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VINTAGE PETROLEUM ANNOUNCES $90 MILLION ACQUISITION

 TULSA, Okla., Nov. 23 ~PRNewswire~ - Vintage Petroleum Inc. (NYSE: VPI) today announced that it has reached an agreement in principle with ARCO Oil and Gas Company, a division of Atlantic Richfield Co. (NYSE: ARC), to purchase certain oil and gas properties for $90 million cash.
 The properties are located in the San Joaquin Basin area of Kern County, Calif., and in Ventura County, Calif. Current net production from the properties averages approximately 4,700 barrels of mid-gravity oil and 8,700 mcf of gas per day. The effective date of the purchase is July 1, 1992, with closing scheduled for Dec. 31, 1992. Vintage will assume the operation of the properties at closing.
 The $90 million purchase price is to be reduced by revenues net of expenses from the effective date to closing. Closing is subject to the negotiation of a definitive purchase and sale agreement and governmental approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The agreement in principle also provides for additional consideration due ARCO should oil prices exceed certain levels.
 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 NYSE under the symbol VPI.
 -0- 11~23~92
 ~CONTACT: William C. Barnes, senior vice president and chief financial officer of Vintage Petroleum, 918-592-0101~
 (VPI ARC)


CO: Vintage Petroleum Inc.; ARCO Oil and Gas Co.; Atlantic Richfield
 Co. ST: Oklahoma, California IN: OIL SU: TNM


TM -- SF008 -- 0760 11~23~92 17:34 EST
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Publication:PR Newswire
Date:Nov 23, 1992
Words:280
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