Vintage Petroleum Announces Recent Acquisition Activity

Vintage Petroleum, Inc. (NYSE:VPI) announced today the
results of recent acquisition activity involving multiple agreements
to acquire certain oil and gas producing properties in the
Mid-Continent, Permian and Southeastern regions of the U.S. The
combined cost of the acquisitions is approximately $67.4 million,
subject to adjustment. Acquisitions totaling about $15.2 million have
been closed with the remainder scheduled to close prior to Sept. 1,
2005, subject to normal due diligence.
   Based on company estimates, the properties contain approximately
8.7 million barrels of oil equivalent (BOE) of proved reserves (60
percent gas), with 69 percent representing proved developed
non-producing and proved undeveloped upside potential. Aggregate
current net daily production of oil and gas is approximately 845 BOE
(65 percent gas). Vintage believes the properties contain significant
drilling and workover potential which it plans to pursue in the
near-term along with the implementation of operational efficiencies.
   "The acquired properties are a logical extension to our existing
domestic exploitation property base and are characterized by well
established, predictable production profiles. These properties also
provide Vintage with the type of operational and work program
opportunities in which we have excelled historically," said Charles
Stephenson, CEO. "In addition, the company continues to actively
pursue additional acquisition possibilities, both domestic and
international, and is currently evaluating several U.S.
opportunities."

   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, strategies, acquisitions, 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 conditions precedent to the closing of acquisitions, 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, Okla., 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.