Vintage Petroleum's Third Quarter 2003 Operations Update

Vintage Petroleum's Third Quarter 2003 Operations Update 


TULSA, Okla., Nov. 5  /PRNewswire-FirstCall/ -- Vintage Petroleum, Inc.  today
updated its operational activities and plans for 2003. During the third quarter,
$50 million of the company's 2003 planned non- acquisition capital budget of
$185 million was spent drilling a total of 37 gross (33.0 net) wells and
performing 56 workovers.  The company is on track to drill approximately 130 net
wells and undertake a variety of lower-risk exploitation projects with
approximately 70 percent of the budget during 2003. The remaining 30 percent of
the budget continues to be allocated primarily to potentially higher-impact
exploration programs in the United States, Canada and Yemen.

   United States
   Exploitation


During the quarter, five gross (four net) exploitation wells were drilled with
an 86 percent success rate.  Year to date, 23 gross (20.0 net) wells have been
drilled with an 85 percent success rate and 96 workovers have been performed. 
Exploitation drilling in the Gilmer and Loma Blanca Fields in Texas and the
Strong City Field in Oklahoma resulted in three gross (2.5 net) wells with an
initial production buildup of 5.6 million cubic feet of gas and 200 barrels of
oil per day net to Vintage's interest.   High angle drilling of one gross (one
net) well in the Pleito Ranch Field in California developed an initial net
production buildup of 260 barrels of oil and 100 thousand cubic feet of gas per
day.  The 2003 U.S. exploitation program budgeted at $49 million is on track to
drill a total of 35 gross (29 net) wells by year-end. Vintage is drilling a
replacement well for its Galveston Bay State Tract 65-2 well lost due to
mechanical reasons and will drill approximately five horizontal oil wells during
the fourth quarter in the Darst Creek field as well as test a high-angle
drilling concept in the San Miguelito field in California.  Additionally,
several tight gas wells are planned in the Gilmer and Terryville fields in Texas
and Louisiana.  Based on the results of these various exploitation drilling
programs, several additional future drilling locations could be generated in
these fields.

Exploration

Vintage has secured an interest in over 19,500 gross acres in the Permian basin
encompassing three, multi-well exploration prospects targeting known tight
carbonate gas reservoirs.  These prospects are predicated on an established play
concept which utilizes horizontal drilling and fracture stimulation technology
to significantly improve production and economics over the historical results
obtained utilizing vertical wellbores.

The first exploration well in the Austin prospect in Lea County, New Mexico, the
Hannah 17 State #2-H, targets the Mississippian formation and casing has been
set at a measured depth of 16,428 feet, which includes the 3,100 foot horizontal
section.  The fracture stimulation of the horizontal section is scheduled for
early November, and if successful, several additional wells could be drilled on
this prospect.

The first exploration well on the Rosehill prospect, the Wilbanks 53 #2-H, in
Martin County, Texas, targets the Mississippian formation as well. The well has
been drilled to a depth of 10,550 feet and casing has been set.  Drilling is
proceeding on a 4,000 foot horizontal section and is expected to take
approximately 30 days.  Vintage has a 100 percent working interest in both the
Rosehill and Austin wells.

Earlier this year, Vintage participated in the Muleskinner #1 well in the
Leatherwood prospect with a 33 percent working interest.  This well was a
horizontal Devonian test in Terrell County, Texas, drilled to a total depth of
17,931 feet, which included a 2,750 foot horizontal section.  Three separate
fracture stimulations were performed in the horizontal section and the well
currently has sustained production of 1.1 million cubic feet of gas per day
gross (261 thousand cubic feet of gas per day net).  Pending further technical
evaluation, additional wells may be drilled in this prospect.

Vintage is pursuing company-generated Oligocene and Miocene prospects in the
Texas Gulf Coast based on 3-D seismic and geochemical surveys.  Within these
targeted play concepts Vintage has acquired five Texas state leases covering
three shallow water prospects.  The first exploration well to be drilled on one
of the Texas Gulf Coast exploration plays is located on the Tres prospect which
is based on a Miocene gas exploration target coupled with the redevelopment of
additional Miocene oil and gas sands.  In November, Vintage will begin drilling
the first of two wells planned for the fourth quarter to an approximate depth of
8,200 feet.  Vintage will operate these wells and has a 65 percent working
interest in this prospect; and if successful, production could commence as early
as mid-year 2004.  The total net unrisked reserve potential on the Tres prospect
is 15 Bcfe.

Argentina

Twenty-one gross (20.4 net) exploitation wells were drilled on several
concessions in the San Jorge Basin and the Cuyo Basin during the third quarter
with a success rate of 100 percent.  In addition, 16 workovers were performed
during the third quarter.  Four drilling rigs and six workover rigs were running
during the third quarter.  Forty-six gross (44.8 net) wells have been drilled
and 55 workovers have been performed year-to-date.  Vintage plans to drill 70
gross (68.8 net) wells this year.  3-D seismic covering nearly 36,000 acres is
scheduled during the fourth quarter on the Canadon Leon concession.

Canada

Vintage has drilled 25 gross (16.0 net) exploitation and exploration wells with
an 81 percent success rate year-to-date.  For the year, Vintage plans to drill
approximately 40 gross (25.0 net) exploitation and exploration wells with
activity occurring in the Sturgeon Lake, West Central and Peace River Arch areas
of Alberta and the foothills trend in northeastern British Columbia.  During the
third quarter, exploitation drilling in the Sturgeon Lake and West Central areas
added 1.5 million cubic feet of gas per day and 175 barrels of oil per day of
stabilized production.

Exploration activity continued in the Cypress area located in the foothills
trend of northeastern British Columbia.  The first well, a 5,210 foot Triassic
test, has been drilled and cased with completion operations underway.  One
additional Triassic well is planned during the fourth quarter. Vintage will have
a 40 percent, non-operated interest in this prospect.  In the same prospect
area, Vintage will spud an 8,940 foot Mississippian test during November. 
Vintage will operate this well and participate with a 60 percent working
interest.  Prospect size for the targeted plays range from 20 to 150 Bcfe. 
Vintage's net unrisked reserve potential for this program is approximately 90
Bcfe.  During 2003, Vintage and its partners have acquired 9,800 net (23,800
gross) acres in the prospect area located near marketing infrastructure.

During early 2003, Vintage entered an agreement to conduct exploration
activities as operator on four onshore blocks in the province of Nova Scotia,
Canada.  Vintage drilled the Beech Hill # 1 prospect located in the Antigonish
block to a total depth of 3,425 feet targeting potential oil accumulations in a
Carboniferous Age reef.   At this location, the well did not encounter reservoir
quality formations and was subsequently abandoned.  With the drilling of the
well, Vintage has earned an 80 percent working interest in the Antigonish block.
 During the third quarter, the company acquired 46 miles of 2-D seismic and
conducted a geochemical survey on the Bras d'Or, Sydney and Pictou blocks. 
Vintage has the opportunity to earn 75 percent working interest in the Bras
d'Or, Sydney and Pictou blocks and, depending on the evaluation of the acquired
geological information, may elect to acquire additional seismic data or proceed
with the drilling of wells on these blocks. The Antigonish, Bras d'Or, Sydney
and Pictou blocks cover approximately 1.5 million gross acres.

Vintage to Webcast Conference Call

The company's third quarter 2003 conference call to review third quarter results
and future plans 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 is unable to provide
technical support for downloading the software.  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 production, exploration drilling,
exploitation activities, reserves, capital spending 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 our reports and other documents filed
with the Securities and Exchange Commission.

Vintage Petroleum, Inc. 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's website
at http://www.vintagepetroleum.com/ . 

DATASOURCE: Vintage Petroleum, Inc.



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

Vintage Petroleum, Inc., [phone]



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

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