Vast Exploration Inc.-Extension of Private Placement Financing

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 applied to, and has received the approval of, the TSX
Venture Exchange for a 30 day extension to complete the non-brokered private
placement financing announced on October 19, 2011 for gross proceeds of up to
$5,000,000, extending the financing period to January 5, 2012. 


As reported on November 22, 2011, Vast has completed the first tranche of this
equity financing where the Company has issued and sold 44,920,000 common shares
(the "Shares") of the Company at a price of $0.05 per Share for total gross
proceeds of $2,246,000. For the total private placement, Vast will sell up to
100,000,000 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. 


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 terms of the
private placement financing, the expected proceeds from the private placement
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.