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Exhibit 99.2
For Immediate Release For Further Information Contact:
Wednesday, June 28, 2000 Robert E. Phaneuf
Vice President - Corporate Development
(918) 592-0101
VINTAGE PETROLEUM AND ENRON SIGN
SUPPLY AGREEMENT FOR BOLIVIAN GAS
Tulsa, Oklahoma - Vintage Petroleum, Inc. announced today its subsidiary,
Vintage Petroleum Boliviana Ltd., has signed a short-term and a long-term
contract to supply gas to affiliates of Enron South America. Under the terms of
the short-term contract Enron may purchase up to 14.5 MMcf of gas per day for a
period of six months, or a total of 2.6 Bcf, for Enron's Cuiaba integrated
energy project in Brazil with sales expected to begin in early 2001. Under the
terms of the long-term contract Enron may purchase up to 15.4 MMcf of gas per
day, or a total of 67 Bcf, contingent upon Enron's development of projects and
marketing opportunities in the emerging gas markets in the Southern Cone. The
contracts are subject to customary import and export approvals.
"Since entering Bolivia in 1996, Vintage has rapidly grown proved reserves
and productive capacity to year-end 1999 levels of 563 Bcf equivalent and 50
MMcf equivalent per day in anticipation of developing markets in the region.
This agreement is an important step which demonstrates our focus on
participating in the expanding market," said S. Craig George, CEO. "As we
advance our strategy to increase production in South America, affiliations such
as this and cooperation by the Bolivian Government to maintain market
flexibility will keep us on the leading edge of new developments in the Southern
Cone supply chain," added Mr. George.
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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 future production, the estimated impact of gas
supply contracts and the development of future gas markets 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, the development of
future gas markets, termination of gas supply contracts, 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.
