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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 10, 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 10, 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 10, 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 10, 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 10, 2000, issued by the Registrant.
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Exhibit 99
For Immediate Release For Further Information Contact:
Wednesday, May 10, 2000 Robert E. Phaneuf
Vice President - Corporate Development
(918) 592-0101
VINTAGE PETROLEUM ANNOUNCES RESULTS OF ITS
FIRST OF THREE YEMEN EXPLORATION WELLS
Tulsa, Oklahoma - Vintage Petroleum, Inc. today announced that the first of
three exploration wells on the S-1 Damis Block in the Republic of Yemen has been
drilled and tested through the targeted Alif zone. The An Naeem #1 well was
drilled to a total depth of 5,288 feet (1,612 meters) to evaluate a possible
extension of the Halewah field, which produces from the Alif formation, on the
adjacent concession. The Halewah field currently produces 25,000 barrels of oil
per day from an oil rim under a gas cap. The An Naeem well encountered what is
interpreted on open hole logs to be approximately 100 feet (30.5 meters) of net
pay in two Alif zones and approximately 40 feet of potential pay in an upper
dolomite section. Initial testing of the two primary targeted Alif zones
revealed combined daily flow rates of 40 million cubic feet (MMcf) of gas and
1,020 barrels of condensate. Similarly, the upper dolomite interval tested
daily rates of 7.7 MMcf of gas and 245 barrels of condensate. Although the flow
rates associated with the test results are evidence of the excellent reservoir
properties that characterize the Alif sands and the characteristics of the gas
and condensate tested are similar to that in the gas cap at the Halewah field,
there is no commercial market for natural gas in the Republic of Yemen.
"We are very encouraged that our seismic interpretation led to the drilling
of a well that confirmed the existence of a significant interval of potential
pay in our first exploration well in Yemen. A near-term technical evaluation of
data obtained from this well is underway to determine the potential for the
existence of an oil rim downdip to the An Naeem #1 well, but
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within the Alif structure, as exists in the adjacent Halewah field," said S.
Craig George, CEO. No water was recovered during the test period. Based on the
results of this evaluation, an additional well in the An Naeem structure may be
proposed to target the potential oil rim. Currently, the company has no plans
to deviate from its previously indicated schedule to successively drill the
Harmel #1 well followed by a well drilled on either the Fordus prospect or on an
offset prospect to the An Nagyah well.
Efforts are underway to move the drilling rig used on the An Naeem well to
the second prospect, the Harmel #1, to test a separate Alif prospect which, like
the An Naeem, was identified through the interpretation of recently acquired 3-D
seismic. The location of the Harmel well is approximately five miles southwest
of the An Naeem well. The company currently anticipates that the third well of
the initial program will be drilled either on the Fordus prospect or on a
prospect that is an offset to the An Nagyah well drilled by Shell in the early
1990's which showed apparent pay in the sub-salt Lam formation. Vintage is
operator of the project and has a 75 percent interest in the S-1 Damis Block.
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, 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.
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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.
