Vast Exploration Inc.

Vast Exploration Inc.

November 12, 2008 17:11 ET

Vast Exploration Inc.-Provides Update on Kurdistan Operations

CALGARY, ALBERTA--(Marketwire - Nov. 12, 2008) - Vast Exploration Inc. ("Vast" or "the Company") (TSX VENTURE:VST) is pleased to provide an operational update on the Company's activities in the Kurdistan region of Iraq.

In May 2008 the Company signed a PSC Contract for the Qara Dagh Block, which covers approximately 864 square kilometers, in the Sulaymaniyah Governorate of the Federal Region of Kurdistan in Iraq. To date, Vast and its partners (the "Consortium") have completed the establishment and registration of its Kurdistan office in the city of Sulaymaniyah, and in preparation for the start of operations, a professional management team comprising of foreign staff personnel and local nationals have been put in place.

A letter of Intent (LOI) has been executed with a Canadian seismic contractor for the acquisition of approximately 350 kilometers of 2D seismic over the Qara Dagh structure. The contractor is in the early stages of equipment and personnel mobilization to the Block. Final layout of seismic lines has been completed and surveying has started. Vast anticipates that seismic surveying will commence in late November 2008. Concurrently, plans are being finalized for the commencement of a field geology program to carry out regional mapping and detailed outcrop analysis. The results of this study will then be integrated with the seismic data to enhance our overall understanding of the geology of the Block.

The Consortium is also in the process of finalizing the commercial evaluation for the procurement of long lead items for casing and wellheads. Bids were received for these items in October 2008 and a technical evaluation was subsequently completed.

"The Company is excited to enter into the seismic acquisition phase on its prospective Qara Dagh Block. We expect rapid progress towards the identification of the first well location" stated Ahmed Said, President and Chief Executive Officer of Vast.

Simultaneously, the Consortium is in discussions with neighboring operators and service providers to evaluate the availability and timing of a suitable drilling rig during the third quarter of 2009.

About Vast Exploration Inc.

Vast Exploration Inc. is an independent oil and gas company, and a partner of Niko Resources Ltd. in the Kurdistan region of Iraq. Vast is focused on the exploration and development of its principal asset, the Qara Dagh 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

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 timing, costs and results of planned exploration programs; relations with consortium members; ability of consortium members to meet their financial obligations; ability to economically exploit the Qara Dagh block; government regulation; price of oil; and ability to procurer necessary personnel and equipment. 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, foreign operations risks, and environmental concerns. Investors are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any information herein, other than as required by applicable securities laws.

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

Contact Information

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