Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

June 24, 2005 12:00 ET

Vast Exploration Announces Private Placement Financing

CALGARY, ALBERTA--(CCNMatthews - June 24, 2005) - Vast Exploration Inc. (TSX VENTURE:VST) is pleased to announce that it plans to raise $2 million by way of a brokered private placement. $1 million will be raised through the issuance of Common Shares priced at $0.50 and $1 million will be raised through the issuance of Flow Through Shares priced at $0.60, subject to regulatory approval. Emerging Equities Inc. is acting as agent on a best efforts basis in connection with the financing. Closing is expected to occur on or about July 10, 2005.

The agent will receive a commission of 7.0% of the gross proceeds raised in this private placement, as well as broker warrants entitling it to purchase a number of Common Shares at $0.60 equal to 8.0% of the number of Common Shares and Flow Through Shares issued in connection with the financing.

The proceeds of the Offering 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 an 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.

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".

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

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