Vast Exploration Inc.-Extension of Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Dec. 5, 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 applied to, and has received the approval of, the TSX Venture Exchange for a 30 day extension to complete the non-brokered private placement financing announced on October 19, 2011 for gross proceeds of up to $5,000,000, extending the financing period to January 5, 2012.

As reported on November 22, 2011, Vast has completed the first tranche of this equity financing where the Company has issued and sold 44,920,000 common shares (the "Shares") of the Company at a price of $0.05 per Share for total gross proceeds of $2,246,000. For the total private placement, Vast will sell up to 100,000,000 Shares at a price of $0.05 per Share for gross proceeds of $5,000,000.

Closing of the financing is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issuable in connection with the financing will be subject to resale restrictions for a period of four months plus one day from the closing date.

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 private placement financing, the expected proceeds from the private placement financing 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.