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VINTAGE PETROLEUM REPORTS YEAR END EARNINGS AND RESERVES

 VINTAGE PETROLEUM REPORTS YEAR END EARNINGS AND RESERVES
 TULSA, Okla., Feb. 20 /PRNewswire/ -- Vintage Petroleum Inc. (NYSE: VPI) production levels reached an all time high, advancing 27 percent for the year ended Dec. 31, 1991. Increased production partially offset the impact of oil and gas prices which were dramatically lower than in the second half of 1990. Net income for the year was even with the prior year. However, fourth quarter net declined as average oil prices were about $10 per barrel, or 34 percent, lower than in the final quarter of 1990.
 For the year, oil and gas sales rose to $43,392,000, a 13 percent gain from the year earlier $38,571,000. Revenues increased to $73,979,000 from $51,249,000. A total of $3.6 million stems from two gas contract settlements in the first half of 1991. Sales and expenses from a gas marketing affiliate which started operations May 1, 1991, were included in the 1991 results, while there were no comparable revenues and expenses in 1990.
 Net income for the year was $6,788,000, or 41 cents a share, compared to 1990's $6,764,000, or 45 cents a share. Impacting this year's earnings per share were the 12 percent additional shares outstanding, as new shares were issued at the company's initial public offering in August, 1990. There were 16.7 million weighted average shares outstanding in this year compared to 15 million in the year earlier.
 For the fourth quarter, oil and gas sales declined to $12,822,000 from the year earlier $13,277,000. Revenues increased to $23,415,000, up from $16,587,000.
 Net income was $1,634,000, or 10 cents a share, compared to the 1990 period's $3,350,000, or 20 cents a share. There were 16.7 million weighted average shares outstanding in the quarter compared to 16.9 million in the year earlier period.
 "Our production was up 27 and 23 percent for the year and fourth quarter," said Charles C. Stephenson, Jr., chairman and chief executive officer. "This strong gain helped to counteract the quarter's lower oil and gas prices, which are impacting our entire industry.
 "We also marked significant progress, in fact, record results, by many measures," he continued. "Proved reserves, at 40 million barrels of oil equivalent, are up 10 percent from the year earlier 36.4 million BOE. We replaced 215 percent of our production, which was a record high at 3.3 million BOE in 1991. Cash flow also hit a high of $21.5 million, up from $19.4 million.
 "Capital expenditures were $32 million, including $21 million in property acquisitions which added 8.1 million BOE of proved reserves.
 "We see good acquisition possibilities as the majors continue to focus on the international arena. Our goal is to double our reserves in the next few years. We have the financial capacity and strategic focus to accomplish this," Stephenson said.
 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. Company headquarters are in Tulsa, and its common shares are traded on the NYSE under the symbol VPI.
 VINTAGE PETROLEUM INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Year ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 REVENUES:
 Oil and Gas sales $12,822 $13,277 $43,392 $38,571
 Crude oil and gas
 gathering 2,454 3,146 9,013 11,729
 Gas marketing 7,879 - 17,221 -
 Other income 260 164 4,353 949
 23,415 16,587 73,979 51,249
 COSTS AND EXPENSES:
 Lease operating, including
 production taxes 6,030 4,561 19,146 13,611
 Crude oil and gas
 gathering 1,881 2,334 6,894 8,753
 Gas marketing 7,534 - 16,652 -
 General and administrative 803 463 3,168 2,668
 Depreciation, depletion
 and amortization 3,389 2,821 12,927 10,176
 Interest 1,143 1,005 4,244 5,131
 Total 20,780 11,184 63,031 40,339
 Income before provision
 for income taxes 2,635 5,403 10,948 10,910
 PROVISION FOR INCOME TAXES 1,001 2,053 4,160 4,146
 NET INCOME $ 1,634 $ 3,350 $ 6,788 $ 6,764
 NET INCOME PER SHARE $ .10 $ .20 $ .41 $ .45
 Weighted average common
 shares and common equivalent
 share outstanding 16,703 16,867 16,720 14,956
 Average price:
 Oil (per Bbl) $ 19.73 $ 29.74 $ 19.39 $ 22.88
 Gas (per Mcf) $ 1.86 $ 1.64 $ 1.44 $ 1.51
 Production:
 Oil (MBbls) 360 317 1,388 1,094
 Gas (MMcf) 3,078 2,353 11,411 8,956
 Certain reclassifications have been made to prior period financial statements to conform to the 1991 presentation. These reclassifications had no effect on previously reported net income.
 VINTAGE PETROLEUM INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In thousands, except shares
 and per share amounts)
 (Unaudited)
 A S S E T S
 Dec. 31,
 1991 1990
 CURRENT ASSETS:
 Cash and cash equivalents $ 334 $ 478
 Accounts receivable -
 Oil and gas sales 11,490 8,443
 Joint operations 3,125 3,244
 Partnerships - 85
 Other current assets 1,422 1,369
 Total current assets 16,371 13,619
 PROPERTY, PLANT AND EQUIPMENT, at cost:
 Oil and gas properties,
 full cost method 173,357 142,796
 Crude oil and gas gathering systems 8,086 7,932
 Other 2,198 1,818
 Total 183,641 152,546
 Less accumulated depreciation, depletion
 and amortization 57,355 44,516
 126,286 108,030
 OTHER ASSETS, net 1,240 1,541
 $143,897 $123,190
 LIABILITIES AND STOCKHOLDERS' EQUITY
 CURRENT LIABILITIES:
 Revenue payable $ 14,265 $ 14,587
 Accounts payable - trade 1,976 2,739
 Other payables and accrued liabilities 1,633 1,708
 Current portion of long-term debt 5,382 1,382
 Total current liabilities 23,256 20,416
 LONG-TERM DEBT, less current
 portion above 20,575 7,623
 11 PERCENT SUBORDINATED NOTE,
 less current portion above 16,000 20,000
 DEFERRED INCOME TAXES 14,238 12,288
 STOCKHOLDERS' EQUITY:
 Preferred stock, $.01 par,
 5,000,000 shares authorized,
 zero shares issued and outstanding - -
 Common stock, $.005 par,
 40,000,000 shares authorized,
 16,222,892 and 16,109,892 shares
 issued and outstanding 81 81
 Capital in excess of par value 43,415 43,238
 Retained earnings 26,332 19,544
 69,828 62,863
 $143,897 $123,190
 -0- 2/20/92
 /CONTACT: William C. Barnes of Vintage petroleum Inc., 918-592-0101/
 (VPI) CO: Vintage Petroleum Inc. ST: Oklahoma IN: OIL SU: ERN


DG -- SF002 -- 0945 02/20/92 12:49 EST
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