Vast Exploration Inc.-Closes First Tranche of Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2011) -

NOT FOR ISSUE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to announce that it has completed the first tranche of its previously announced equity financing. Pursuant to the financing, the Company has issued and sold 44,920,000 common shares of the Company at a price of $0.05 per common share for total gross proceeds of $2,246,000. The Company paid a 5% finders' fee to Haywood Securities Inc. in the amount of $1,050 and to Colinda Parent in the amount of $7,500 for the portion of the financing attributable to each of them.

The Company intends to use the net proceeds from the financing to fund its commitments under a Production Sharing Contract ("PSC") that it has entered into with the Kurdistan Regional Government - Iraq for the exploration, development and production of petroleum resources in the 846 square kilometer Qara Dagh Block in the Sulaymaniya Region of Kurdistan - Iraq and for working capital for the next stage of exploration.

The drilling of the first well at the Qara Dagh Block well QD-1 has confirmed a large column of light 43-45API with the main targets yet to be penetrated which will be the primary targets for the second well QD-2. The consortium is now proceeding towards the drilling of well QD-2 and are in the final stages of determining its optimal location.

Funds raised in this financing will be directed towards the drilling related costs for QD-2 where site-preparation, engineering and logistics will be done in the first half of 2012. The target timing to spud QD-2 is in the second half of 2012. Moving forward, Vast is exploring all its options with regard to the Qara Dagh Block including potential farm-out and joint venture type transactions. The consortium has jointly launched a process to further explore industry interest which is expected to take several months to be completed.

All securities issued pursuant to the private placement are subject to a four month hold period following the closing date.

Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture approval. The Company has received conditional approval for up to $5 million and anticipates closing the second tranche on or before December 5, 2011.

This press release is not an offering of securities for sale in the United States. The common shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of that Act.

About Vast Exploration Inc.

Vast Exploration Inc. is an independent oil and gas company. Vast is focused on the exploration and development of its principal asset, the Qara Dagh Block, in the Kurdistan region of Iraq. The Qara Dagh Block lies on trend with existing discoveries and is located in the prolific Zagros Fold Belt of Northern Iraq, which contains several large fields including the super-giant Kirkuk field.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the PSC agreement, the planned use of proceeds, and receipt of all regulatory approvals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.