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VINTAGE PETROLEUM ANNOUNCES $38-MILLION ACQUISITION

 TULSA, Okla., June 1 /PRNewswire/ -- Vintage Petroleum Inc. (NYSE: VPI) today announced that it is nearing the completion of negotiations for the purchase of certain domestic oil and gas properties for approximately $38 million cash.
 Current net production from the properties averages approximately 3,000 barrels of mid-gravity oil and 700 mcf of gas per day. The effective date of the purchase is expected to be July 1, 1993, with a closing on or before July 1, 1993.
 Closing would be subject to governmental approval under the Hart- Scott-Rodino Antitrust Improvements Act of 1976.
 The company intends to close the purchase with bank borrowings.
 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 New York Stock Exchange under the symbol VPI.
 -0- 6/1/93
 /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: TNM

GT -- SF010 -- 4101 06/01/93 16:17 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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