Vintage Petroleum Announces Agreement to Be Acquired by Occidental Petroleum for Approximately $3.8 Billion

Vintage Petroleum, Inc. (NYSE:VPI) announced today that
it has entered into a merger agreement to be acquired by Occidental
Petroleum Corporation (NYSE:OXY) for $20.00 cash per Vintage share,
plus 0.42 of an Occidental share for each Vintage share. The total
purchase consideration for Vintage's approximately 68.3 million shares
on a fully diluted basis, including debt assumption net of cash, is
approximately $3.8 billion.
   "Vintage's mix of domestic and international assets is
complementary to Occidental's existing portfolio of domestic and
international opportunities and enhances the competitive ability of
the combined company," said Charles C. Stephenson Jr., chairman and
CEO. "In addition, the structure of this transaction allows Vintage
shareholders to realize immediate and potentially continuing value
through the blend of cash and stock," added Mr. Stephenson.
   The transaction is expected to close in the first quarter of 2006,
subject to approval by Vintage's shareholders, regulatory approvals
and satisfaction of other customary conditions precedent to
completion.
   Credit Suisse First Boston LLC and Lehman Brothers Inc. were
financial advisors and provided fairness opinions to Vintage's board
of directors.

   Additional Information and Where to Find it

   Vintage will file a proxy statement, Oxy will file a Form S-4 and
both companies will file other relevant documents concerning the
proposed merger transaction with the Securities and Exchange
Commission (SEC). Investors are urged to read the proxy statement and
Form S-4 when they become available and any other relevant documents
filed with the SEC because they will contain important information.
You will be able to obtain the documents free of charge at the website
maintained by the SEC at www.sec.gov. In addition, you may obtain
documents filed with the SEC by Vintage free of charge by contacting
William C. Barnes, Executive Vice President and Corporate Secretary,
Vintage Petroleum, Inc., at 110 West Seventh Street, Tulsa, Oklahoma
74119. These documents will also be available online at
www.vintagepetroleum.com.

   Participants in Solicitation

   Vintage, Oxy and their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies from
Vintage shareholders in connection with the merger. Information about
the directors and executive officers of Vintage and their ownership of
Vintage stock is set forth in the proxy statement for Vintage 2005
Annual Meeting of Shareholders. Information about the directors and
executive officers of Oxy and their ownership of Oxy stock is set
forth in the proxy statement for Oxy 2005 Annual Meeting of
Shareholders. Investors may obtain additional information regarding
the interests of such participants by reading the proxy statement and
Form S-4 for the merger when they become available.
   Investors should read the proxy statement and Form S-4 carefully
when they become available before making any voting or investment
decisions.

   Forward-Looking Statements

   This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical facts, which address the
proposed acquisition of Vintage, and events or developments that the
company expects or believes are forward-looking statements. Although
Vintage believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees that the contemplated merger will occur and actual
results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include a
delay in or the failure to obtain required approvals and failure to
satisfy conditions to closing, as well as other risk factors described
from time to time in the company's filings with the SEC. The company
assumes no obligation to update publicly such forward-looking
statements, whether as a result of new information, future events or
otherwise except as required by law.
   Vintage Petroleum, Inc. is an independent energy company engaged
in the acquisition, exploitation and exploration of oil and gas
properties and the marketing of natural gas and crude oil. Company
headquarters are in Tulsa, Oklahoma, and its common shares are traded
on the New York Stock Exchange under the symbol VPI. For additional
information, visit the company website at www.vintagepetroleum.com.