Vast Exploration Inc.

Vast Exploration Inc.

March 29, 2005 16:10 ET

Vast Completes First Tranche Of Private Placement Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: VAST EXPLORATION INC.

TSX VENTURE SYMBOL: VST

MARCH 29, 2005 - 16:10 ET

Vast Completes First Tranche Of Private Placement
Financing

CALGARY, ALBERTA--(CCNMatthews - March 29, 2005) - Vast Exploration Inc.
(TSX VENTURE:VST) has completed the first tranche of its $3,000,000
private placement financing through the issuance of 4,400,000 Units at
$0.50 per Unit and 833,334 flow through shares at $0.60 per flow through
share for gross proceeds of $2,700,000. Each Unit consists of one common
share and one half common share purchase warrant. Each whole warrant
will entitle the holder to purchase one common share at a price of $0.65
until August 29, 2006. Each of the common shares, the flow through
shares and the shares issued upon the exercise of the warrants will be
subject to a hold period that will expire on July 30, 2005. In
connection with the financing, Forbes & Manhattan, Inc. was provided
with a finder's fee of $216,000.

The second tranche of the financing, for the remaining $300,000, will be
completed through the sale of an additional 500,000 flow through shares
and is expected to close on April 8, 2005.

Vast Exploration Inc. is a junior oil and gas exploration and production
company focused on growth through acquisition, development, and
exploration. It recently announced the acquisition of a private energy
company in Alberta and currently has the right to earn up to 1875
hectares of gas rights from Canyon Creek Resources Ltd. Vast also has a
50% working interest in an additional 908 hectares of land located in
the Dollard area of SW Saskatchewan with oil and gas rights that are
held for five years.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Vast Exploration Inc.
    Don Parker
    President & C.E.O.
    (403) 514-8051
    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE.