Vintage Petroleum Announces Recent Acquisition Activity
09 Agosto 2005 - 5:52PM
Business Wire
Vintage Petroleum, Inc. (NYSE:VPI) announced today the results of
recent acquisition activity involving multiple agreements to
acquire certain oil and gas producing properties in the
Mid-Continent, Permian and Southeastern regions of the U.S. The
combined cost of the acquisitions is approximately $67.4 million,
subject to adjustment. Acquisitions totaling about $15.2 million
have been closed with the remainder scheduled to close prior to
Sept. 1, 2005, subject to normal due diligence. Based on company
estimates, the properties contain approximately 8.7 million barrels
of oil equivalent (BOE) of proved reserves (60 percent gas), with
69 percent representing proved developed non-producing and proved
undeveloped upside potential. Aggregate current net daily
production of oil and gas is approximately 845 BOE (65 percent
gas). Vintage believes the properties contain significant drilling
and workover potential which it plans to pursue in the near-term
along with the implementation of operational efficiencies. "The
acquired properties are a logical extension to our existing
domestic exploitation property base and are characterized by well
established, predictable production profiles. These properties also
provide Vintage with the type of operational and work program
opportunities in which we have excelled historically," said Charles
Stephenson, CEO. "In addition, the company continues to actively
pursue additional acquisition possibilities, both domestic and
international, and is currently evaluating several U.S.
opportunities." 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, strategies,
acquisitions, 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 conditions precedent to the
closing of acquisitions, 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,
Okla., 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.
Grafico Azioni Vintage Pete (NYSE:VPI)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Vintage Pete (NYSE:VPI)
Storico
Da Ott 2023 a Ott 2024
Notizie in Tempo Reale relative a Vintage Pete (Borsa di New York (NYSE)): 0 articoli recenti
Più Vintage Petroleum, Inc. Articoli Notizie