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Exhibit 99.2
For Further Information Contact
Robert E. Phaneuf
For Immediate Release Vice President - Corporate Development
Tuesday, October 17, 2000 (918) 592-0101
VINTAGE PETROLEUM REPORTS ECUADOR EXPLORATORY WELL RESULT
Tulsa, Oklahoma - Vintage Petroleum, Inc. today announced that the company
has completed the drilling of the Rio Cotapino well in Ecuador's Block 19. The
well, drilled to a total depth of approximately 7,060 feet, was not productive
in the primary target Hollin formation. Similarly, it was not commercially
productive in the secondary target, the Napo - T formation, which tested
approximately 50 barrels of oil per day of 15 degree API gravity crude. This
well completes Vintage's drilling obligation on the block. Concession costs and
exploratory dry hole costs associated with the well are approximately $2.3
million ($1.5 million after-tax), substantially all of which will be charged to
expense in the financial results of the third quarter 2000.
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 and cash flow, 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
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oil and gas prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market or business
conditions.
Vintage Petroleum 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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