Vintage Petroleum Provides Update on Trinidad Operations

Vintage Petroleum, Inc. announced that completion and initial testing operations have concluded on the Carapal Ridge #1, the first of two exploration wells drilled by Vintage in the onshore Central Block of Trinidad. The initial tests indicate the Miocene Herrera formation encountered by this well is a high quality gas reservoir. Five separate intervals within a total gross pay of l,000 feet were individually tested at a combined daily rate in excess of 50 million cubic feet of gas and 1,500 barrels of condensate.

Current plans are to pursue a gas connection that would allow a multi- month production test and sale of hydrocarbons to confirm that sufficient reserves exist for future development. Work is also ongoing to assess the potential market options for reserves, as further development opportunities are dependent upon obtaining access to a long-term gas market.

"The high flow rate potential of the discovery well has encouraged us to develop an accelerated plan for an extended test-to-sales, which is anticipated to begin during the fourth quarter. While this multi-month test is underway, we will work closely with our partner, Petroleum Company of Trinidad and Tobago Limited (Petrotrin), the state oil company of Trinidad, to identify favorable long-term market options that will allow further development of the project if warranted," said S. Craig George, CEO.

Currently, the completion rig is being mobilized from the Carapal Ridge well to the second exploration well, Corosan #1, in order to initiate completion and testing operations. Vintage is the operator of the onshore Central Block with a 65 percent working interest. Petrotrin owns the remaining 35 percent working interest. Vintage has initiated requests with Petrotrin and the government to obtain their consents to assign 38.5 percent of Vintage's working interest to Aventura Energy (Trinidad) Limited.


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