Vintage Petroleum, Inc. Reports Third Quarter Results; Cash Flow Exceeds Consensus Estimates

Vintage Petroleum, Inc. Reports Third Quarter Results; Cash Flow Exceeds
Consensus Estimates 


TULSA, Okla., Nov. 5  /PRNewswire-FirstCall/ -- Vintage Petroleum, Inc.  today
announced net income of $11.8 million, or $0.18 per diluted share, for the third
quarter of 2003 compared to income from continuing operations of $14.7 million,
or $0.23 per diluted share, in the same quarter last year.  Net income in the
third quarter of 2002 was $31.7 million, or $0.50 per diluted share, including
income from discontinued operations in Trinidad and Ecuador.

Cash flow from continuing operations (before all exploration costs, changes in
working capital and current taxes on property sales) was $66.4 million for the
third quarter of 2003, exceeding the "First Call Consensus" expectation for the
quarter of $65.3 million (based on 66.0 million diluted shares).  This compares
to $61.3 million in the year-ago quarter and reflects the increase in oil and
gas prices from the year-ago levels partially offset by lower production and
higher costs.  See the attached table for Vintage's calculation of cash flow
from continuing operations, a non-GAAP financial measure.  Cash provided by
operating activities for the third quarter of 2003 was $78.0 million compared to
$66.5 million in the year- earlier quarter.

Oil and gas production for the third quarter of 2003 of 6.9 million equivalent
barrels (BOE) was flat with the second quarter of 2003 but short of the
company's internal target of 7.2 million BOE.  Oil production during the third
quarter of 2003 totaled 4.5 million barrels and natural gas production was 14.1
Bcf.  The decline from the year-earlier quarter's 7.7 million BOE of production
from continuing operations was attributable to the anticipated declines
resulting from U.S. and Canadian property divestitures in 2003, natural
production declines and the effects of substantially curtailed capital
expenditures in 2002 which resulted in significantly lower production levels at
the start of 2003.

The average price received for gas (including the impact of hedges) was
dramatically higher than the average price received in the year-ago quarter,
rising 56 percent to $3.13 per Mcf in the current quarter compared to $2.01 per
Mcf in the third quarter of last year.  The average realized price for oil
(including the impact of hedges) was slightly higher at $24.94 per barrel
compared to $24.61 per barrel in the year-earlier quarter.

Oil and gas sales rose four percent to $156.9 million from $151.5 million in
last year's quarter as the effect of higher natural gas prices more than offset
the decline in production.  Total revenues for the quarter were $183.4 million,
compared to $166.9 million in the year-ago quarter.

Lease operating expenses (LOE) increased 11 percent to $55.9 million from the
year-earlier $50.2 million.  Argentine peso inflation and the strengthening of
the Argentine peso relative to the U.S. dollar resulted in an increase in LOE in
Argentina expressed in U.S. dollars, accounting for two- thirds of the overall
increase in LOE.  Increases in Argentine crude oil export taxes and severance
taxes also resulted in LOE increases in the quarter.  LOE per BOE for the
quarter increased to $8.14 per BOE ($7.06 per BOE excluding Argentine export
taxes) compared to $6.54 per BOE ($5.70 per BOE excluding Argentine export
taxes) in last year's third quarter as a result of the higher costs and lower
production.

Total general and administrative costs of $16.0 million increased from $11.8
million in the year-earlier quarter primarily due to expenses related to
restricted stock awards (a non-cash item), asset taxes in Argentina and cash
bonuses included in this year's quarter with no comparable amounts in the
year-earlier period.

Interest expense decreased 11 percent, or $2.2 million, to $17.8 million as a
result of the company's lower outstanding debt level.

Exploration expense of $9.1 million during the third quarter of 2003 included
$5.1 million in seismic, geological and geophysical costs and $4.0 million in
lease impairments and dry hole costs.  This compares to a total of $5.6 million
during the third quarter of 2002 which included $1.4 million in seismic,
geological and geophysical costs and $4.2 million in lease impairments and dry
hole costs.

Nine Month Results

For the nine months ended September 30, 2003, income before certain major items
was $60.3 million, or $0.92 per diluted share, compared to the year- earlier
period's income of $26.4 million, or $0.41 per diluted share (see the attached
table for reconciliation of this non-GAAP measure to net income (loss)).

Net income for the nine months ended September 30, 2003, of $43.7 million, or
$0.67 per diluted share, compares to a net loss of $12.0 million, or $0.19 per
share, in the first nine months of 2002.

Cash flow from continuing operations (before all exploration costs, changes in
working capital and current taxes on property sales and loss on early
extinguishment of debt) was $215.1 million for the nine months ended September
30, 2003, up 32 percent compared to $162.6 million in the year-ago period,
reflecting the increase in oil and gas prices from the year-ago levels.  See the
attached table for Vintage's calculation of cash flow from continuing
operations, a non-GAAP financial measure.  Cash provided by operating activities
for the nine months ended September 30, 2003, was $172.2 million compared to
$155.8 million in the year-earlier period.

Liquidity and Capitalization

At September 30, 2003, net debt (long-term debt less cash) to book
capitalization was 48.8 percent, down from 60.5 percent at year-end 2002.  In
addition to the $142 million of cash on hand, the company had nearly $300
million of availability under its bank revolving credit facility which provides
the company with substantial liquidity.  On October 2, 2003, approximately $103
million of this liquidity was used to call the 8 5/8% senior subordinated notes
due in 2009.

2003 Target Update

The company is maintaining its annual target for cash flow from continuing
operations (before all exploration expenses, current taxes on any property sales
and working capital changes) in 2003 of $265 million and adjusting its target
for EBITDAX to $380 million.  The company has adjusted its targeted 2003
production to 27.3 million BOE versus the previous target of 28.3 million BOE
due primarily to a combination of the results and timing of various U.S.
exploration projects, a slower than expected build-up in Argentine exploitation
volumes and production shut-ins as a result of the recent fires in California. 
These revised targets and others are enumerated in the accompanying table,
"Vintage Petroleum, Inc., Revised 2003 Targets" and are based on assumed average
NYMEX prices for 2003 of $30.40 per barrel of oil and $5.45 per MMBtu of gas
versus its previously assumed NYMEX prices of $29.00 per barrel of oil and $5.25
per MMBtu of gas.

The 2003 targets do not reflect the impact of the costs to be incurred to repair
damage to the company's properties resulting from recent fires in California. 
Damage assessment is underway and preliminary estimates range from $5 to $12
million expected to be incurred through the first quarter of 2004.

Vintage to Webcast Conference Call

The company's third quarter 2003 conference call to review third quarter results
will be broadcast live on a listen-only basis over the internet on Thursday,
November 6 at 3 p.m. Central time.  Interested parties may access the webcast by
visiting the Vintage Petroleum, Inc. website at http://www.vintagepetroleum.com/
and selecting the microphone icon, or at http://www.fulldisclosure.com/ and
typing VPI in the ticker search box and selecting "Go".  To listen to the
internet broadcast, participants will need a multimedia computer with speakers
and the Windows media player installed. Download from
http://www.microsoft.com/windows/windowsmedia/download/default.asp and test the
software prior to the call.  Vintage Petroleum, Inc. is unable to provide
technical support for downloading the software.  The webcast and the
accompanying slide presentation will be available for replay at the company's
website.  The teleconference may be accessed by dialing [phone] five to
ten minutes prior to the scheduled start time and providing the call identifier,
"Vintage" to the operator.  The webcast and the accompanying slide presentation
will be available for replay at the company's website.  An audio replay will be
available until November 14, 2003, by dialing [phone].

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 estimates of assumed NYMEX prices,
realized prices as a percent of NYMEX, production, capital expenditures, cash
flows, EBITDAX and events or developments that the company expects 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 or to be taken by foreign governments as a
result of economic conditions or other factors, changes in foreign exchange and
inflation rates, as well as continued availability of capital and financing, and
general economic, market or business conditions and risk factors listed from
time-to-time in the company's reports and other documents filed with the
Securities and Exchange Commission.

Vintage Petroleum is an independent energy company engaged in the acquisition,
exploitation, exploration and development 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
http://www.vintagepetroleum.com/ .

                 VINTAGE PETROLEUM, INC. AND SUBSIDIARIES

                  CONSOLIDATED STATEMENTS OF OPERATIONS
                 (In thousands, except per share amounts)
                               (Unaudited)

                          Three Months Ended       Nine Months Ended
                             September 30,            September 30,
                          2003         2002         2003         2002

  REVENUES:
    Oil and gas sales   $156,864     $151,471     $502,043     $422,644
    Gas marketing         21,830       15,482       81,491       45,215
    Oil and gas
     gathering and
     processing            2,896        1,671        6,406        4,524
    Gain (loss) on
     disposition of
     assets                  170         (450)        (175)      17,259
    Foreign currency
     exchange gain
     (loss)                1,108         (693)      (6,043)       3,408
    Other income
     (expense)               488         (601)       2,443          592
      Total revenues     183,356      166,880      586,165      493,642

  COSTS AND EXPENSES:
    Lease operating,
     including
     production and
     export taxes         55,937       50,248      164,467      151,005
    Exploration costs      9,069        5,638       55,596       21,594
    Gas marketing         21,184       15,192       79,607       43,937
    Oil and gas
     gathering and
     processing            3,010        1,795        7,400        5,077
    General and
     administrative       15,980       11,792       46,254       36,852
    Depreciation,
     depletion and
     amortization         34,908       43,208      106,985      138,525
    Impairment of oil
     and gas properties    1,443          ---       14,014          ---
    Accretion              1,851          ---        5,430          ---
    Interest              17,837       20,048       54,394       58,226
    Loss on early
     extinguishment of
     debt                    ---          ---        1,426        8,154
      Total costs and
       expenses          161,219      147,921      535,573      463,370

    Income from
     continuing
     operations before
     income taxes and
     cumulative effect
     of changes in
     accounting
     principles           22,137       18,959       50,592       30,272

  PROVISION (BENEFIT)
   FOR INCOME TAXES:
    Current                6,865        7,210       37,697       19,004
    Deferred               3,517       (2,987)     (12,891)     (17,996)
      Total provision
       for income taxes   10,382        4,223       24,806        1,008

    Income from
     continuing operations
     before cumulative
     effect of changes
     in accounting
     principles           11,755       14,736       25,786       29,264

  INCOME FROM
   DISCONTINUED
   OPERATIONS, net
   of income taxes           ---       16,959       10,844       19,241

    Income before
     cumulative effect
     of changes in
     accounting
     principles           11,755       31,695       36,630       48,505

  CUMULATIVE EFFECT OF
   CHANGES IN ACCOUNTING
   PRINCIPLES, net of
   income tax benefit of
   zero, zero, $4,104
   and zero, respectively    ---          ---        7,119      (60,547)

  NET INCOME (LOSS)      $11,755      $31,695      $43,749     $(12,042)


                 VINTAGE PETROLEUM, INC. AND SUBSIDIARIES

                  CONSOLIDATED STATEMENTS OF OPERATIONS
                 (In thousands, except per share amounts)
                               (Unaudited)

                         Three Months Ended         Nine Months Ended
                            September 30,              September 30,
                          2003         2002          2003         2002

  BASIC INCOME (LOSS)
   PER SHARE:
    Income from continuing
     operations before
     cumulative effect of
     changes in accounting
     principles            $0.18        $0.23         $0.40        $0.46
    Income from
     discontinued
     operations              ---         0.27          0.17         0.31
    Income before
     cumulative effect
     of changes in
     accounting principles  0.18         0.50          0.57         0.77
    Cumulative effect of
     changes in accounting
     principles              ---          ---          0.11        (0.96)
    Net income (loss)      $0.18        $0.50         $0.68       $(0.19)

  DILUTED INCOME (LOSS)
   PER SHARE:
    Income from continuing
     operations before
     cumulative effect of
     changes in accounting
     principles            $0.18        $0.23         $0.40        $0.46
    Income from
     discontinued
     operations              ---         0.27          0.16         0.30
    Income before
     cumulative effect
     of changes in
     accounting
     principles             0.18         0.50          0.56         0.76
    Cumulative effect
     of changes in
     accounting
     principles              ---          ---          0.11        (0.95)
    Net income (loss)      $0.18        $0.50         $0.67       $(0.19)

  Weighted average common
   shares outstanding:
    Basic                 64,228       63,335        63,875       63,181
    Diluted               65,978       63,977        65,344       63,661


                 VINTAGE PETROLEUM, INC. AND SUBSIDIARIES

                       CONSOLIDATED BALANCE SHEETS
           (In thousands, except shares and per share amounts)

                                  ASSETS

                                                September 30,  December 31,
                                                    2003           2002
                                                (Unaudited)

  CURRENT ASSETS:
    Cash and cash equivalents                     $142,303         $9,259
    Accounts receivable -
      Oil and gas sales                             92,422         90,267
      Joint operations                               7,714          9,542
    Prepaids and other current assets               18,052         21,021
    Assets of discontinued operations                  ---         86,174

        Total current assets                       260,491        216,263

  PROPERTY, PLANT AND EQUIPMENT, at cost:
    Oil and gas properties, successful
     efforts method                              2,652,615      2,487,549
    Oil and gas gathering systems and plants        22,767         20,588
    Other                                           28,637         26,501

                                                 2,704,019      2,534,638

    Less accumulated depreciation, depletion
     and amortization                            1,140,460      1,047,665

      Total property, plant and equipment, net   1,563,559      1,486,973

  GOODWILL                                          24,658         21,099

  OTHER ASSETS, net                                 46,544         51,469

  TOTAL ASSETS                                  $1,895,252     $1,775,804


                 VINTAGE PETROLEUM, INC. AND SUBSIDIARIES

                       CONSOLIDATED BALANCE SHEETS
           (In thousands, except shares and per share amounts)

                   LIABILITIES AND STOCKHOLDERS' EQUITY

                                               September 30,   December 31,
                                                    2003           2002
                                                (Unaudited)

  CURRENT LIABILITIES:
    Revenue payable                                $26,691        $30,869
    Accounts payable - trade                        41,200         42,038
    Current income taxes payable                    23,328         18,722
    Short-term debt                                  2,915          4,732
    Derivative financial instruments payable         4,112         17,122
    Other payables and accrued liabilities          76,411         54,281
    Liabilities of discontinued operations             ---         10,769
      Total current liabilities                    174,657        178,533

  LONG-TERM DEBT                                   799,454        883,180

  DEFERRED INCOME TAXES                            148,441        137,015

  LONG-TERM LIABILITY FOR ASSET RETIREMENT
   OBLIGATIONS                                      79,375            ---

  OTHER LONG-TERM LIABILITIES                        2,812          6,084

  STOCKHOLDERS' EQUITY:
    Preferred stock, $.01 par, 5,000,000 shares
     authorized zero shares issued and outstanding     ---            ---
    Common stock, $.005 par, 160,000,000 shares
     authorized, 64,675,875 and 63,432,972 shares
     issued and 64,246,143 and 63,348,272 shares
     outstanding, respectively                         323            317
    Capital in excess of par value                 336,365        326,510
    Retained earnings                              310,391        274,971
    Accumulated other comprehensive
     income (loss)                                  53,124        (28,573)
                                                   700,203        573,225

    Less: Treasury stock, at cost, 429,732 and
           84,700 shares, respectively               3,013            ---
          Unamortized cost of restricted stock
           awards                                    6,677          2,233

      Total stockholders' equity                   690,513        570,992

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $1,895,252     $1,775,804


                 VINTAGE PETROLEUM, INC. AND SUBSIDIARIES

                          SUMMARY OPERATING DATA
                               (Unaudited)

                         Three Months Ended        Nine Months Ended
                            September 30,             September 30,
                          2003         2002         2003         2002

  Production:

    Oil (MBbls) -
      U.S.                 1,584        1,618        4,753        5,193
      Canada                 274          449          945        1,429
      Argentina (A)        2,641        2,607        7,705        8,442
      Bolivia (B)             22           23           62           94
        Continuing
         operations        4,521        4,697       13,465       15,158
      Ecuador                ---          251          114          797
        Total              4,521        4,948       13,579       15,955

    Gas (MMcf) -
      U.S.                 5,458        6,260       17,435       18,740
      Canada               4,583        7,404       14,945       22,810
      Argentina            2,612        2,715        7,203        6,682
      Bolivia              1,438        1,505        4,491        4,850
        Total             14,091       17,884       44,074       53,082

  MBOE from continuing
   operations              6,870        7,678       20,811       24,005

  Total MBOE               6,870        7,929       20,925       24,802

   (A)  Production for Argentina for the three months ended
        September 30, 2003 and 2002, and for the nine months ended
        September 30, 2003 and 2002, before the impact of changes in
        inventories was 2,571 MBbls, 2,602 MBbls, 7,626 MBbls and
        8,220 MBbls, respectively.
   (B)  Production for Bolivia for the three months ended September 30, 2003
        and 2002, and for the nine months ended September 30, 2003 and 2002,
        before the impact of changes in inventories was 19 MBbls, 23 MBbls,
        60 MBbls and 73 MBbls, respectively.


                 VINTAGE PETROLEUM, INC. AND SUBSIDIARIES

                          SUMMARY OPERATING DATA
                               (Unaudited)

                         Three Months Ended        Nine Months Ended
                            September 30,             September 30,
                          2003         2002         2003         2002

  Average sales price
   (including impact
   of hedges):
    Oil (per Bbl) -
      U.S.                $25.14       $23.97       $25.38       $21.27
      Canada               27.26        24.01        28.18        21.23
      Argentina            24.60        25.13        26.19        20.03 (A)
      Bolivia              22.33        22.11        22.70        20.37
        Continuing
         operations        24.94        24.61        26.03        20.57 (A)
      Ecuador                ---        22.60        26.87        19.61
        Total              24.94        24.51        26.03        20.53 (A)
    Gas (per Mcf) -
      U.S.                 $3.89        $2.69        $4.26        $2.65
      Canada                4.11         2.11         4.35         2.25
      Argentina             0.48         0.35         0.45         0.37
      Bolivia               1.95         1.62         2.01         1.48
        Total               3.13         2.01         3.44         2.09

  Average sales price
   (excluding impact
   of hedges):
    Oil (per Bbl) -
      U.S.                $27.85       $25.30       $28.32       $21.86
      Canada               26.61        23.46        28.02        21.06
      Argentina            24.60        25.13        26.19        20.13 (A)
      Bolivia              22.33        22.11        22.70        20.37
        Continuing
         operations        25.85        24.20        27.06        20.81 (A)
      Ecuador                ---        22.60        26.87        19.61
        Total              25.85        24.90        27.05        20.76 (A)
    Gas (per Mcf) -
      U.S.                 $4.45        $2.80        $4.99        $2.75
      Canada                4.26         1.96         4.83         2.24
      Argentina             0.48         0.35         0.45         0.37
      Bolivia               1.95         1.62         2.01         1.48
        Total               3.40         1.98         3.89         2.12

   (A)  Reflects the impact of the one-time government-mandated forced
        settlement of domestic Argentina oil sales which decreased the
        Argentina, total continuing operations and total average oil prices
        per Bbl for the nine months ended September 30, 2002, per Bbl by
        $0.95, $0.53 and $0.50, respectively.


                         VINTAGE PETROLEUM, INC.

                       NON-GAAP FINANCIAL MEASURES



Cash flow from continuing operations represents cash provided by continuing
operating activities before all exploration costs, changes in working capital
items related to operating activities, current taxes on property sales and loss
on early extinguishment of debt.  Cash flow from continuing operations is
presented because management believes it is a useful adjunct to cash provided by
operating activities under accounting principles generally accepted in the
United States ("GAAP").  Cash flow from continuing operations is widely accepted
as a financial indicator of an oil and gas company's ability to generate cash
which is used to internally fund exploration and development activities and to
service debt.  Cash flow from continuing operations is not a measure of
financial performance under GAAP and should not be considered as an alternative
to cash flows from operating, investing, or financing activities as an indicator
of cash flows, or as a measure of liquidity.  The following table reconciles
cash provided by operating activities to cash flow from continuing operations
(in thousands):

                         Three Months Ended         Nine Months Ended
                            September 30,              September 30,
                          2003         2002         2003          2002

  Cash provided by
   operating activities  $78,041      $66,515     $172,156      $155,760
  Cash used (provided)
   by discontinued
   operations              9,441       (6,489)      30,370        (8,310)
  Cash provided by
   continuing operations  87,482       60,026      202,526       147,450
  Changes in working
   capital items related
   to operating
   activities            (22,765)       1,467        6,205        11,614
  Current tax provision
   (benefit) associated
   with net tax gain on
   property sales          1,725         (174)       6,933         6,714
  Current tax benefit
   for loss on early
   extinguishment of
   debt                      ---          ---         (555)       (3,172)
  Cash flow from
   continuing
   operations            $66,442      $61,319     $215,109      $162,606



Earnings before certain major items (and the related amounts per diluted share),
a non-GAAP financial measure, excludes major items that management believes
affect the comparison of results for the periods presented. Management also
believes results excluding these items are more comparable to estimates provided
by securities analysts and therefore are useful in evaluating operational trends
of the company and its performance relative to other oil and gas companies.  The
following tables reconcile net income (loss) to earnings before certain major
items and the related amounts per diluted share (in thousands except per share
amounts):

                          Three Months Ended       Nine Months Ended
                             September 30,            September 30,
                          2003         2002         2003         2002

  Net income (loss)      $11,755      $31,695      $43,749     $(12,042)
  Major items impacting
   net income (after tax)
      Non-cash charges
       for impairments     1,910          971       27,504        6,069
      Foreign currency
       exchange (gain)
       loss               (1,108)         693        6,043       (3,408)
      (Gain) loss on
       disposition of
       assets                (99)         275          120      (10,545)
      Loss on early
       extinguishment
       of debt               ---          ---          871        4,982
      Income from
       discontinued
       operations            ---      (16,959)     (10,844)     (19,241)
      Cumulative effect
       of changes in
       accounting
       principles            ---          ---       (7,119)      60,547
      Earnings before
       certain major
       items             $12,458      $16,675      $60,324      $26,362


                         VINTAGE PETROLEUM, INC.

                       NON-GAAP FINANCIAL MEASURES

                           Three Months Ended        Nine Months Ended
                              September 30,             September 30,
                           2003          2002         2003         2002

  Net income (loss) per
   diluted share
  Major items impacting
   net income (after tax)  $0.18         $0.50        $0.67       $(0.19)
    Non-cash charges for
     impairments            0.03          0.02         0.42         0.09
    Foreign currency
     exchange (gain) loss  (0.02)         0.01         0.09        (0.05)
    (Gain) loss on
     disposition of assets   ---           ---          ---        (0.17)
    Loss on early
     extinguishment of
     debt                    ---           ---         0.01         0.08
    Income from
     discontinued
     operations              ---         (0.27)       (0.16)       (0.30)
    Cumulative effect of
     changes in accounting
     principles              ---           ---        (0.11)        0.95
  Earnings per diluted
   share before certain
   major items             $0.19         $0.26        $0.92        $0.41




EBITDAX is presented herein, and reconciled to the GAAP measures of net income
and cash provided by operating activities because of its wide acceptance by the
investment community as a financial indicator of a company's ability to
internally fund exploration and development activities and to service or incur
debt.  Management also views the non-GAAP measure of EBITDAX as a useful tool
for comparison of the company's financial indicator with those of peer
companies.  EBITDAX should not be considered as an alternative to net income or
cash provided by operating activities, as defined by GAAP.

                         Three Months Ended        Nine Months Ended
                            September 30,             September 30,
                          2003         2002         2003         2002

  Net income (loss)      $11,755      $31,695      $43,749     $(12,042)
  Cumulative effect of
   changes in accounting
   principles                ---          ---       (7,119)      60,547
  Income from
   discontinued
   operations, net of tax    ---      (16,959)     (10,844)     (19,241)
  Provision for income
   taxes                  10,382        4,223       24,806        1,008
  Loss on early
   extinguishment of debt    ---          ---        1,426        8,154
  Interest expense        17,837       20,048       54,394       58,226
  Accretion                1,851          ---        5,430          ---
  Depreciation, depletion
   and amortization       34,908       43,208      106,985      138,525
  Impairments of oil and
   gas properties          1,443          ---       14,014          ---
  Exploration costs        9,069        5,638       55,596       21,594
  Foreign currency
   exchange (gain) loss   (1,108)         693        6,043       (3,408)
  (Gain) loss on
   disposition of assets    (170)         450          175      (17,259)
  Other non-cash items     3,452         (245)       6,167          190
    EBITDAX               89,419       88,751      300,822      236,294

  Interest expense       (17,837)     (20,048)     (54,394)     (58,226)
  Current income
   tax expense            (6,865)      (7,210)     (37,697)     (19,004)
  Cash provided (used)
   by discontinued
   operations             (9,441)       6,489      (30,370)       8,310
  Changes in working
   capital                22,765       (1,467)      (6,205)     (11,614)

  Cash provided by
   operating activities  $78,041      $66,515     $172,156     $155,760


                         VINTAGE PETROLEUM, INC.
                           REVISED 2003 TARGETS

                                                 Previous       Revised
                                                   2003           2003
  Oil production (MMBbls):                       Targets       Targets (C)
    U.S.                                             6.5            6.1
    Canada                                           1.2            1.2
    Argentina                                       10.6           10.4
    Bolivia                                           .1             .1
    Total                                           18.4           17.8

  Gas production (Bcf):
    U.S.                                            24.6           22.6
    Canada                                          20.0           19.3
    Argentina                                        8.7            9.5
    Bolivia                                          6.0            6.0
    Total                                           59.3           57.4

  Total MMBOE                                       28.3           27.3

  Assumed NYMEX (A) prices:
    Oil                                           $29.00         $30.40
    Gas                                            $5.25          $5.45

  Net realized price (before impact of hedging)
   as a percent of NYMEX (A) - Total Company:
    Oil                                              86%            87%
    Gas                                              69%            68%

  DD&A per BOE (oil and gas only)                  $5.00          $5.00
  LOE per BOE (including Argentine export
   tax impact) (E)                                 $7.60          $7.90
  G&A per BOE                                      $2.05          $2.20

  Non-Acquisition Capital Spending Budget
   (in millions)                                    $185           $185

  Cash Flow (before all exploration expenses,
   working capital changes and current taxes
   associated with property sales) (in
   millions)(D)(E)                                  $265           $265

   EBITDAX (in millions)(B)(D)(E)                   $385           $380

   MMBbls     -  million barrels
   Bcf        -  billion cubic feet
   MMBOE      -  million barrels of oil equivalent

   (A)  NYMEX -
          Oil - Average of the daily settlement price per barrel for the
                near-month contract for light crude oil as quoted on the New
                York Mercantile Exchange.
          Gas - Average of the settlement price per MMBtu for the last
                3 trading days for the applicable contract month for natural
                gas as quoted on the New York Mercantile Exchange.
   (B)  EBITDAX:  Earnings before interest, taxes, DD&A, impairments,
        exploration expenses, cumulative effect of change in accounting
        principle, loss on early extinguishment of debt, and gains/losses on
        property sales.
   (C)  Targets do not reflect any future acquisitions or dispositions of
        assets.  Targets reflect the impact of existing hedges.  See "2003
        Target Update" and "Forward-Looking Statements" elsewhere in the
        release.
   (D)  The targets for non-GAAP financial measures are not reconciled to
        the most directly comparable GAAP financial measures as the company
        does not establish targets for such GAAP financial measures.
   (E)  Before costs to repair damage resulting from recent fires in
        California.


                         VINTAGE PETROLEUM, INC.
                              HEDGING STATUS

                             OIL PRICE SWAPS

                                                        NYMEX
                                                   Reference Price
     Quarter Ending            Barrels                 Per Bbl

   December 31, 2003          1,426,000                $26.78
   March 31, 2004             1,365,000                 29.77
   June 30, 2004                188,000                 28.66
   September 30, 2004           260,500                 27.63
   December 31, 2004            297,500                 26.84
   March 31, 2005               323,700                 26.23
   June 30, 2005                342,800                 25.76
   September 30, 2005           355,700                 25.52
   December 31, 2005            361,900                 25.45


                             GAS PRICE SWAPS

                                                       NYMEX
                                                 Reference Price
     Quarter Ending               MMBtu             Per MMBtu

   December 31, 2003            2,760,000              $4.04


                                                       NYMEX
                                                  Reference Price
     Quarter Ending               MMBtu              Per MMBtu
                                                 (Canadian dollars)

   December 31, 2003            2,300,000               6.64


DATASOURCE: Vintage Petroleum, Inc.



CONTACT:  Robert E. Phaneuf, Vice President - Corporate Development of

Vintage Petroleum, Inc., [phone]



Web site:  http://www.fulldisclosure.com/

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Web site:  http://www.vintagepetroleum.com/ 

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