Vast Closes Second Tranche of Private Placement Financing Totaling $3,031,000 for both Tranches

CALGARY, ALBERTA--(Marketwire - Feb. 6, 2012) -

NOT FOR ISSUE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to announce that it has closed the second and final tranche (the "Second Tranche") of its private placement financing (the "Private Placement") first announced on October 19, 2011.

The Second Tranche was comprised of 15,700,000 common shares of the Company for total gross proceeds of $785,000. The Private Placement has now closed and total gross proceeds raised from the first and second tranches was an aggregate of $3,031,000.

As part of the Second Tranche the Company paid a 5% finders' fee to Meridian Securities UK Limited in the amount of $25,000 and to Northern Securities Inc. in the amount of $250 for the portion of the financing attributable to each of them.

The Company intends to use the net proceeds from the financing to fund its commitments under a production sharing contract (the "PSC") related to the Qara Dagh Block in the Kurdistan Region of Iraq and for working capital for the next stage of exploration. Vast and its partners under the PSC are currently exploring various options with regard to the Qara Dagh Block including potential farm-out and joint venture type transactions.

All securities issued pursuant to the Second Tranche are subject to a four month hold period following the closing date. Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture approval.

This press release is not an offering of securities for sale in the United States. The common shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of that Act.

About Vast Exploration Inc.

Vast Exploration Inc. is an independent oil and gas company. 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.

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 planned use of proceeds from the financing and receipt of all regulatory approvals. 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; risks inherent in foreign operations; 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.