Vast Announces $5,000,000 Private Placement

CALGARY, ALBERTA--(Marketwire - Oct. 19, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES

Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to announce that it intends to complete a non-brokered private placement financing for gross proceeds of up to $5,000,000.

In connection with the private placement, Vast will sell up to 100,000,000 common shares (the "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.

The Company intends to use the net proceeds of the financing for costs associated with the exploration of the Qara Dagh Block in the Kurdistan Region of Iraq and general working capital for the next phase of exploration.

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. 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 terms of the financing, the planned use of proceeds, 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.