing will be used to fund exploration and development of the Company's assets, and for general corporate purposes.

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 registrations is available.

Vast Exploration Inc. (www.vastexploration.com) has 25,000 acres of undeveloped land throughout Western Canada; an established joint venture with the aboriginal Paddle Prairie Settlement in Boyer, Alberta; an extensive farm-in with Devon in SW Saskatchewan; and two Coal Bed Methane (CBM) plays: one in central Alberta, the other in the Black Warrior Basin in Alabama. The company trades on the TSX Venture Exchange under the symbol VST.

Certain information regarding the Company contained herein may constitute forward-looking statements within the meaning of applicable securities laws, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

The TSX Venture Exchange does not accept responsibility for the adequacy of this release

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