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Exhibit 99.1
For Further Information Contact
Robert E. Phaneuf
For Immediate Release Vice President - Corporate Development
Thursday, October 12, 2000 (918) 592-0101
VINTAGE PETROLEUM ANNOUNCES YEMEN DRILLING UPDATE
Tulsa, Oklahoma - Vintage Petroleum, Inc. today announced that completion
and initial testing operations have concluded on the Harmel #1, the second of
four exploration wells drilled by Vintage on Block S-1 in the Republic of Yemen.
This well tested oil from three separate shallow zones that have not previously
produced in commercial quantities in this area of the Shabwah basin. When
combined, these zones swab tested 500 barrels per day of approximately 20 degree
API gravity crude during a period of five days. A longer-term production test
is planned to determine the ultimate productivity characteristics of these
reservoirs. In Vintage's opinion, preliminary information is inadequate to make
any reasonable estimate of whether commercial quantities of reserves exist. If
this test and further technical evaluation proves encouraging, then appraisal
drilling will be undertaken to provide the additional reservoir information
necessary to determine if sufficient reserves exist to be commercially
developed.
Upon termination of the completion operations of the Harmel #1, the
completion rig was mobilized to the An-Naeem #2 to effect completion and testing
operations of the Alif reservoir. Completion and testing of the Fordus #1 will
follow An-Naeem #2.
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
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production and cash flow, exploration drilling, exploitation activities 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,
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.
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