Vintage Pete (NYSE:VPI)
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From Jul 2019 to Jul 2024
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Vintage Petroleum, Inc. (NYSE:VPI) announced today that
it is reaffirming its previously established production target for
2005 of 27.3 million barrels of oil equivalent (BOE). Success
experienced in the company's exploitation program is offsetting the
anticipated impact from temporarily shut-in production caused by
Hurricanes Katrina and Rita in recent weeks.
Approximately 5,300 BOE per day of production was shut-in late
last week as a precautionary measure in light of the expected path of
Hurricane Rita. Activity is currently underway to assess the extent of
any damage caused by Hurricane Rita, however, at this time the company
does not anticipate any significant damage. Consequently, the company
has returned 3,400 BOE per day to production and anticipates the
remaining 1,900 BOE per day to be restored shortly.
Approximately 3,600 BOE of the net daily production of the initial
4,000 BOE shut-in as a result of Hurricane Katrina remains off-line.
About two-thirds of the Katrina related shut-in volume is attributable
to our Main Pass 116 offshore complex where repairs to the company's
production facilities are near completion and production is ready to
resume pending inspection of pipelines and facilities operated by
others. Less than one-third of the remaining shut-in volume, or
approximately 1,000 BOE per day, appears to require significant repair
such that it could remain shut-in for several months.
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 damages, plans and timing to restore production to prior
levels, future production, strategies, estimates of oil and gas
reserves, capital spending, 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, success of well and facility repair, actions taken and to
be taken by governments and their agencies as a result of political
and economic conditions or other factors, 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.