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Exhibit 99
For Immediate Release For Further Information Contact:
Tuesday, September 5, 2000 Robert E. Phaneuf
Vice President - Corporate Development
(918) 592-0101
VINTAGE PETROLEUM ANNOUNCES THE PURCHASE
OF PROPERTIES IN ARGENTINA'S CUYO BASIN
Tulsa, Oklahoma - Vintage Petroleum, Inc. announced today that it has
closed the purchase of an interest in two concessions in the Cuyo Basin covering
approximately 104,000 acres in the Mendoza Province of Argentina. Vintage
purchased 100 percent of the interest formerly held by Perez Companc for $39.6
million, subject to customary post-closing adjustments.
The properties acquired have current net daily production of 2,000 barrels
of 32 degree gravity, light, sweet crude oil and are similar in production and
operating characteristics to the company's existing operations in the San Jorge
Basin of Argentina. Exploitation activities aimed at increasing production are
targeted to begin in the second quarter of 2001.
"This acquisition marks Vintage's entry as an operator into the western
basins of Argentina and is consistent with our long-term objective of expanding
the company's presence in Argentina. We plan to apply to the new properties 3-D
seismic-driven development drilling and cost reduction strategies that have
proven successful for us in the San Jorge Basin in Argentina and the United
States," said S. Craig George, CEO.
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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 operating and financial targets, estimates of
capital expenditures, future production, costs, NYMEX reference prices, realized
prices, 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, 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.
