Vast Exploration Inc.: Relinquishment of Qara Dagh Block

Vast Exploration Inc. (TSX VENTURE:VST) announces that along with its consortium
partners Niko Resources Ltd. and Groundstar Resources Inc., it has entered into
a relinquishment and termination agreement (the "Relinquishment Agreement") with
the Kurdistan Regional Government ("KRG") to surrender their collective
interests in the Qara Dagh Block located in the Kurdistan Region of Iraq. Vast
acquired a working interest in the block under a production sharing agreement
signed in 2009. During the first exploration period, the operator, Niko
Resources, conducted a seismic program and drilled one exploration well, which
was not commercially successful. Subsequently, an extensive process was
undertaken by the operator to find a suitable farm-in partner, which was
ultimately unsuccessful. 


Pursuant to the Relinquishment Agreement, and after settlement of outstanding
expenses, Vast expects to recover a net amount of USD $3.25 Million within the
next 12 months. 


Mr. Sig Slotboom, President & CEO stated that "Although we are disappointed with
the results of our joint venture in Kurdistan, we are pleased to be released
from any further obligations on a mutually acceptable basis. In the near term
the company will be seeking to reorganize and evaluate new E&P investment
opportunities." 


In connection with entering into the Relinquishment Agreement, the company also
announces the resignation of General Jay Garner (Ret) from its board of
directors and appoints Mr. Robin Birchall as a new director. On behalf of the
board, Mr. Ahmed Said commented "The guidance and leadership provided by Gen.
Garner over the course of this Kurdistan project has been exceptional, and we
wish him the best with their future endeavors. At the same time, we would like
to welcome Mr. Birchall as a new member of the board." 


Robin Birchall has over fourteen years of experience as a resource Corporate
Financier, most recently with BMO Capital Markets where he completed a variety
of high profile transactions for resource companies. Prior to BMO, Mr. Birchall
was V.P. Corporate Finance at Canaccord Adams Ltd. and also at Brown Shipley &
Co. Mr. Birchall earned an MBA from the University of Cape Town in South Africa,
an Msc in European and International Politics from Edinburgh University in
Scotland, a Premiere Degre en Langues Literature et Civilisation, from Stendahl
Universite in France and his BA from Queens University in Canada.


Vast also announces the appointment of Mr. Sam Yik as Chief Financial Officer of
the Company, effective immediately. The appointment of Mr. Yik follows the
resignation of Ms. Deborah Battiston as Interim Chief Financial Officer of the
Company. The Company would like to thank Ms. Battiston for her service as
Interim Chief Financial Officer.


Mr. Yik is a chartered accountant with over 20 years of diversified business
experience in areas of accounting, finance, corporate development, marketing,
and logistics, with focus primarily in the resource sector. Mr. Yik graduated
from the University of British Columbia and is a member of the Institute of
Chartered Accountants of British Columbia. Mr. Yik obtained his CA designation
while articling with the Vancouver office of KPMG and is also a member of the
CICA's (Canadian Institute of Chartered Accountant) Small Business Advisory
Group.


Mr. Yik has been directly involved in the mining industry for a number of years
and has held senior financial, commercial, and operational positions with
exploration and commercial production stage companies publically listed in
Canada and the United States. Mr. Yik also spent 11 years with a large public
petro-chemical company, where his roles served increasing responsibilities in
reporting, marketing, logistics, and commercial management in an international
setting.


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 relinquishment
of the Qara Dagh Block, the recovery of funds pursuant to the Relinquishment
Agreement, the reorganization of the Company and evaluation of new investment
opportunities and the resignation and appointment of directors and officers.
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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Vast Exploration Inc.
Sig Slotboom
President and CEO
[phone]
www.vastexploration.com