Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

August 04, 2005 08:00 ET

Vast Exploration Inc. Provides Corporate Update

CALGARY, ALBERTA--(CCNMatthews - Aug. 4, 2005) - Vast Exploration Inc. (TSX VENTURE:VST) -

Three well operations conducted at Devon Project in SW Saskatchewan

Vast Exploration Inc. (TSX VENTURE:VST) continues to make strong progress on several key fronts: it has drilled or re-entered three new earning wells on Devon fee simple lands, it has acquired additional acreage at the Moundville CBM project in Alabama and continues negotiations at the Boyer joint venture. In addition, the Company's net field estimated production for the month of July totals 325 mcf/d of sales gas, primarily from the recent gaswell tie-ins at Barrhead.

Devon Earning Lands - SW Saskatchewan

Vast has successfully completed the first phase of its earning agreement with Devon on the large fee simple land block it holds in SW Saskatchewan. Three well operations have been conducted over an extensive area, each one earning a full section of land, and giving Vast the option to earn additional acreage:

- A pre-existing well originally drilled to a depth of less than 700 meters has been re-entered and several potential shallow sands perforated and fracture treated. The well is flowing back on clean-up and gas rates are being evaluated.

- A shallow exploration well was drilled to a depth of over 650 meters and has been logged and cased as a potential gas well. Completion operations have commenced with a fracture treatment scheduled for mid-week. This well was drilled 20 km to the east of the above re-entry.

- A second shallow exploration well was then drilled to a depth of over 750 meters and has also been logged and cased as a potential gas well. Completion operations will follow immediately behind the first exploration well. This well is a further 7 km to the east.

According to the existing agreement, Vast must identify the next six sections of land it wishes to earn from Devon by August 7th, 2005. Upon acquiring the option to drill those leases Vast will have six months to drill and earn. Vast then has an option to earn on a further six sections of land at that point.

Boyer Joint Venture - NW Alberta

Vast is continuing its efforts to develop the eastern side of the Paddle Prairie Metis Settlement as contemplated in the 2004 Joint Venture it has with the oil and gas arm of the settlement. Discussions are ongoing to determine a mutually acceptable timetable and methodology for such development. The Joint Venture covers over 250,000 acres and has significant shallow Bluesky gas potential.

Moundville CBM Play - Alabama, USA

Vast has quietly assembled an additional 1,600 acres of land on the play bringing its total land position to 3,800 acres. A further 1,200 acres is under negotiation and is expected to be contracted by mid-August. The land is in the core of the prospect that contains contiguous coal seams totaling 15 meters in thickness with high gas contents at depths less than 800 meters. Pilot wells and re-completions are contemplated for later this fall with development drilling on 80 acre spacing expected in 2006.

Vast Exploration Inc. (www.vastexploration.com) has 25,000 acres of undeveloped land throughout Western Canada; an established joint venture with the aboriginal Paddle Prairie Settlement in Boyer, Alberta; an extensive earning agreement with Devon in SW Saskatchewan; and two Coal Bed Methane (CBM) plays: one in central Alberta, the other in the Black Warrior Basin in Alabama. The company trades on the TSX Venture exchange under the symbol VST.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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 statements".

The TSX Venture Exchange does not accept responsibility for the adequacy of this release

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