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VINTAGE PETROLEUM ANNOUNCES FINAL DETAILS OF ARCO ACQUISITION, EXPLORATION ALLIANCE, PRELIMINARY YEAR END RESERVES

 TULSA, Okla., Jan. 7 /PRNewswire/ -- Vintage Petroleum Inc. (NYSE: VPI) today announced the adjusted closing price, estimated reserves and an Exploration Alliance Agreement with Atlantic Richfield Company (ARCO).
 Closing price was $76.5 million, paid in cash through Vintage's revolving credit facility with banks. Adjustments to the July 1, 1992, effective date's $90 million purchase price related primarily to an $11.5 million adjustment for estimated cash flow from the effective date to closing.
 Vintage also said that reserve estimates for the properties as of Dec. 31, 1992, were 17.8 million barrels of oil and 36.8 BCF of gas or 23.9 million barrels of oil equivalent.
 "Our goal of doubling reserves within a two year period is in sight with the new reserves from this acquisition," said Charles C. Stephenson, chairman. "This acquisition alone represents a sixty percent increase over 1991 reserves of 40 million equivalent barrels. Considering other acquisitions earlier in 1992 and estimated 1992 production, we estimate our 1992 year end reserves should be about 70 million equivalent barrels before non-acquisition additions and revisions."
 "Our agreement with ARCO in the southern area of the San Joaquin Basin will be consistent with our balanced approach of participating in a mix of lower risk extensional prospects on the acquired properties and higher potential wildcats under the Exploration Alliance Agreement," Stephenson said. "We believe this relatively underexplored acreage position, coupled with state-of-the art geophysical methods, offers a unique opportunity to expand Vintage's West Coast reserve base."
 The agreement calls for Vintage to have access to ARCO's geological and geophysical database, including 2-D and 3-D seismic surveys, related to ARCO's 500,000 fee mineral acres in the San Joaquin Basin. Under the agreement, ARCO and Vintage will jointly participate in at least nine wells over a three year period, with prospects generated by ARCO's exploration staff. ARCO will retain an industry standard royalty and will participate with a 25 to 50 percent working interest. Additional prospects may be generated by the Company and drilled at its option.
 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- 1/6/93
 /CONTACT: William C. Barnes, senior vice president and chief financial officer of Vintage Petroleum, 918-592-0101/
 (VPI)


CO: Vintage Petroleum Inc. ST: Oklahoma, California IN: OIL SU: TNM

TM -- SF007 -- 2148 01/06/93 11:12 EST
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Date:Jan 6, 1993
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