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VINTAGE PETROLEUM REPORTS RECORD EARNINGS FOR 1992; PROVED RESERVES INCREASE 87 PERCENT

 TULSA, Okla., Feb. 18 /PRNewswire/ - Vintage Petroleum Inc. (NYSE: VPI) production levels reached an all time high, advancing 34 percent for the year ended Dec. 31, 1992. Increased production coupled with stronger gas prices propelled net income to a record $8,653,000, 28 percent over the prior year. Fourth quarter net increased 145 percent to $4,008,000.
 For the year, oil and gas sales rose to $61,194,000, a 41 percent gain from the year earlier $43,392,000. Revenues increased to $101,450,000 from $73,979,000.
 Net income for the year was $8,653,000, or 51 cents a share, compared to 1991's $6,788,000, or 41 cents a share. There were 16.9 million weighted average shares outstanding in this year compared to 16.7 million in the year earlier.
 For the fourth quarter, oil and gas sales increased to $19,893,000 from the year earlier $12,822,000. Revenues increased to $34,151,000, up from $23,415,000.
 Net income for the quarter was $4,008,000, or 23 cents a share, compared to the 1991 period's $1,634,000, or 10 cents a share. There were 17.1 million weighted average shares outstanding in the quarter compared to 16.7 million in the year earlier period.
 The company also announced that its proved reserves at year-end 1992 were 40.2 million barrels of oil and 206.6 Bcf of gas, or 74.6 million BOE, an 87 percent increase over the prior year-end reserves of 40 million BOE.
 "Oil and gas capital expenditures for 1992 were $119.4 million, including $100 million in property acquisitions," said Charles C. Stephenson, Jr., chairman and chief executive officer. "These acquisitions include a $76.5 million purchase from ARCO at year-end which will contribute strongly to production and cashflow during 1993."
 "Primarily through acquisitions we have increased proved reserves 87 percent in the last year and more than doubled our reserve base over the last two years," Stephenson said. "Our goal from this point is to double our reserve base again to 150 million BOE in the next two years. With the proceeds received from our common stock offering in January, we have positioned the company financially to accomplish this goal. We remain focused on our strategy and continue to see good acquisition opportunities."
 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. The company is headquartered in Tulsa and its common shares are traded on the New York Stock Exchange under the symbol VPI.
 VINTAGE PETROLEUM INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Year Ended
 December 31. December 31.
 1992 1991 1992 1991
 REVENUES:
 Oil and gas sales $ 19,893 $ 12,822 $ 61,194 $ 43,392
 Crude oil and
 gas gathering 2,205 2,454 7,775 9,013
 Gas marketing 11,428 7,879 31,097 17,221
 Other income 625 260 1,384 4,353
 Total 34,151 23,415 101,450 73,979
 COSTS AND EXPENSES:
 Lease operating,
 including production
 taxes 7,797 6,030 26,334 19,146
 Crude oil and gas
 gathering 1,647 1,881 5,901 6,894
 Gas marketing 10,906 7,534 29,536 16,652
 General and administrative 969 803 4,064 3,168
 Depreciation, depletion
 and amortization 5,130 3,389 17,374 12,927
 Interest 1,236 1,143 4,497 4,244
 Total 27,685 20,780 87,706 63,031
 Income before provision
 for income taxes 6,466 2,635 13,744 10,948
 PROVISION FOR INCOME TAXES:
 Current 860 945 1,650 2,367
 Deferred 1,598 56 3,441 1,793
 NET INCOME $ 4,008 $ 1,634 $ 8,653 $ 6,788
 NET INCOME PER SHARE $ 0.23 $ 0.10 $ 0.51 $ 0.41
 Weighted average common
 shares and common equivalent
 shares outstanding 17,132 16,703 16,861 16,720
 Average price:
 Oil (per Bbl) $ 17.37 $ 19.73 $ 17.88 $ 19.39
 Gas (per Mcf) $ 2.27 $ 1.86 $ 1.77 $ 1.44
 Production:
 Oil (MBbls) 554 360 1,978 1,388
 Gas (MMcf) 4,513 3,078 14,592 11,411
 MBOE 1,306 873 4,410 3,290
 VINTAGE PETROLEUM INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In thousands, except shares and per share amounts)
 (Unaudited)
 ASSETS
 December 31,
 1992 1991
 CURRENT ASSETS:
 Cash and cash equivalents $ 569 $ 334
 Accounts receivable
 Oil and gas sales 20,394 11,490
 Joint operations 4,038 3,125
 Other current assets 2,097 1,422
 Total current assets 27,098 16,371
 PROPERTY, PLANT AND EQUIPMENT. at cost:
 Oil and gas properties,
 full cost method 292,150 173,357
 Crude oil and gas gathering systems 8,580 8,086
 Other 2,668 2,198
 Total 303,398 183,641
 Less accumulated depreciation,
 depletion and amortization 74,620 57,355
 Total 228,778 126,286
 OTHER ASSETS, net 4,011 1,240
 Total $ 259,887 $ 143,897
 LIABILITIES AND STOCKHOLDERS' EQUITY
 CURRENT LIABILITIES:
 Revenue payable $ 16,968 $ 14,265
 Accounts payable - trade 6,559 1,976
 Other payables and accrued
 liabilities 5,264 1,633
 Current portion of long-term debt 5,382 5,382
 Total current liabilities 34,173 23,256
 LONG-TERM DEBT, less current
 portion above 115,993 20,575
 11-pct. SUBORDINATED NOTE, less current
 portion above 12,000 16,000
 DEFERRED INCOME TAXES 19,025 14,238
 COMMITMENTS AND CONTINGENCIES
 STOCKHOLDERS' EQUITY:
 Preferred stock, $.01 par, 5,000,000 shares authorized,
 zero shares issued and outstanding --- ---
 Common stock, $.005 par, 40,000,000 shares authorized,
 16,392,000 and 16,222,892 shares
 issued and outstanding 82 81
 Capital in excess of par value 43,955 43,415
 Retained earnings 34,659 26,332
 Subtotal 78,696 69,828
 Total $ 259,887 $ 143,897
 -0- 2/18/93
 /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 -- SF007 -- 7929 02/18/93 13:22 EST
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Date:Feb 18, 1993
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