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Vintage Petroleum Reaffirms Annual Production Target

Posted on: Tuesday, 27 September 2005, 18:00 CDT

Vintage Petroleum, Inc. (NYSE:VPI) announced today that it is reaffirming its previously established production target for 2005 of 27.3 million barrels of oil equivalent (BOE). Success experienced in the company's exploitation program is offsetting the anticipated impact from temporarily shut-in production caused by Hurricanes Katrina and Rita in recent weeks.

Approximately 5,300 BOE per day of production was shut-in late last week as a precautionary measure in light of the expected path of Hurricane Rita. Activity is currently underway to assess the extent of any damage caused by Hurricane Rita, however, at this time the company does not anticipate any significant damage. Consequently, the company has returned 3,400 BOE per day to production and anticipates the remaining 1,900 BOE per day to be restored shortly.

Approximately 3,600 BOE of the net daily production of the initial 4,000 BOE shut-in as a result of Hurricane Katrina remains off-line. About two-thirds of the Katrina related shut-in volume is attributable to our Main Pass 116 offshore complex where repairs to the company's production facilities are near completion and production is ready to resume pending inspection of pipelines and facilities operated by others. Less than one-third of the remaining shut-in volume, or approximately 1,000 BOE per day, appears to require significant repair such that it could remain shut-in for several months.

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 estimates of damages, plans and timing to restore production to prior levels, future production, strategies, estimates of oil and gas reserves, capital spending, and events or developments that the company expects or believes 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, success of well and facility repair, actions taken and to be taken by governments and their agencies as a result of political and economic conditions or other factors, inflation rates, continued availability of capital and financing, and general economic, market or business conditions, as well as other risk factors described from time to time in the company's filings with the SEC. The company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.

Vintage Petroleum, Inc. is an independent energy company engaged in the acquisition, exploitation and exploration 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. For additional information, visit the company website at www.vintagepetroleum.com.

Source: Business Wire

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