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VINTAGE PETROLEUM ANNOUNCES FORMATION OF SHAWNEE TOWNSITE WATERFLOOD UNIT

 TULSA, Okla., March 3 /PRNewswire/ -- Vintage Petroleum Inc. (NYSE: VPI) announced today the formation of a secondary recovery unit for its Shawnee Townsite Field. The unit covers a 3,040 acre oil and gas producing area lying primarily within the city limits of Shawnee in Pottawatomie County, Oklahoma.
 The unit was approved by the applicable state and federal regulatory agencies for the purpose of pressure maintenance of the Skinner sand formation by the underground injection of brine water to enhance the recovery of oil. The waterflood unit consolidates individual leases with a total of 53 productive wells into a single unit under Vintage's operational control, including 23 wells previously operated by others. Current gross oil production from the unit is approximately 725 barrels per day.
 The Shawnee Townsite Field produces hydrocarbons from the Lower Skinner sand at a depth of 4,600 feet in a northeast to southwest trending channel system. Three other older Skinner sand fields produce within this deltaic system and have responded favorably to waterflood operations.
 Water injection on the Shawnee Townsite Field is scheduled to commence by Sept. 1, 1993. If this field responds favorably to the waterflood as three other older Skinner sand fields ha,? initial incremental oil response is estimated to occur six months after water injection is commenced with an estimated peak response of up to 6,000 barrels of oil per day anticipated by 1995. Vintage has approximately a 50 percent working interest and a 40 percent net revenue interest in the unit. The company's proved reserves assigned to this project are approximately 3 million barrels oil equivalent. The estimated cost of installing the waterflood facilities is approximately $4 million, or about $2 million net to Vintage.
 Vintage Petroleum, Inc. is an independent energy company engaged in the acquisition, exploitation and development of oil and gas properties and the marketing of natural gas and crude oil. The company is headquartered in Tulsa, and its common shares are traded on the New York Stock Exchange under the symbol VPI.
 -0- 3/3/93
 /CONTACT: William C. Barnes, Senior Vice President and Chief financial officer, of Vintage Petroleum, 918-592-0101/
 (VPI)


CO: Vintage Petroleum Inc. ST: Oklahoma IN: OIL SU:

TM -- SF008 -- 2400 03/03/93 11:08 EST
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Date:Mar 3, 1993
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