Vintage Petroleum Reaffirms Annual Production Target
Vintage Petroleum is reaffirming its previously established production target for 2005 of 27.3 million barrels of oil equivalent (BOE). Success experienced in the company's exploitation program is offsetting the anticipated impact from temporarily shut-in production caused by Hurricanes Katrina and Rita in recent weeks.
Approximately 5,300 BOE per day of production was shut-in late last week as a precautionary measure in light of the expected path of Hurricane Rita. Activity is currently underway to assess the extent of any damage caused by Hurricane Rita, however, at this time the company does not anticipate any significant damage. Consequently, the company has returned 3,400 BOE per day to production and anticipates the remaining 1,900 BOE per day to be restored shortly.
Approximately 3,600 BOE of the net daily production of the initial 4,000 BOE shut-in as a result of Hurricane Katrina remains off-line. About two-thirds of the Katrina related shut-in volume is attributable to our Main Pass 116 offshore complex where repairs to the company's production facilities are near completion and production is ready to resume pending inspection of pipelines and facilities operated by others. Less than one-third of the remaining shut-in volume, or approximately 1,000 BOE per day, appears to require significant repair such that it could remain shut-in for several months.
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