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 TULSA, Okla., Nov. 23 /PRNewswire/ -- Vintage Petroleum, Inc. (NYSE: VPI) today announced it has closed two previously announced acquisition agreements for approximately $61.4 million. Acquisitions to date for the company's 1993 fiscal year amount to $105 million, surpassing the $100 million completed during all of 1992.
 Current net daily production from the two acquisitions averages 3,525 barrels of oil and 13,200 mcf of gas. The company said production from both acquisitions will be reflected in oil and gas sales in the fourth quarter beginning at the mid November closing dates.
 Vintage also said its banks have increased the borrowing base under its revolving credit agreement to $200 million, providing the company with an unused line of credit of approximately $50 million which can be used to fund future acquisitions.
 Adjusted closing price for the acquisition of certain oil and gas properties from Santa Fe Energy Resources, Inc. and certain of its affiliates was $43 million. The price is net of estimated revenues less expenses from the effective date of May 1, 1993. The properties are located primarily in the Ventura Basin of Southern California and the Gulf Coast areas of Texas, Louisiana and Mississippi. Vintage now operates the properties previously operated by Santa Fe. Current net daily production averages approximately 3,000 barrels of oil (primarily mid-gravity) and 6,000 mcf of gas.
 Vintage also closed its agreement with The Prudential Insurance Company of America for $18.4 million, net of estimated working capital. This transaction increases Vintage's ownership in certain oil and gas properties and gathering systems by acquiring the sole limited partnership interest in the Vintage/P Acquisition Limited Partnership (VPALP). The VPALP properties and gathering systems are located primarily in the mid-continent areas of Oklahoma and Kansas. Current net daily production from the properties averages approximately 525 barrels of oil and 7,200 mcf of gas.
 The $18.4 million purchase price is payable in two time segments. At closing, $7.3 million in cash was paid and approximately $7.1 million of obligations (net of working capital) was assumed. The remaining $4 million is payable on Dec. 15, 1993, in any combination of cash (up to $2 million) or common stock at Vintage's election.
 The acquisitions were financed through bank borrowings and a new fixed rate financing with Prudential.
 Vintage Petroleum 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- 11/23/93
 /CONTACT: William C. Barnes, senior vice president and chief financial officer of Vintage Petroleum, 918-592-0101/

CO: Vintage Petroleum, Inc.; Santa Fe Energy Resources, Inc. ST: Oklahoma IN: OIL SU: TNM

CK -- NY054 -- 7292 11/23/93 13:09 EST
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Publication:PR Newswire
Date:Nov 23, 1993

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