Vintage Petroleum Announces Fourth Successful Horizontal Well in Yemen

Vintage Petroleum, Inc. (NYSE:VPI) announced today that
the An Nagyah #16 well in the Republic of Yemen has tested light (43
degree API) oil from the sub-salt Upper Lam formation. The well is the
fourth horizontal well drilled in the company's An Nagyah field.
   The An Nagyah #16 well was drilled horizontally to a total
measured depth of 6,284 feet (2,080 meters) penetrating 2,392 feet
(729 meters) of gross oil bearing Lam section. The interval was tested
at a stabilized rate of 2,520 barrels per day of oil, 1.2 million
cubic feet per day of natural gas and eight barrels of water per day
flowing at 360 pounds per square inch tubing pressure on a 52/64 inch
choke. Two to three additional horizontal development wells are
planned to be drilled during the remainder of 2005.
   With testing completed at the An Nagyah #16 well, the drilling rig
is moving approximately two miles to the An Nagyah #17 location to
drill and test a potential northwest extension of the Lam reservoir.
   All of the An Nagyah field production is being transported via a
recently completed 18 mile (28 km) pipeline to a nearby facility for
processing and transportation to an export terminal. Completion of the
pipeline and subsequent cessation of oil trucking operations in early
July have reduced operating expenses by approximately $2.00 per net
barrel of oil. The pipeline is currently transporting approximately
9,000 gross barrels of oil per day (4,700 net). Daily production is
expected to increase to a level in excess of 10,000 gross barrels of
oil (5,200 barrels net) by the end of the month.

   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, that address
plans, future production, strategies, exploration drilling,
exploitation activities, estimates of oil and gas reserves, 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 of future performance
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 oil and gas prices, exploitation and exploration successes,
actions taken and to be taken by foreign governments as a result of
political and economic conditions or other factors, changes in foreign
exchange rates and inflation rates, continued availability of capital
and financing, and general economic, market or business conditions, 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.

   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.