Vintage Petroleum Closes Sale of Canadian Assets

Vintage Petroleum, Inc. has closed the sale of certain non-strategic oil and gas interests in Saskatchewan, Canada for C$14.9 million cash, subject to post-closing adjustments, to a privately-held Canadian company. In a separate transaction, Vintage has entered into an agreement to sell certain other non-strategic properties in West Central Alberta for C$24.2 million cash, subject to normal closing conditions and adjustments. The transaction is expected to close on or before July 15, 2003.

Current net daily production from these properties in Saskatchewan and Alberta is approximately 5,200 Mcf (thousand cubic feet) of natural gas and 195 barrels of oil. These sales conclude the company's asset divestiture process for this year.