VPI Vintage Pete

Vintage Petroleum, Inc. (NYSE:VPI) announced today that the An Nagyah #16 well in the Republic of Yemen has tested light (43 degree API) oil from the sub-salt Upper Lam formation. The well is the fourth horizontal well drilled in the company's An Nagyah field. The An Nagyah #16 well was drilled horizontally to a total measured depth of 6,284 feet (2,080 meters) penetrating 2,392 feet (729 meters) of gross oil bearing Lam section. The interval was tested at a stabilized rate of 2,520 barrels per day of oil, 1.2 million cubic feet per day of natural gas and eight barrels of water per day flowing at 360 pounds per square inch tubing pressure on a 52/64 inch choke. Two to three additional horizontal development wells are planned to be drilled during the remainder of 2005. With testing completed at the An Nagyah #16 well, the drilling rig is moving approximately two miles to the An Nagyah #17 location to drill and test a potential northwest extension of the Lam reservoir. All of the An Nagyah field production is being transported via a recently completed 18 mile (28 km) pipeline to a nearby facility for processing and transportation to an export terminal. Completion of the pipeline and subsequent cessation of oil trucking operations in early July have reduced operating expenses by approximately $2.00 per net barrel of oil. The pipeline is currently transporting approximately 9,000 gross barrels of oil per day (4,700 net). Daily production is expected to increase to a level in excess of 10,000 gross barrels of oil (5,200 barrels net) by the end of the month. Forward-Looking Statements This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address plans, future production, strategies, exploration drilling, exploitation activities, estimates of oil and gas reserves, and events or developments that the company expects or believes are forward-looking statements. Although Vintage believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include oil and gas prices, exploitation and exploration successes, actions taken and to be taken by foreign governments as a result of political and economic conditions or other factors, changes in foreign exchange rates and inflation rates, continued availability of capital and financing, and general economic, market or business conditions, as well as other risk factors described from time to time in the company's filings with the SEC. The company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Vintage Petroleum, Inc. is an independent energy company engaged in the acquisition, exploitation and exploration of oil and gas properties and the marketing of natural gas and crude oil. Company headquarters are in Tulsa, Oklahoma, and its common shares are traded on the New York Stock Exchange under the symbol VPI. For additional information, visit the company website at www.vintagepetroleum.com.