Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

June 12, 2007 08:50 ET

Vast Exploration Clarifies Access to Treaty Entitlement Lands

CALGARY, ALBERTA--(Marketwire - June 12, 2007) - Vast Exploration Inc. (TSX VENTURE:VST) ("Vast" or "the Company"), At the request of the Compliance & Disclosure Department of the TSX Venture Exchange, Vast wishes to clarify its public disclosure regarding the Treaty Entitlement Lands ("TLE") it will have access to through the Joint Venture with Samson Oil and Gas Inc. ("SOGI"). The Company first disclosed in its September 19, 2006 press release, that it had access to up to 1 million acres of TLE, under the Joint Venture Agreement with SOGI.

SOGI does not presently own or have direct access to any TLE lands. SOGI is responsible for negotiating agreements with Native Bands holding TLE interests in Saskatchewan. Once negotiated, these TLE may be assigned into the Joint Venture. To date, only 48,000 acres of TLE lands have been assigned into the Joint Venture. The maximum TLE that SOGI may contribute to the Joint Venture is 1 million acres. The assignment of further TLE lands into the Joint Venture is subject to SOGI being successful in further negotiations with other Native Bands. There is no assurance that further TLE lands will be assigned into the Joint Venture.

While Vast and Samson have input as to the optimal location for the placement of the TLE lands, the Native Band who has ownership of the TLE is ultimately responsible for freezing the subject lands and subsequently rolling them into their reservation. Once frozen, a Band Council Resolution ("BCR") from the entitled Band is required to proceed to move the TLE lands to a reserve status. Once the land has reserve status, it is controlled by the respective Native Band.

At this time, none of the 48,000 acres currently within the Joint Venture are ready to be considered for reserve status. The lands currently within the Joint Venture are in the process of being qualified from technical, commercial, surface land and environmental perspectives. Should all elements prove favorable, they may be considered for receipt of a BCR and if approved, moved to reserve status.

Certain statements contained in this press release may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Vast to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the receipt of required regulatory approvals, the availability of sufficient capital, the estimated cost and availability of funding for the continued exploration and development of Vast's prospects, political and economic conditions, commodity prices and other factors.

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