Vintage Disappointed with Yemen Drilling Results

Vintage Petroleum, Inc. reports that the Osaylan #1 exploration test encountered hydrocarbons in both the targeted Alif and Lam formations, however, preliminary results were disappointing with respect to the apparent potential extent of hydrocarbon accumulation. The well was drilled to a total depth of 1,902 meters. The well has been temporarily abandoned pending detailed evaluations of core analysis, fluid analysis and petrophysical interpretation. A completion attempt could be made at a later date if warranted by the analyses underway.

The drilling rig is being moved to the location of the second well to be drilled in Block S-1 during the current campaign, the An Nagyah #2. The An Nagyah prospect is a 3 - D seismic defined structure with potential in both the Alif and Lam formations. The location of the An Nagyah #2 well offsets a well previously drilled by Shell which had indicated pay.