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VINTAGE PETROLEUM REPORTS STRONG SECOND QUARTER GAINS, RECORD PRODUCTION LEVELS

 VINTAGE PETROLEUM REPORTS STRONG SECOND QUARTER GAINS,
 RECORD PRODUCTION LEVELS
 TULSA, Okla., Aug. 6 /PRNewswire/ -- Vintage Petroleum Inc. (NYSE: VPI) today reported strong increases in oil and gas sales, revenues, net income and production in the second quarter ended June 30, 1992.
 For the quarter, oil and gas sales rose to $13,915,000, a 41 percent gain from the year earlier $9,904,000. Revenues increased to $20,406,000, up 26 percent from $16,176,000.
 Second quarter net income rose to $1,680,000, or 10 cents a share, compared to the 1991 quarter's $1,108,000, or seven cents a share.
 For the half, oil and gas sales rose to $24,663,000, a 24 percent gain from the year earlier $19,920,000. Revenues increased to $38,703,000, up 23 percent from $31,472,000.
 Net income in the half was $2,147,000, or 13 cents a share, compared to the 1991 period's $4,152,000, or 25 cents a share. The first half of 1991 included gas contract settlements of $2.2 million (net of income taxes) or 13 cents a share. No such settlements were received in 1992. There were 16.8 million weighted average shares outstanding in all reporting periods.
 "Oil production was up 40 percent for the quarter," said Charles C. Stephenson, Jr., chairman. "This increase made a significant impact on oil and gas sales and stemmed from acquisitions made since the second quarter of last year. In addition, exploitation work on our properties made a significant contribution to the second quarter's higher oil production levels.
 "Production was up 27 percent on an equivalent barrel basis for both the quarter and the half," Stephenson continued. "Prices improved, especially for natural gas which was $1.46 per Mcf in this year's quarter compared to $1.24 in last year's quarter.
 "Through the first six months of 1992 we have spent $13.7 million acquiring oil and gas properties with total proved reserves of 7.4 million equivalent barrels. Approximately one half of these reserves relate to our acquisition of some heavy oil properties in California.
 "The climate for acquisitions remains outstanding with the many properties that are on the market right now. Vintage has the financial and operating capability to take advantage of these opportunities. We have every reason to be optimistic about continuing growth," Stephenson said.
 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 NYSE under the symbol VPI.
 VINTAGE PETROLEUM AND SUBSIDIARIES
 Consolidated Statements of Income
 (in thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 REVENUES:
 Oil and gas sales $13,915 $ 9,904 $24,663 $19,920
 Crude oil and
 gas gathering 1,677 2,303 3,603 4,553
 Gas marketing 4,512 3,158 9,980 3,158
 Other income 302 811 457 3,841
 Total 20,406 16,176 38,703 31,472
 COSTS AND EXPENSES:
 Lease operating,
 including production
 taxes 6,124 4,367 11,450 8,429
 Crude oil and gas
 gathering 1,280 1,869 2,764 3,532
 Gas marketing 4,119 3,074 9,298 3,074
 General and
 administrative 1,005 792 1,900 1,685
 Depreciation, depletion
 and amortization 4,065 3,209 7,713 6,053
 Interest 1,103 1,078 2,115 2,002
 Total 17,696 14,389 35,240 24,775
 Income before provision
 for income taxes 2,710 1,787 3,463 6,697
 PROVISION FOR INCOME TAXES:
 Current 587 277 750 1,018
 Deferred 443 402 566 1,527
 NET INCOME $ 1,680 $ 1,108 $ 2,147 $ 4,152
 NET INCOME PER SHARE $ .10 $ .07 $ .13 $ .25
 Weighted average common
 shares and common
 equivalent shares
 outstanding 16,754 16,781 16,744 16,778
 Average price:
 Oil (per Bbl) $ 18.63 $ 18.33 $ 17.82 $ 19.15
 Gas (per Mcf) $ 1.46 $ 1.24 $ 1.42 $ 1.36
 Production:
 Oil (MBbls) 494 353 878 678
 Gas (MMcf) 3,231 2,774 6,337 5,099
 Certain reclassifications have been made to prior period financial statements to conform to 1992 presentation. These reclassifications had no effect on previously reported net income.
 -0- 8/6/92
 /CONTACT: William C. Barnes of Vintage Petroleum, 918-592-0101/
 (VPI) CO: Vintage Petroleum ST: Oklahoma IN: OIL SU: ERN


RM -- SF004 -- 7564 08/06/92 11:27 EDT
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Date:Aug 6, 1992
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