Vast Acquires Additional 10% Interest in Qara Dagh

Source: www.gulfoilandgas.com 10/15/2009, Location: Middle East

Vast Exploration Inc. is pleased to announce that Vast shareholders have approved the creation of a new Control Person (as such term is defined by the TSX Venture Exchange) through the issuance of 60,000,000 common shares in the capital of the Corporation to the Kurdistan Regional Government of Iraq in return for an additional 10% net working interest in the Qara Dagh Production Sharing Contract (the “Acquisition”). As a result of the Acquisition, Vast will hold an aggregate 37% net working interest in the PSC.

At the special meeting, more than 99% of the votes cast were voted FOR the Acquisition. Completion of the Acquisition remains subject to the required regulatory approvals, including the approval of the TSX Venture Exchange. Vast plans to close the Acquisition in the coming weeks.


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