Vast Exploration Inc.

Vast Exploration Inc.

October 15, 2007 07:30 ET

Vast Exploration Inc. Appoints Ahmed S. Said as President and Chief Executive Officer

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2007) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to announce the appointment of Mr. Ahmed S. Said as President and Chief Executive Officer.

Mr. Said is currently a director of the Company and his background includes operational and senior management roles in the oil and gas industry both domestically and internationally. His recent focus has included corporate strategy development and host government negotiations. He is currently the President & CEO of Longford Corporation, where he has successfully led the company to resolve its working capital shortfall. The Company has granted Mr. Said a total of 1,000,000 options, with an exercise price of $0.25, subject to regulatory approval. The options shall have a term of five years and will vest in equal amounts over the next eight quarters.

Stan Bharti, Chairman of the Company, commented, "The appointment of Mr. Said is an important step in positioning Vast for a new phase of growth to add shareholder value. The Board believes that Mr. Said's technical background and broad international experience will contribute greatly to the Company going forward."

The Board of Directors would also like to express its sincere gratitude for the contribution of Mark Brennan in his capacity as President and Chief Executive Officer during this transition period. Mr. Brennan will continue as a Director of the Company.

The Board of Directors has initiated an internal review of the Company's current oil and gas operations and strategic business plan, and is evaluating potential alternatives, with the focus to aggressively pursue high impact opportunities.

In addition to the options granted to Mr. Said, the Board has granted an aggregate of 590,000 options to various directors, officers and consultants. These options have an exercise price of $0.25 per option exercised, vest in equal amounts over the next eight quarters and have a term of five years.

Forward-looking Information

Statements in this release that are not historical facts are "forward-looking information" within the meaning of applicable securities law. Certain information regarding the Company in this news release including the board's assessment of future plans and operations, and the impact of management changes may constitute forward-looking information and necessarily involve risks including, without limitation, risks associated with oil and gas development, production, competition for assets, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, integration risks and conflicts of interest. 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 information".


Contact Information

  • Vast Exploration Inc.
    Ahmed S. Said
    (403) 263-3000
    (403) 263-3041 (FAX)