Vast Closes Second Tranche of Private Placement Financing Totaling $3,031,000 for both Tranches

NOT FOR ISSUE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES 

Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to
announce that it has closed the second and final tranche (the "Second Tranche")
of its private placement financing (the "Private Placement") first announced on
October 19, 2011.  


The Second Tranche was comprised of 15,700,000 common shares of the Company for
total gross proceeds of $785,000. The Private Placement has now closed and total
gross proceeds raised from the first and second tranches was an aggregate of
$3,031,000.  


As part of the Second Tranche the Company paid a 5% finders' fee to Meridian
Securities UK Limited in the amount of $25,000 and to Northern Securities Inc.
in the amount of $250 for the portion of the financing attributable to each of
them. 


The Company intends to use the net proceeds from the financing to fund its
commitments under a production sharing contract (the "PSC") related to the Qara
Dagh Block in the Kurdistan Region of Iraq and for working capital for the next
stage of exploration. Vast and its partners under the PSC are currently
exploring various options with regard to the Qara Dagh Block including potential
farm-out and joint venture type transactions. 


All securities issued pursuant to the Second Tranche are subject to a four month
hold period following the closing date. Closing of the financing is subject to
receipt of regulatory approval, including final TSX Venture approval. 


This press release is not an offering of securities for sale in the United
States. The common shares have not been registered under the U.S. Securities Act
of 1933, as amended, and may not be offered or sold in the United States absent
registration or an exemption from the registration requirements of that Act.


About Vast Exploration Inc.

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.


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 planned use of
proceeds from the financing 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.