CALGARY, ALBERTA--(Marketwire - July 15, 2010) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to provide the following update on the settlement of final payment terms with the Kurdistan Regional Government ("Government" or "KRG") with regards to the acquisition of an additional 10% working interest announced in September 2009, and furthermore provide a progress update on Qara Dagh - 1 Exploration Well.

Capacity Building Payment "Profits Royalty"

As previously announced, in September 2009, Vast entered into an agreement to acquire an additional 10% net working interest in the Qara Dagh Production Sharing Contract, which would result in Vast holding an aggregate 37% net working interest. To satisfy the capacity payment obligations, Vast had agreed to issue 60,000,000 common shares of the Company to a social fund established by the Government. However, Vast is pleased to announce that it has been able to negotiate with the KRG to convert this share issuance into a 30% royalty to be paid by the Company on its profits from production attributed on its additional 10% working interest. Vast does not have to alter the terms of its original 27% net working interest, and all other material terms remain unchanged. As a result of this agreement, the Company does not have to issue any common shares to the Government.