VINTAGE PETROLEUM INC
SC 13G/A, 1999-02-16
CRUDE PETROLEUM & NATURAL GAS
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<PAGE>
 
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549



                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
                           (Amendment No.    6   )*
                                          -------  


                            Vintage Petroleum, Inc.
                            -----------------------
                               (Name of Issuer)


                         Common Stock, $.005 par value
                         -----------------------------
                        (Title of Class of Securities)


                                  927460 10 5
                                  -----------
                                (CUSIP Number)


            -------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     [_]   Rule 13d-1(b)
     [_]   Rule 13d-1(c)
     [X]   Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                                  Page 1 of 4
<PAGE>
 
CUSIP NO.  927460 10 5         13G                     Page 2 of 4

- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
  I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

      Charles C. Stephenson, Jr.

- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (a)  [_]
     (b)  [_]

- --------------------------------------------------------------------------------
3 SEC USE ONLY


- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION

      United States

- --------------------------------------------------------------------------------

     NUMBER OF            5  SOLE VOTING POWER        
                                                      
       SHARES                    10,766,050           
                          ------------------------------------------------------
    BENEFICIALLY          6  SHARED VOTING POWER      
                                                      
      OWNED BY                   -0-                  
                          -----------------------------------------------------
        EACH              7  SOLE DISPOSITIVE POWER   
                                                      
     REPORTING                   10,766,050           
                          -----------------------------------------------------
       PERSON             8  SHARED DISPOSITIVE POWER  
                                                      
        WITH                     -0-                   
                    
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      10,766,050

- --------------------------------------------------------------------------------
10  CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

      X

- --------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      20.3%

- --------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON

      IN

- --------------------------------------------------------------------------------
<PAGE>
 
CUSIP NO. 927460 10 5    13G                 Page 3 of 4
- -----------------------  ----  ----------------------------------------
 
Item 1.   (a)   Name of Issuer:  Vintage Petroleum, Inc.
- ------          ----------------------------------------

          (b)   Address of Issuer's Principal Executive Offices:
                ----------------------------------------------- 
 
                4200 One Williams Center
                Tulsa, Oklahoma 74172
 
Item 2.   (a)   Name of Person Filing:  Charles C. Stephenson, Jr.
- ------          --------------------------------------------------

          (b)   Address of Principal Business Office:
                ------------------------------------ 

                4200 One Williams Center
                Tulsa, Oklahoma 74172

          (c)   Citizenship:  United States
                -----------                

          (d)   Title of Class of Securities:  Common Stock, par value $.005
                ----------------------------                                

          (e)   CUSIP Number:  927460 10 5
                ------------              

Item 3.   If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or
- ------    --------------------------------------------------------------------
          (c), check whether the person filing is a:
          ------------------------------------------

          Not Applicable

Item 4.   Ownership.
- ------    --------- 

          (a)   Amount Beneficially Owned:  10,766,050 shares/(1)(2)(3)/

          (b)   Percent of Class:  20.3%

          (c)   Number of shares as to which such person has:

                (i)   sole power to vote or to direct the vote:
                      10,766,050/(1)(2)(3)/

                (ii)  shared power to vote or to direct the vote:  -0-

                (iii) sole power to dispose or to direct the disposition of:
                      10,766,050/(1)(2)(3)/

                (iv)  shared power to dispose or to direct the disposition of:  
                      -0-
  __________
  /(1)/   Includes 9,737,400 shares held by a general partnership controlled by
          Mr. Stephenson.
  /(2)/   Includes 236,850 shares held by the Stephenson Family Charitable
          Foundation, of which Mr. Stephenson and his wife are co-trustees. Mr.
          Stephenson and his wife do not have a pecuniary interest in the shares
          held by the Foundation.
  /(3)/   Does not include 200 shares owned by Mr. Stephenson's wife. Mrs.
          Stephenson has full rights of ownership over such shares, including
          sole voting and investment power. Mr. Stephenson disclaims beneficial
          ownership of such shares.
<PAGE>
 
CUSIP NO. 927460 10 5          13G  Page 4 of 4


Item 5.   Ownership of Five Percent or Less of a Class.
- ------    -------------------------------------------- 

          Not Applicable

Item 6.   Ownership of More than Five Percent on Behalf of Another Person.
- ------    --------------------------------------------------------------- 

          Not Applicable

Item 7.   Identification and Classification of the Subsidiary Which Acquired the
- ------    ----------------------------------------------------------------------
          Security Being Reported on By the Parent Holding Company.
          -------------------------------------------------------- 

          Not Applicable

Item 8.   Identification and Classification of Members of the Group.
- ------    --------------------------------------------------------- 

          Not Applicable

Item 9.   Notice of Dissolution of Group.
- ------    ------------------------------ 

          Not Applicable

Item 10.  Certification.
- -------   ------------- 

          Not Applicable


                                   Signature

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


Dated:  February 12, 1999                /s/  C. C. Stephenson, Jr.
                                       ----------------------------
                                       C. C. Stephenson, Jr.


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