Vast Exploration Inc.

Vast Exploration Inc.

November 12, 2010 07:00 ET

Vast Exploration Inc.-Drilling Update on Exploration Well in Kurdistan Region-Iraq

CALGARY, ALBERTA--(Marketwire - Nov. 12, 2010) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST)

Drilling Update

  • The Qara Dagh -1 well was spud on 12 May 2010 with a planned total depth of 3,600 to 4,000 meters.
  • As previously reported, the well encountered a 64 meter thick Aalijii zone, potentially containing light oil. Testing on this zone and other prospective zones of interest will commence after reaching total depth and upon completion of the drilling operations.
  • After setting the 13 3/8 inch casing string at 1,650 meters, the well was drilled through an unexpected unstable zone to a depth of 2,239 meters in the upper Cretaceous formation. This zone has caused delays in the drilling progress; however, the Company does not expect this issue to persist once it enters the first potential reservoir.
  • Currently the plan is to install an intermediate 11 3/4 inch casing string and the subsequent go-forward plan is to drill ahead and evaluate the three primary targets in the Cretaceous zone, with the Shiranish formation being the uppermost prospective reservoir.
  • Drilling for Qara Dagh-1well is anticipated to be completed in January 2011.
  • Given the recent financing completed on October 18, 2010 the Company is fully funded to see the drilling program to completion.

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.

Regulatory Statements

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 drilling program and its progress, estimated resource assessment, the prospective nature of the Block, exploration and development plans and projected expenses, receipt of government approvals, and relationships with other companies who hold an interest in the Qara Dagh block. 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". Resource estimates are based on assumptions and parameters agreed upon, and considered reasonable, by the management of the Company, AJM and the other companies with interests in the Block. Statements regarding timetable of future exploration of the Block are based on the plans set by the companies with interests in the Blocks. 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. For a description of some of such risks, please see the Company's annual information form filed under the profile of the Company on SEDAR. 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.

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