Vast Exploration Inc.

Vast Exploration Inc.

May 15, 2008 07:00 ET

Vast Exploration Inc.-Completes Sale of Interest in Samson Oil and Gas Joint Venture

CALGARY, ALBERTA--(Marketwire - May 15, 2008) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to announce that it has successfully closed the disposition of its working interest in a joint venture agreement with Samson Oil and Gas Inc. ("SOGI") in SE Saskatchewan (the "SamVast JV") to Stetson Oil & Gas Ltd. ("Stetson") .

As consideration for the acquisition, Stetson has agreed to reimburse Vast for CDN $137,500 of past costs spent on the JV. The Company will earn a 5.0% overriding royalty on any future lands that are developed under the SamVast JV.

The SamVast JV was entered into in September 2006 between Vast and SOGI to jointly acquire and develop petroleum and natural gas rights with First Nations Bands in Saskatchewan by providing access to lands pursuant to the Treaty Land Entitlement ("TLE") process. To date, the joint venture has not been able to secure any prospective exploration lands and Vast has not conducted any activities under the agreement.

Vast and Stetson are Non Arms Length Parties pursuant to the rules of the TSX Venture Exchange as they have common directors and officers.

This transaction is a result of the Company's continuing review of its assets and modifications to its strategic business plan to position it for a new phase of growth and aggressively pursue high impact international opportunities.

About Vast Exploration Inc.

Vast Exploration Inc. is an independent oil and gas exploration and production company actively pursuing crude oil and natural gas opportunities. Vast currently has production operations in the province of Alberta, Canada.

Regulatory Statements

Statements in this release that are not historical facts are "forward-looking information" within the meaning of applicable securities law. Forward-looking information typically contain words such as "anticipate", "plan", "expect", "potential", or similar words suggesting future outcomes and include, without limitation, statements regarding the proposed use of proceeds; the Company's operational plans, including production estimates; expected costs and revenues; corporate strategy; and the availability of acquisition opportunities. There can be no assurance that such information will prove to be accurate; actual results and future events could differ materially from such information. Factors that could cause actual results to differ materially include, among others, commodity prices, third party risks, acquisition risks, risks inherent in the oil and gas industry, licensing risks, financing risks, regulatory risks and environmental concerns. Investors are cautioned not to place undue reliance on forward-looking information.


Contact Information

  • Vast Exploration Inc.
    Ahmed S. Said
    President & Chief Executive Officer
    (403) 263-3000
    (403) 263-3041 (FAX)