Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

February 23, 2007 16:05 ET

Vast Exploration Terminates Compass Acquisition

- Initial Drilling Results at Boyer Positive

CALGARY, ALBERTA--(CCNMatthews - Feb. 23, 2007) - Vast Exploration Inc. (TSX VENTURE:VST) ("Vast" or "the Company") has terminated the letter agreement dated December 17, 2006 regarding the proposed acquisition of Compass by Vast Exploration. While the assets were attractive, current market conditions have reduced the value that Vast saw in the acquisition.

Vast has been very active with its 2007 winter land acquisition and drilling program at its Boyer project in central northerrn Alberta. With its 51% partner, the Paddle Prairie Metis Settlement, Vast acquired 27 sections of mineral rights on January 11, 2007. A fifteen well program was immediately initiated with the intention to tie-in the wells to EnCana facilities prior to spring break-up in mid-March.

Currently, ten wells have been drilled, logged, cased and perforated. Of these, seven have been perforated and fracture stimulated. Three of these wells were flow-tested after stimulation in the Bluesky zone with stable rates ranging from 45-180 mcf/d. The fourth well encountered the deeper Gething sand which has since been suspended after initial tests showed minimal permeability. It will be re-completed in the upper Bluesky sand later this week. The remaining three wells have shown good reservoir pressures and will be stimulated shortly.

The results of the wells justified the kick-off of the pipeline project by the partners earlier this week. It is expected that the wells will be tied-in by March 15, 2007. EnCana has agreed to process the gas at its Paddle Prairie North and South gas facilities.

Certain statements contained in this press release may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Vast to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the receipt of required regulatory approvals, the availability of sufficient capital, the estimated cost and availability of funding for the continued exploration and development of Vast's prospects, political and economic conditions, commodity prices and other factors.

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