<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 7, 1999
----------------------
VINTAGE PETROLEUM, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-10578 73-1182669
--------------- ---------------- ------------------
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
110 West Seventh Street, Tulsa, Oklahoma 74119
- ---------------------------------------- ------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (918) 592-0101
------------------
4200 One Williams Center, Tulsa, Oklahoma 74172
- ------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
------------
A copy of the Registrant's press release dated September 7, 1999, is
attached as an exhibit hereto and incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
---------------------------------
(c) Exhibits.
99 Press release dated September 7, 1999, issued by the
Registrant.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VINTAGE PETROLEUM, INC.
Date: September 8, 1999 By: /s/ Michael F. Meimerstorf
-----------------------------
Michael F. Meimerstorf
Vice President and Controller
-2-
<PAGE>
Exhibit Index
Exhibit
Number Description
- ------ ---------------------------------------------------
99 Press release dated September 7, 1999, issued by the
Registrant.
<PAGE>
Exhibit 99.
For Immediate Release For Further Information Contact
Tuesday, September 7, 1999 Robert E. Phaneuf
Vice President - Corporate Development
(918) 592-0101
VINTAGE PETROLEUM, INC. REITERATES STRATEGIC GOALS FOR YEAR 2000
AND ADDS CASH FLOW TARGET
Tulsa, Oklahoma - Vintage Petroleum, Inc., in conjunction with its
participation this week in the JP Morgan Global High Yield Conference and the
Lehman Brothers Global Energy Conference, today reiterated certain strategic
operational and financial targets for 2000. It also added a goal for cash flow
in 2000.
Based on a capital budget of $128 million, Vintage has set a goal of
producing 29 million barrels of oil equivalent (MMBOE) with increases planned
for Bolivia, Ecuador and, in particular, Argentina. Further, the company
expects year 2000 average lease operating and G&A costs per BOE to be $4.53 per
BOE and $1.21 per BOE respectively.
Assuming the continuation of the recent oil and gas price environment of an
average NYMEX reference price of $20.00 a barrel for oil and $2.50 an Mcf for
gas, the company expects that its overall realizations will be about 84 percent
for oil and 77 percent for gas in the year 2000, yielding cash flow of $185
million or $2.85 per share (assuming existing weighted average fully diluted
common shares outstanding of 64.5 million). Under this assumed oil and gas
price environment, Vintage has also set a strategic target to continue to reduce
its debt to
- More-
<PAGE>
book capitalization ratio by issuing equity in connection with acquisitions, the
disposition of certain non-strategic oil and gas assets and the application of
the excess of cash flow beyond non-acquisition capital spending.
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 production and costs, capital budget,
NYMEX reference prices, company realized prices, financial targets 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. In addition to the factors discussed
above, other factors that could cause actual results to differ materially from
those in forward-looking statements include oil and gas prices, exploitation and
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions.
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.
