Vintage Petroleum to Acquire Producing Oil and Gas Properties in the Uinta Basin; Increases 2004 Targets

Vintage Petroleum to Acquire Producing Oil and Gas Properties in the Uinta
Basin; Increases 2004 Targets 


TULSA, Okla., Nov. 10  /PRNewswire-FirstCall/ -- Vintage Petroleum, Inc. 
announced today the signing of an agreement to acquire producing properties in
the Uinta basin of Utah for $52.5 million, subject to customary closing
adjustments from the transaction's June 1, 2003, effective date.  The agreement
calls for Vintage to acquire an approximately 80 percent, operated working
interest in fields primarily in Duchesne and Uintah counties in Utah covering
over 200,000 net acres from various subsidiaries of El Paso Corporation.

Current net production attributable to the properties is estimated at 2,000
barrels of oil and natural gas liquids per day and 920 thousand cubic feet of
gas per day from the Green River and Wasatch formations.  Vintage believes the
properties contain significant workover, drilling and waterflood potential which
it plans to pursue along with the implementation of operational efficiencies. 
In addition to the property interests, Vintage is to acquire the majority
interest and operational control of three gas plants which will provide Vintage
with an increase in its natural gas gathering and processing income.

"These properties provide us with the type of operational and work program
opportunities in which we have excelled historically.  We are excited about
operating in the Rockies and its potential to become a significant producing
area for us," said S. Craig George, CEO.

Vintage currently has just over 2.1 million barrels of oil hedged during 2004
and nearly 1.4 million barrels of oil hedged during 2005 at average NYMEX
reference prices of $29.00 and $25.73, respectively.  "We're taking advantage of
the strong oil price environment with hedges in place for 2004 and 2005, a
portion of which helps to protect our projected acquisition returns," added S.
Craig George, CEO.

2004 Targets Revised

As a result of this acquisition, Vintage is increasing its 2004 annual targets
for cash flow from continuing operations from $214 million to $230 million and
for EBITDAX from $315 million to $333 million.  The 2004 annual production
target has been increased by nearly one million barrels of oil equivalent (BOE)
to 27.8 million BOE.  The capital spending budget increase of $15 million will
be allocated to exploitation spending in the United States, bringing the total
capital spending budget for 2004 to $240 million.  These revised targets and
others along with the definitions of cash flow and EBITDAX are enumerated in the
accompanying table, "Vintage Petroleum, Inc., Revised Targets for 2004" and are
based on average NYMEX prices for 2004 of $27.00 per barrel of oil and $5.00 per
MMBTU of natural gas.

The transaction is scheduled to close on or before December 2, 2003, subject to
ordinary conditions precedent.  Cash required at closing will be provided by the
company's existing bank credit facility.

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 future acquisitions, 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 conditions
precedent to the closing of future acquisitions, 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.
                         REVISED TARGETS FOR 2004

  Oil production (MMBbls):                       Previous        Revised
                                                   2004           2004
                                                 Targets(C)      Targets(C)
     U.S.                                           5.8            6.7
     Canada                                          .8             .8
     Argentina                                     11.1           11.1
     Bolivia                                         .1             .1
     Yemen                                           .4             .4
     Total                                         18.2           19.1

  Gas production (Bcf):
     U.S.                                          23.4           24.0
     Canada                                        14.8           14.8
     Argentina                                      8.5            8.5
     Bolivia                                        5.5            5.5
     Total                                         52.2           52.8

  Total MMBOE                                      26.9           27.8

    Assumed NYMEX (A) prices:
      Oil                                        $27.00         $27.00
      Gas                                         $5.00          $5.00

  Net realized price (before impact of hedging)
   as a percent of NYMEX (A) - Total Company:
      Oil                                            84%            84%
      Gas                                            69%            69%

  DD&A per BOE (oil and gas only)                 $4.75          $4.75
  LOE per BOE (including Argentine export
   tax impact) (E)                                $8.75          $8.90
  G&A per BOE                                     $2.20          $2.15

  Non-Acquisition Capital Spending Budget
   (in millions)                                   $225           $240

  Cash Flow (before all exploration expenses,
   working capital changes and current taxes
   associated with property sales)
   (in millions)(D)(E)                             $214           $230

  EBITDAX (in millions)(B)(D)(E)                   $315           $333

  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
      "2004 Targets Revised" 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.


http://www.vintagepetroleum.com 

DATASOURCE: Vintage Petroleum, Inc.



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

Vintage Petroleum, Inc., [phone]

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