Vast Exploration Inc. Announces Increase to Private Placement Financing

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

CALGARY, May 11 /CNW/ - Vast Exploration Inc. ("Vast" or the "Company") (TSX-V: VST.V), is pleased to announce that it has amended its agreement with a syndicate of agents led by Canaccord Capital Corporation and including Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and Haywood Securities Inc. (collectively, the "Agents") to increase the size of the Company's previously announced Offering from $5,000,000 to $7,500,000. The Offering will be on a private placement "best efforts" agency basis 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 (the "Unit"), 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.

In addition, the Agents will have an option to purchase up to an additional 6,250,000 Units at the Offering Price, exercisable in whole or in part at the sole discretion of the Agents for a period of 30 days from 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 12 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.

    
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Contacts

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