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Message: Highlights Heritage's Major Oil Discovery on Block Neighbouring Vast's Qara Dagh
| May 6, 2009 |
| Vast Exploration Inc. - Highlights Heritage's Major Oil Discovery on Block Neighbouring Vast's Qara Dagh Block |
| CALGARY, ALBERTA--(Marketwire - May 6, 2009) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to acknowledge the press release issued today by Heritage Oil Limited ("Heritage") regarding a major oil discovery on its Miran West-1 well in the Kurdistan Region of Iraq. The Qara Dagh Block is directly adjacent to Heritage's Miran block, which is directly to the North and Northwest of the block. In its press release, Heritage summarized the results of the Miran West-1 well as follows: - Miran West structure estimated oil-in-place of between 2.3 to 4.2 billion barrels; - Recovery factor expected to be between 50% to 70% due to the highly fractured nature of the reservoirs; - From the pressure data recorded during testing management estimates flow rates of between 10,000 to 15,000 bopd per well; - Miran West-1 well has an estimated gross oil-bearing interval of 710 metres - Oil produced during testing was medium gravity (approximately 27 degree API), with low sulphur, a low gas-oil ratio and with no water; - Miran West field development will be low cost and straightforward to fast-track; and - Potential for trucking production for sale by year-end 2009. Vast and its partner Niko Resources Ltd. are currently conducting 2D seismic survey on the Qara Dagh Block which covers an area of approximately 846 square kilometres. The first phase of the seismic survey on Qara Dagh Block is underway and is concentrating on the NW portion of the block which is closest to the Miran Block. Vast is encouraged by the announcement of the presence of hydrocarbons over a significantly large interval including the three main proven reservoirs. Vast and its partners are anticipating targeting the same reservoirs, among others, for drilling its first exploration well. Ahmed Said, President and CEO of Vast Exploration, stated: ""The major oil discovery by Heritage is a significant achievement and further proves the tremendous hydrocarbon potential of the under explored Kurdistan Region of Iraq. We look forward to completing the seismic program on our adjacent Qara Dagh Block and identifying the first well location." Map showing location of Qara Dagh block in relation to Miran block: http://cnrp.marketwire.com/cnrp_file... 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. |
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