Vintage to Begin Drilling on Italian Prospects in 2004

Vintage Petroleum has a 70 percent working interest in two exploration blocks situated in the Po Valley, an industrial region of northern Italy which has a long-established production history and well-developed pipeline infrastructure serving a highly developed gas market. Using seismic attributes analysis from reprocessed 2-D seismic combined with newly acquired geochemical surveys, Vintage is targeting shallow Pliocene gas sands in structural-stratigraphic traps. The process of well permitting is underway and the company plans to begin drilling the first of two exploration wells in early 2004. If successful, Vintage believes that numerous similar prospects can be drilled using the same technology-driven exploration concept. Vintage is the operator of the Bastiglia and Cento blocks covering approximately 275,000 gross acres.