Vast Announces Termination of Farm-Out Agreement in Colombia

Vast Exploration Inc. (TSX VENTURE:VST) has terminated the farm-out agreement
(the "Agreement") entered into with Sagres Energy Inc. related to PUT-03, a
148,005 acre block located in the Putumayo Basin of Columbia (the "Block"). Vast
successfully acquired the Block in June 2010 through a bidding round organized
by the Agencia Nacional de Hidrocarburos of Colombia.


As per the terms of the Agreement, Vast farmed out a 90% interest in the Block
to a subsidiary of Sagres Energy Inc. in exchange for retaining a 10% carried
interest during the first exploration phase, which consisted of a minimum
expenditure of USD$12.9 million over a period of 36 months. 


Vast has recently identified several violations and breaches of representations
and warranties contained in the Agreement primarily as a result of the financial
standing of Sagres and the work program and obligations not being fulfilled.
Vast has submitted a letter to Sagres identifying the various breaches and
noting the termination of the Agreement. As a result of the termination of the
Agreement Vast now holds a 100% interest in the Block.


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
termination of the Agreement. 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; risks inherent in foreign operations; 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.


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Vast Exploration Inc.
Ahmed Said
President & CEO
+1 (403) 263 3000
asaid@forbesenergygroup.com

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