Vast Exploration Inc.

Vast Exploration Inc.

April 10, 2007 17:05 ET

Vast Exploration Completes Winter Drilling Program

- Thirteen wells tied-in with combined test rates of 2.4 mmcf/d

CALGARY, ALBERTA--(CCNMatthews - April 10, 2007) - Vast Exploration Inc. (TSX VENTURE:VST) ("Vast" or "the Company") is pleased to announce that it has successfully completed its winter drilling program at Boyer and has brought the first of the wells on production. Five wells are producing from the fourteen well program at a combined sales rate of 440 mcf/d. These wells had actually tested at combined rates of 1.28 mmcf/d following completion and are demonstrating increasing flow rates as the new pipeline system stabilizes. Eight others are tied-in awaiting approval of the holding application necessary for production for the normal 320 acre spacing in the Boyer field. These wells had combined test rates of 1.12 mmcf/d. Only one of the wells of the program was deemed uneconomic to tie-in but it has limited impact on the extensive future development the Company sees for the area.

Production started on April 4, 2007 into newly constructed test and separation facilities in the North-east area of the Company's land holdings on the Paddle Prairie Metis Settlement. These facilities feed into the EnCana operated pipeline and gas processing plant at Paddle Prairie North. EnCana processes the gas and compresses into the Nova sales system. The gas is sold into the market on a daily indexed basis. There appears to be sufficient capacity to handle all of the gas that Vast can expect from this area.

Vast operates the wells on behalf of itself and its joint venture partners from the Paddle Prairie Metis Settlement and the Metis General Council in Edmonton. Vast has a 36.9% working interest in the project and all parties are fully responsible for funding their share of capital to drill, complete and tie-in the wells. The total project is expected to be completed under the budget of $7.37 million. Of note, the Company had only acquired the mineral rights for the current program on Jan 11, 2007 and was still able to complete the full development cycle before break-up.

Vast has an exclusive joint venture with Paddle Prairie Metis Settlement to develop the remaining hydrocarbons on their land. The total land package covers approximately 250,000 acres and is directly offsetting the shallow Bluesky and Gething gas sands that are operated by EnCana, Husky, and others. Over 1500 wells have produced over 0.5 tcf to date from the area and are still active. Vast has identified a further 100 undeveloped locations as a result of this years program and looks to drill them over the next two to three winters.

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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