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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) April 17, 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 April 17, 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 April 17, 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: April 18, 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 April 17, 2000, issued by the Registrant.
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Exhibit 99
For Immediate Release For Further Information Contact:
Monday, April 17, 2000 Robert E. Phaneuf
Vice President - Corporate Development
(918) 592-0101
VINTAGE PETROLEUM ANNOUNCES UPDATE OF YEMEN
EXPLORATION AND RESULTS IN FIRST OF THREE DEEP
EXPLORATION PROSPECTS IN BOLIVIA
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 cased 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 on the adjacent concession, which currently
produces 25,000 barrels of oil per day from the Alif zone. The An Naeem well
encountered what is interpreted on open hole logs to be approximately 100 feet
(30.5 meters) of potential net pay in the Alif zone. Initial testing of the
formation is underway to determine the existence of oil in commercial quantities
with results anticipated in a few weeks.
Subsequent to testing the An Naeem #1, the drilling rig will be moved 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. Depending upon the results of the An Naeem and Harmel
wells, 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 Nageyah well
drilled by Shell in the early 1990's which showed apparent pay in the sub-salt
Lam formation.
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Although there is substantial oil production in the region, the risks
associated with exploration in the area include finding a predominantly gas
reservoir for which there is no current commercial market and finding an oil
accumulation but in non-commercial amounts. Vintage is operator of the project
and has a 75 percent interest in the S-1 Damis Block.
Bolivia Exploration
Vintage also announces the results of its NJL X-105 well drilled in the
company's Naranjillos concession in the province of Santa Cruz, Bolivia. The
NJL X-105 well was drilled through the lower Iquiri, a formation known to be
productive in other concession wells, to a total depth of 16,070 feet (4,900
meters) into the Huamampampa formation. Drilling encountered approximately 131
feet (40 meters) of net sand in the Huamampampa formation, however, subsequent
testing indicates that there is insufficient natural fracturing in the
Huamampampa formation at the X-105 location to sustain commercial production.
The company anticipates completing the well in the lower Iquiri at a later date,
coincident with an increased demand for natural gas. The portion of total well
costs attributable to unproductive exploration will result in an exploration
expense in the first quarter 2000 of approximately $1.7 million.
Activity is underway to move the rig to the location of the NJL X-111 well,
to test a down-dip Iquiri prospect as well as the deeper Devonian Santa Rosa
formation at a projected target depth of approximately 20,000 feet (6,100
meters). This well is expected to spud in early May, with target depth
estimated to be reached in the fourth quarter of this year. A second drilling
rig has been contracted to drill and test the NJL X-118 well, a separate
Huamampampa and Santa Rosa prospect. The X-118 well is anticipated to commence
drilling late in the second quarter with target depth expected before year-end
2000.
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The drilling of the X-105, X-111 and X-118 wells will complete the work
unit commitment that the company entered into as the primary consideration for
the acquisition of the Naranjillos concession in 1997. At year-end 1999,
Vintage had 563 billion cubic feet equivalent of proved reserves in Bolivia.
Most of the growth in the company's Bolivian reserves is attributable to the
more than three-fold increase in reserve volumes resulting from successful
exploration and exploitation activity since the Naranjillos concession was
awarded in 1997.
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.
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.
