Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

October 25, 2006 16:05 ET

Vast Closes First Tranche of Private Placement

Samson Oil Buys Full Amount of Common Share Offering

CALGARY, ALBERTA--(CCNMatthews - Oct. 25, 2006) -

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 the first tranche of its previously announced non-brokered private placement financing through the issuance of 4,340,771 common shares at $0.35 per common share and 2,500,000 flow through shares at $0.40 per flow through share for total gross proceeds of approximately $2.5 million. Each of the common shares and flow through shares are subject to a hold period that will expire on February 26, 2007.

The full amount of the common share private placement was purchased by Vast's joint venture partner, Samson Oil and Gas Inc. ("Samson Oil"). Under the joint venture agreement, which was signed in September 2006, Vast and Samson Oil have access to thousands of acres of Treaty Entitlement Lands ("TLE") in Saskatchewan. Over the past few weeks, an additional 20,000 acres of TLE lands have been committed to the partnership and at a crown land-sale held last week, they acquired 3,840 acres of highly prospective land in the Abbey Field. This will augment the base of TLE lands they already hold in this area.

Dean Louis, President and General Manager of Samson Oil and Gas Inc., has been appointed to Vast's Board of Directors. The Company has granted Mr. Louis options to purchase 200,000 common shares of the Company at an exercise price of $0.35 per common share valid for a period of five years, subject to regulatory approval.

Mr. Louis, who is well known in the Aboriginal business community, has held a number of high profile executive and consulting positions. As Tribal Administrator for the Samson Cree Nation he directed the affairs of the Nation's business division and the administration of its $80-million annual budget. From 2002 to 2004, Mr. Louis advised Archean Energy Ltd. on business development with First Nations in Canada and Native Tribes throughout the United States.

Previously as a consultant with Fieldstone Capital, an investment bank located in New York City, Mr. Louis assisted Canadian companies and Aboriginal communities across North America in identifying and securing new sources of capital. He also consulted with Enbridge Pipeline Co. on the Gateway Pipeline Project which runs from Edmonton, Alberta to Kitimat, British Columbia and the Waupisoo Pipeline which runs from Fort McMurray to Edmonton, Alberta.

In other news, Vast's first production from its five well pipeline project in Boyer, Alberta started on September 27, 2006, averaging 238 mcf/d for the first month. The gas is being processed through the EnCana South Paddle Prairie Facility. Twenty more wells are planned for the upcoming winter drilling season. Over the next three winter seasons, Vast plans to drill and complete up to 150 shallow gas development wells, with gross peak production expected to approach 10 mmcf/d.

In Moundville, Alabama, the first phase of the farm-out to Longford Corporation has now been completed with all five wells drilled and cased. Vast has retained a carried 50% working interest in these wells which are expected to be completed and on production in November. The next stage of earning calls for Longford to drill an additional 15 wells in 2007 with Vast receiving a 20% carried interest. Once all twenty wells are drilled and capital expenditures total approximately US$8-million, Longford will have earned an 80% share in all of the lands and will develop the field straight-up with Vast. The current lands have the gross potential for 75 wells and total production of 12-15 mmcf/d.

Vast Exploration Inc. is an Alberta-based exploration and production company focused on its joint venture agreements with both the Paddle Prairie MTtis 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.

Forward-looking Information

Certain information regarding Vast in this news release including management's assessment of future plans and operations, wells to be drilled, timing of drilling, testing and tie in of wells, and anticipated production rates may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas development, production, competition from other producers, inability to retain drilling rigs and other services, and delays resulting from or inability to obtain required regulatory approvals. As a consequence, Vast's actual results, performance or achievements could differ materially from those expressed in, or be given that any events anticipated by the forward looking statements will transpire or occur, or, if any implied by, these forward looking statements and, accordingly no assurance can of them do so, what benefits Vast will derive therefrom. Readers are cautioned not to place undue reliance on this forward-looking information and that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Vast's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

BOE Disclosure

BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:/bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".

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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