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VINTAGE PETROLEUM ANNOUNCES RECORD FIRST QUARTER RESULTS

 TULSA, Okla., May 10 /PRNewswire/ -- Vintage Petroleum Inc. (NYSE: VPI) today announced record setting results for the quarter ended March 31, 1993, led by a doubling of production and a 135 percent increase in oil and gas sales.
 For the quarter, oil and gas sales were $25,292,000, compared to the year earlier $10,748,000. Total revenues rose to $37,102,000, more than double the year earlier $18,297,000.
 Net income before the cumulative effect of an accounting change was $4,126,000, or 21 cents a share, more than seven times the year earlier level of $467,000, or three cents a share.
 During the quarter, Vintage adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes." The cumulative effect on prior years of this accounting change increased net income for the quarter by $1,725,000, or eight cents per share. As a result, net income for the first quarter of 1993 was $5,851,000, or 29 cents per share. There were no accounting changes or extraordinary items recorded in 1992.
 There were 20.1 million weighted average shares outstanding in this year's quarter and 16.7 million outstanding in the prior year's quarter. Shares increased as the result of the common stock offering in January, 1993 in which the company raised $44.8 million.
 "Production more than doubled to 1.9 million equivalent barrels in the quartr? as a result of our acquisitions," said Charles C. Stephenson Jr., chairman. "Vintage completed about $100 million in acquisitions in 1992 and increased its reserve base by 87 percent. Production from our $76.5 million acquisition from ARCO was included in revenues beginning Jan. 1, 1993.
 "Natural gas prices for the quarter increased 30 percent over prior year levels boosting sales even higher, and prices continue to remain at levels significantly above last year. Vintage's average oil price declined slightly as the 1992 acquisitions of California heavy and mid gravity oil became a part of our production mix.
 "With our strong production base and continued focus on growth we look forward to an excellent year," Stephenson concluded.
 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
 March 31,
 1993 1992
 REVENUES:
 Oil and gas sales $ 25,292 $ 10,748
 Oil and gas gathering 1,688 1,926
 Gas marketing 9,043 5,468
 Other income 1,079 155
 Total 37,102 18,297
 COSTS AND EXPENSES:
 Lease operating, including
 production taxes 10,457 5,326
 Oil and gas gathering 1,260 1,484
 Gas marketing 8,632 5,179
 General and administrative 1,349 895
 Depreciation, depletion and amortization 7,205 3,648
 Interest 1,541 1,012
 Total 30,444 17,544
 Income before provision for
 income taxes and cumulative effect
 of accounting change 6,658 753
 PROVISION FOR INCOME TAXES:
 Current 778 163
 Deferred 1,754 123
 Income before cumulative effect
 of accounting change 4,126 467
 Cumulative effect of change in
 accounting for income taxes 1,725 ---
 NET INCOME $ 5,851 $ 467
 EARNINGS PER SHARE:
 Income before cumulative effect
 of accounting change $ 0.21 $ 0.03
 Net income $ 0.29 $ 0.03
 Weighted average common shares and common
 equivalent shares outstanding 20,061 16
 Average price:
 Oil (per Bbl) $ 15.48 $ 16.79
 Gas (per Mcf) $ 1.80 $ 1.38
 Production:
 Oil (MBbls) 1,007 384
 Gas (MMcf) 5,404 3,106
 -0- 5/10/93
 /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: ERN

TM -- SF004 -- 6415 05/10/93 10:45 EDT
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Publication:PR Newswire
Date:May 10, 1993
Words:658
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