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VINTAGE PETROLEUM REPORTS THIRD QUARTER RESULTS; RECORD PRODUCTION AND CASHFLOW

 TULSA, Okla., Nov. 9 /PRNewswire/ -- Vintage Petroleum Inc. (NYSE: VPI) today reported third quarter earnings of $3,745,000, or 18 cents a share, compared to $2,498,000, or 15 cents a share, for the year earlier quarter. Quarterly results were spurred by record production, up 88 percent from the year earlier quarter. Cashflow from operations (before working capital changes) exceeded $15 million for the first time this quarter.
 These increases were achieved in spite of significantly lower oil prices and an increase in outstanding shares. Also impacting net income was a third quarter charge of $715,000, or three cents a share, to adjust the company's deferred tax liability for the increase in the federal corporate tax rate resulting from the recently enacted tax legislation.
 For the quarter, oil and gas sales rose 73 percent to $28,807,000 from the year earlier $16,638,000. Total revenues advanced to $40,154,000 from $28,596,000.
 Net income was $3,745,000, or 18 cents a share, compared to $2,498,000, or 15 cents a share. There were 21 million weighted average shares outstanding in this year's quarter, up 24 percent from the 17 million in last year's quarter. Shares increased primarily as the result of the common stock offering in January 1993 in which the company raised $44.8 million.
 In this year's nine months, oil and gas sales nearly doubled to $81,706,000 from $41,301,000. Total revenues advanced to $116,319,000 from $67,299,000.
 Net income was $14,701,000, or 71 cents a share, versus $4,645,000, or 28 cents a share. The first nine months of 1993 included the one-time cumulative effect of an accounting change for income taxes of $1,725,000 or eight cents a share. There were 20.7 million weighted average shares outstanding in the first nine months of 1993 compared to 16.8 million in the prior year period.
 "Production was a record 2.2 million barrels of oil equivalent for the quarter. This represents an 88 percent increase over the prior year period," said Charles C. Stephenson Jr., chairman. "These production levels allowed us to set a new quarterly cashflow record of $15 million in spite of much lower oil prices. Market prices for crude oil were 26 percent higher in last year's third quarter. The company's oil price for this year's third quarter averaged $13.59 versus $18.49 a year ago. California mid-gravity oil added to the production mix by acquisitions in late 1992 and 1993 also impacted our average price, although to a lesser extent."
 "Recently announced acquisitions totaling $66.4 million should add an additional 24 percent to current production levels when they close in November 1993," Stephenson continued. "We view our plans to increase our reserve base in the current weak oil price environment very positively for the long term growth and enhanced value for the company. We continue to actively pursue additional acquisitions," Stephenson concluded.
 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. The company is headquartered 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 Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 REVENUES:
 Oil and gas sales $28,807 $16,638 $81,706 $41,301
 Oil and gas gathering 2,134 1,967 5,928 5,570
 Gas marketing 8,497 9,689 26,532 19,669
 Other income 716 302 2,153 759
 40,154 28,596 116,319 67,299
 COSTS AND EXPENSES:
 Lease operating, including
 production taxes 11,337 7,087 31,908 18,537
 Oil and gas gathering 1,573 1,490 4,433 4,254
 Gas marketing 8,041 9,332 25,246 18,630
 General and
 administrative 1,449 1,194 4,485 3,095
 Depreciation, depletion,
 and amortization 8,578 4,531 23,272 12,244
 Interest 1,863 1,147 4,770 3,261
 32,841 24,781 94,114 60,021
 Income before provision for income taxes and
 cumulative effect of
 accounting change 7,313 3,815 22,205 7,278
 PROVISION FOR INCOME TAXES:
 Current 885 40 2,841 790
 Deferred 2,683 1,277 6,388 1,843
 Income before cumulative effect
 of accounting change 3,745 2,498 12,976 4,645
 CUMULATIVE EFFECT OF CHANGE IN
 ACCOUNTING FOR
 INCOME TAXES -- -- 1,725 --
 NET INCOME $ 3,745 $ 2,498 $ 14,701 $ 4,645
 EARNINGS PER SHARE:
 Income before cumulative effect
 of accounting
 change $ .18 $ .15 $ .63 $ .28
 Net income $ .18 $ .15 $ .71 $ .28
 Weighted average common shares and common
 equivalent shares
 outstanding 21,043 16,977 20,725 16,813
 Average price:
 Oil (per Bbl) $ 13.59 $ 18.49 $ 14.92 $ 18.08
 Gas (per Mcf) $ 2.06 $ 1.75 $ 1.98 $ 1.54
 Production
 Oil (MBbls) 1,284 545 3,301 1,424
 Gas (MMcf) 5,495 3,742 16,432 10,079
 MBOE 2,200 1,169 6,040 3,104
 -0- 11/9/93
 /CONTACT: William C. Barnes, senior vice president and chief financial officer, 918-592-0101/
 (VPI)


CO: Vintage Petroleum Inc. ST: Oklahoma IN: OIL SU: ERN

PK -- SF015 -- 2312 11/09/93 13:39 EST
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Date:Nov 9, 1993
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