Vast Exploration Inc.

Vast Exploration Inc.

February 02, 2006 11:23 ET

Vast Exploration Inc. Acquires Crown Mineral Rights on Paddle Prairie Metis Settlement in Boyer, Alberta

CALGARY, ALBERTA--(CCNMatthews - Feb. 2, 2006) -

Twelve well drilling program to begin immediately

Longford CBM sale extended 60 days in exchange for $100,000 price increase and an additional deposit of $800,000

Vast Exploration Inc. (TSX VENTURE:VST) announced today that it has successfully acquired 7,680 gross acres (3,763 net) of Crown mineral rights from surface to basement within the Paddle Prairie Metis settlement. This significant event signals that the exclusive Joint Venture agreement between Calver Resources Inc., a wholly owned subsidiary of Vast Exploration Inc., and the Paddle Prairie Metis Settlement is being implemented in full accordance with its terms and conditions. This agreement controls the acquisition of Crown mineral rights and the implementation of the Master Development Agreement between the Paddle Prairie Metis Settlement, the Metis Settlements General Council and Calver.

Surveying will begin immediately on twelve firm locations on the acquired land which will be drilled once licenses are received and a drilling rig is secured. The wells are shallow (less than 400 meters) and will be drilled as a group to increase efficiencies and reduce capital costs. The settlement has a further 250,000 acres of undeveloped land that is targeted for future drilling phases. The Paddle Prairie Metis Settlement is directly adjacent to lands being produced by Encana Corp. Inc. and Husky Oil Ltd. Over 1500 wells have been drilled in the field with cumulative production greater than 500 billion cubic feet to date.

Corporately, Vast has granted an extension to Longford Corporation to close on the acquisition of its Barrhead area coal bed methane (CBM) rights. The original scheduled closing on January 31, 2006 with a purchase price of $2 million has been extended to March 31, 2006 with an increase in price to $2.1 million. Further, Longford has advanced a second deposit of $0.8 million to supplement the original deposit of $0.2 million. This arrangement is subject to approval of the TSX Venture Exchange.

Further, the Company has granted options to purchase 710,000 common shares of the Company at an exercise price of $0.29 per common share valid for a period of five years to key management, directors and consultants to the company. Vast Exploration Inc. ( produces 150 thousand cubic feet per day (mcf/d); has 30,000 acres of undeveloped land throughout Western Canada; the above mentioned joint venture with the Paddle Prairie Metis Settlement in Boyer, Alberta; an exploration land play in Barrhead; and a Coal Bed Methane (CBM) farm-out 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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