Vast Exploration Inc. Announces $5 Million Equity Financing



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

    TSX VENTURE: VST

    CALGARY, May 8 /CNW/ - Vast Exploration Inc. ("Vast" or the "Company")
(TSX-V: VST), is pleased to announce that it has entered into an agreement
with a syndicate of agents led by Canaccord Capital Corporation and including
Genuity Capital Markets and Haywood Securities Inc. (collectively, the
"Agents") to issue, on a private placement "best efforts" agency basis, up to
$5,000,000 in units ("Units") at a price of $0.40 per Unit (the "Offering").
Each unit will be comprised of one common share and one-half of one common
share purchase warrant, with each whole common share purchase warrant
entitling the holder thereof to acquire one common share of the Company at a
price of $0.50 for a period of 24 months following the closing of the
Offering.
    Vast intends to use the net proceeds from the Offering to further
exploration of the Qara Dagh block and for working capital purposes. The
Agents are entitled to receive a cash commission equal to 6% of the gross
proceeds raised from the Offering and will be issued compensation options that
will entitle them to acquire that number of Vast common shares that is equal
to 6% of the Units sold under the Offering for a period of twelve months from
the closing date.
    The Offering is expected to close on or about June 4, 2009. The Offering
is subject to certain conditions including, but not limited to, the receipt of
all necessary regulatory approvals, including the approval of the TSX Venture
Exchange.

    About Vast Exploration Inc.

    Vast Exploration Inc. is an independent oil and gas company, and a
partner of Niko Resources Ltd. 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; ability to attract financing on acceptable
terms; 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.

    
    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE
    





For further information:

For further information: Ahmed S. Said, President and CEO, Tel: (403)
263-3000, Fax: (403) 263-3041, asaid@vastexploration.com; Website:
www.vastexploration.com

Organization Profile

VAST EXPLORATION INC.

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