- Published: 26 March 2009
- Written by Editor
Vast Exploration Inc.-Highlights Significance of Miran West-1 Well in Kurdistan Region of Iraq
Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE: VST) is pleased to acknowledge the press release issued recently by Heritage Oil Corporation ("Heritage") that the Miran West-1 exploration well in the Kurdistan Region of Iraq reached its targeted depth and encountered oil shows over an 1,100 metre interval including the three principal proven reservoir formations in the region. Heritage announced that good quality light, sweet oil was recovered to surface indicating the presence of hydrocarbons in the three main producing zones: the Shiranish, the Kometan and the Quamchuqua reservoirs.
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 Qara Dagh Block is directly adjacent to Heritage's Miran block, which is directly to the North and Northwest of the block.
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 news from Heritage on their Miran Block in the Kurdistan Region of Iraq is very positive. The indications of Hydrocarbons in the three main reservoirs provides an indication of decreased exploration risk on speculated drilling targets on our adjacent Qara Dagh Block."
To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/0326vst.jpg
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.
Statements in this release that are not historical facts are "forward-looking information" within the meaning of applicable securities law. Forward-looking information typically contain words such as "anticipate", "plan", "expect", "potential", or similar words suggesting future outcomes and includes, without limitation, forecasts regarding the presence of hydrocarbons, the timing, costs and results of planned exploration programs; relations with its partners; ability of the Company to meet its financial obligations; ability to economically exploit the Qara Dagh block; government regulation; price of oil; and ability to procurer necessary personnel and equipment, future performance of management and the board; the Company's operational plans;. There can be no assurance that such information will prove to be accurate; actual results and future events could differ materially from such information. Factors that could cause actual results to differ materially include, among others, commodity prices, third party risks, acquisition risks, risks inherent in the oil and gas industry exploration risks, licensing risks, financing risks, regulatory risks and environmental concerns. Investors are cautioned not to place undue reliance on forward-looking information.
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.
SOURCE: Vast Exploration Inc.