Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

November 17, 2006 16:05 ET

Vast Closes Second Tranche of Private Placement

CALGARY, ALBERTA--(CCNMatthews - Nov. 17, 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 second tranche of its previously announced non-brokered private placement financing through the issuance of 1,351,250 flow through shares at $0.40 per flow through share for gross proceeds of $540,500. Each of the flow through shares is subject to a hold period that will expire on March 18, 2007.

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.

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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