VINTAGE PETROLEUM STRENGTHENS PROPERTY POSITIONS
VINTAGE PETROLEUM STRENGTHENS PROPERTY POSITIONS TULSA, Okla., Nov. 4 /PRNewswire/ -- Vintage Petroleum Inc.
(NYSE: VPI) today said it has increased its ownership in certain properties acquired during 1992. Through a series of transactions totaling $3.8 million, the company has purchased properties currently producing 70 barrels of oil and 1900 mcf of gas per day.
These new properties expand Vintage's ownership in certain gulf coast properties acquired from Texaco Exploration and Production Inc. and Texas Crude Exploration Inc. in September and May, 1992, respectively. "This step is in line with our philosophy of maximizing efficiency and operating properties ourselves," said Charles C. Stephenson Jr. "While a small part of this additional production will be included in the third quarter, all of it will be on line starting Oct. 1, and thus included in fourth quarter results." 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. -0- 11/4/92 /CONTACT: William C. Barnes, senior vice president and chief financial officer of Vintage Petroleum, 918-592-0101/ (VPI) CO: Vintage Petroleum Inc.; Texaco Exploration and Production Inc.; Texas Crude Exploration Inc. ST: Oklahoma IN: OIL SU: TNM
GT -- SF006 -- 2406 11/04/92 10:54 EST
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|Date:||Nov 4, 1992|
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