Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

April 07, 2011 16:05 ET

Vast Exploration Inc.-Provides Update on Kurdistan Operations

CALGARY, ALBERTA--(Marketwire - April 7, 2011) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to provide the following update on the Niko Resources Ltd. ("Niko Resources") operated Qara Dagh Block in the Kurdistan Region of Iraq.

Qara Dagh-1 Well

The well has been drilled to a depth of 3,558 meters and a 7 inch, 35 lb/ft, L-80 liner has been successfully set to this depth. The previous casing point for the 9 5/8 inch casing was 2,522 meters.

During drilling of this interval, increased fluorescence and gas readings were observed. The interval has been logged and preliminary analysis by Niko Resources indicates possible prospective pay of up to 143 meters in the lower Tanjero and upper Shiranish formations. The Shiranish formation is the first primary reservoir to be penetrated. The top of this formation has been interpreted to be at 3,420 meters.

The current plan is to continue drilling deeper to a maximum depth of 4,200 meters with a 6 inch hole to continue evaluating the prospectivity of the Shiranish formation and, in the event we encounter encouraging results, the underlying formations. Niko Resources projects that the revised completion date for drilling, completing and testing of the current well is estimated to be June, 2011.

Extension of Exploration Period

The operator, Niko Resources, on behalf of the consortium partners, has applied to the Kurdistan Regional Government for a one year extension to the first exploration sub-period of the Production Sharing Contract to allow for the completion of drilling operations and the subsequent evaluation of results. Upon approval, the first exploration sub-period, including the one year extension, will continue until May 14, 2012.

About Vast Exploration

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, where it holds a net undivided 37% working interest in the block. 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 prospective nature of the Block, the drilling program and revised timeline for completion, exploration and development plans and projected expenses and timetable, 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". 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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