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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) May 19, 2000
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VINTAGE PETROLEUM, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-10578 73-1182669
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
110 West Seventh Street, Tulsa, Oklahoma 74119
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (918) 592-0101
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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A copy of the Registrant's press release dated May 19, 2000, is
attached as an exhibit hereto and incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
99 Press release dated May 19, 2000, issued by the
Registrant.
SIGNATURES
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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: May 22, 2000 By: /s/ Michael F. Meimerstorf
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Michael F. Meimerstorf
Vice President and Controller
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Exhibit Index
Exhibit
Number Description
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99 Press release dated May 19, 2000, issued by the Registrant.
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Exhibit 99
For Immediate Release For Further Information Contact:
Friday, May 19, 2000 Robert E. Phaneuf
Vice President - Corporate Development
(918) 592-0101
VINTAGE PETROLEUM ANNOUNCES ARGENTINA'S SUPREME COURT
DECISION IN FAVOR OF PROVINCIAL ROYALTY CLAIM
Tulsa, Oklahoma - Vintage Petroleum, Inc. announced it received notice
today of an adverse decision by the Corte Suprema de Justicia de la Nacion
(Supreme Court of Justice of the Argentine Republic, Buenos Aires, Argentina) in
an administrative dispute over the appropriate rate of royalty due on certain of
its oil production. As previously disclosed, Vintage and its predecessors in
title have been paying royalties at an eight percent rate on certain of its
concessions whereas the Province of Santa Cruz claimed that a rate of 12 percent
should apply.
Vintage estimates that the court's decision will result in a one-time,
after-tax charge to earnings in the second quarter of approximately $16.3
million ($25 million pre-tax) or $0.25 per share. Further, the company believes
that it is entitled to indemnification by a third party for approximately $4.3
million with respect to the decision. The company anticipates funding required
payments from year 2000 cash flow. The estimated impact of the decision on the
company's Argentina production, reserves and present value is immaterial.
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, the estimated impact of the
decision and events or developments that the company expects are
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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.
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