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 second 30 day extension to complete the non-brokered
private placement financing announced on October 19, 2011 and extended on
December 5, 2011, for gross proceeds of up to $5,000,000, extending the
financing period to February 6, 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
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.