Vintage Petroleum to Review Canadian Assets

Vintage Petroleum reports that, as a consequence of its recent management change and its stated goal of improving shareholder value and the execution of its growth strategy, it is examining strategic alternatives available with respect to its Canadian reserves of oil and gas, including the possible sale of such assets.

Consistent with the company's stated goal of optimizing the value of its portfolio of assets and maintaining financial flexibility, Vintage is reviewing the level of investment and time horizon required to maximize the value of its interests in Canada in light of its other core areas. The company's proved reserves in Canada at year-end 2003 were approximately three percent of Vintage's total proved reserves.

Charles C. Stephenson Jr., who recently re-assumed the positions of president and CEO, noted, "This action is consistent with our 2004 plan to position the company for improved performance and shareholder value through a balanced strategy of value-building acquisitions, coupled with exploitation of our inventory of projects, particularly in the U.S. and Argentina, and focus on bringing our inventory of exploration projects to production over the near term."