1 IPAA OIL & GAS INVESTMENT SYMPOSIUM April 2004.

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IPAA OIL & GASIPAA OIL & GASINVESTMENT SYMPOSIUMINVESTMENT SYMPOSIUM April 2004April 2004

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Charles Stephenson, co-founder and Chairman of the Charles Stephenson, co-founder and Chairman of the company, named to additional posts of President and CEO company, named to additional posts of President and CEO by Boardby Board

Performance driven changePerformance driven change

Increased attention to acquisition opportunitiesIncreased attention to acquisition opportunities

ExploitationExploitation

Focus on exploration ideas with near-term production potential Focus on exploration ideas with near-term production potential and repeatabilityand repeatability

Determined to improve shareholder returns Determined to improve shareholder returns

Vintage Management ChangeVintage Management Change

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Acquisitions Acquisitions

- Are a cornerstone of our strategy Are a cornerstone of our strategy

- Create new growth platforms in established and new core areasCreate new growth platforms in established and new core areas

ExploitationExploitation

- Converts developed and undeveloped reserves into production Converts developed and undeveloped reserves into production

- Production profile management Production profile management

- 70% of the non-acquisition capital budget allocated to exploitation70% of the non-acquisition capital budget allocated to exploitation

Exploration Exploration

- North American risk-diversified portfolio, mainly gas focusedNorth American risk-diversified portfolio, mainly gas focused

- International and frontier exploration principally focused on oil International and frontier exploration principally focused on oil

opportunitiesopportunities

- 30% of the non-acquisition capital budget allocated to exploration, 30% of the non-acquisition capital budget allocated to exploration,

with majority targeting North American prospectswith majority targeting North American prospects

Balanced Growth Strategy: Balanced Growth Strategy: Acquisition, Exploitation & ExplorationAcquisition, Exploitation & Exploration

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Acquisitions: Consistent Contributor Acquisitions: Consistent Contributor to Vintage’s Growth to Vintage’s Growth

0

10

20

30

40

50

60

70

80

90

100

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

MM

BO

E A

cqu

ired

MM

BO

E A

cqu

ired

• Acquisitions have been a consistent contributor to the Vintage growthAcquisitions have been a consistent contributor to the Vintage growth track record, until recently.track record, until recently.

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Acquisition Landscape and StrategyAcquisition Landscape and Strategy

• Seeking quality properties to provide operating synergies or Seeking quality properties to provide operating synergies or create new core areascreate new core areas

• Slightly more focused on oil deals Slightly more focused on oil deals

• Modest supply of high quality packages in the market on Modest supply of high quality packages in the market on the horizonthe horizon

- Some planned asset sales have been announced by the majorsSome planned asset sales have been announced by the majors

- Independents more focused on selling assetsIndependents more focused on selling assets

- Some rationalization of non-core international assets by majorsSome rationalization of non-core international assets by majors

• Hedge significant amount of acquisition’s productionHedge significant amount of acquisition’s production

• Capital markets favorable to financingCapital markets favorable to financing

• Finance with equity, debt and cash flow from acquired Finance with equity, debt and cash flow from acquired properties to maintain or improve leverage ratiosproperties to maintain or improve leverage ratios

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$9

$84

$13

$38$46

$9

$26

2004 Non-Acquisition Capital Budget: $225 Million2004 Non-Acquisition Capital Budget: $225 Million

Exploitation: $165 Million Exploration: $60 MillionExploitation: $165 Million Exploration: $60 Million

United States United States

Yemen Yemen

Argentina Argentina

OtherOtherInternationalInternational

Canada Canada

United StatesUnited States

CanadaCanada

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Areas of ProductionAreas of Production

20032003ProductionProduction(MMBOE)(MMBOE)

10.110.1

4.44.4

12.012.0

1.11.1

------

27.627.6

United States 135.5United States 135.5

CanadaCanada 14.6 14.6

ArgentinaArgentina 213.1 213.1

BoliviaBolivia 80.8 80.8

YemenYemen 3.1 3.1

TotalTotal 447.1 447.1

20032003ReservesReserves(MMBOE)(MMBOE)

9.79.7

3.33.3

12.512.5

1.01.0

.4.4

26.926.9

2004E2004EProductionProduction(MMBOE)(MMBOE)

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Argentina: Acquisition and Drillbit GrowthArgentina: Acquisition and Drillbit Growth

MB

OE

/dM

BO

E/d

9-Year Estimated CAGR of 24%9-Year Estimated CAGR of 24%

MM

BO

EM

MB

OE

8-Year CAGR of 17%8-Year CAGR of 17%

Vintage made its first Argentina acquisition in 2H 1995 and volume reflects average daily volume for 2H 1995.Vintage made its first Argentina acquisition in 2H 1995 and volume reflects average daily volume for 2H 1995.

Restricted 2002 capital budget of $19 million negatively impacted 2002 reserves and production growth during 2002 and 2003.Restricted 2002 capital budget of $19 million negatively impacted 2002 reserves and production growth during 2002 and 2003.

P = PreliminaryP = Preliminary

ProductionProductionProved ReservesProved Reserves

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Argentina: Picking up the Pace in 2004Argentina: Picking up the Pace in 2004

• 2004 capital budget of $84 million aimed at regenerating growth2004 capital budget of $84 million aimed at regenerating growth

Capital spendingCapital spending $ 58 $ 84 $ 58 $ 84

- Drill wellsDrill wells 46.2 59.0 46.2 59.0- WorkoversWorkovers 5.9 5.9 6.6 6.6- Water floodsWater floods 0.2 5.7 0.2 5.7

Drilling rigs runningDrilling rigs running 1 – 4 4 1 – 4 4

WellsWells 68 92 68 92

• Success rate of 95% on over 373 wells drilled since inceptionSuccess rate of 95% on over 373 wells drilled since inception

20032003 2004E2004E (in millions)(in millions)

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Argentina: Superior ReturnArgentina: Superior Return

• Strong 2003 operating marginStrong 2003 operating margin

- Oil salesOil sales $26.15 $26.15

- Gas salesGas sales 2.76 2.76

- Weighted average sales priceWeighted average sales price 22.96 22.96

- LOELOE 4.38 4.38

- Export taxExport tax 2.58 2.58

- G & A .59G & A .59

Pretax cash marginPretax cash margin $15.41 $15.41

• Acquisition and finding cost of Acquisition and finding cost of

proved reserves, 1995 – 2003 proved reserves, 1995 – 2003 $ 2.60 $ 2.60

Per BOEPer BOE

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U. S.: Exploration and Exploitation U. S.: Exploration and Exploitation

CALIFORNIA

TEXAS

ARKANSAS

KANSAS

LOUISIANA

MISSISSIPPIALABAMA

West Texas Tight Carbonates Gas Program • Multi-well horizontal drilling program• VPI has interest in over 19,500 acres in 3 prospects• Austin prospect-Hannah 17 State 2 – 100% WI• Rosehill prospect Wilbanks 53 #2-H – 100% WI• Hannah and Wilbanks wells undergoing completion and long-term testing. Prospects have net unrisked reserve potential of about 90 Bcf

OKLAHOMA

Gulf Coast Gas Exploration Program• Acquired over 500 sq. miles of 3-D seismic data • Multiple prospects; 4 leases acquired• High Island 55-L: 3 wells drilled, facility and pipeline construction underway. Net IP of 10—15 MMcf/d expected mid-yearCalifornia Exploitation

• Grubb Lease• North Antelope Hills• Pleito Ranch• San Miguelito

Texas Exploitation• West Ranch Unit• Luling Field & Darst Creek• South Gilmer• Main Pass

California Exploration• 12,500 foot target• If successful, production could start mid-year• Multiple offset locations to drill by year-end, if successful

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YemenYemen

SaudiSaudiArabiaArabia

RedSea

Yemen: Commercialization of Exploration SuccessYemen: Commercialization of Exploration Success

• Recent approval of S-1 Damis block Recent approval of S-1 Damis block development plan covering 285,000 acres development plan covering 285,000 acres

• 2004E development drilling: 2004E development drilling:

- $10 million capital spending$10 million capital spending

- 6 An Nagyah wells6 An Nagyah wells

- 1 Harmel appraisal well1 Harmel appraisal well

• Initial net production in 2Q 2004Initial net production in 2Q 2004

- 2004E production – 375,000 Bbls2004E production – 375,000 Bbls

- rate ramps up to 1,300 Bbls/dayrate ramps up to 1,300 Bbls/day

in 2H 2004in 2H 2004

• Facilities and pipeline construction:Facilities and pipeline construction:

- $23 million capital spending$23 million capital spending

spread over 2004—2005spread over 2004—2005

- Facility to have capacity toFacility to have capacity to

process 10,000 BOPDprocess 10,000 BOPD

Alif Prospects

Lam Prospects

An NaeemAn Naeem

HarmelHarmel

An NagyahAn Nagyah

VPI Area of DevelopmentVPI Area of Development

10 Miles10 Miles

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Yemen: An Nagyah Structure MapYemen: An Nagyah Structure MapYEMEN, S-1 Block

DEPTH STRUCTURE MAP

Top Lam A CI = 100 ft

datum = sea level

Scale

1 mile

#2

#4

#1

#5

Proposed location #7

Drilling #6

#3

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Italy: Po Valley Gas PlayItaly: Po Valley Gas Play

Ferrara

Modena

Bologna

Reggio Nell Emilia

Gas Field

Oil Field

Geo Chemical Positive

Bastiglia

Cento

• First of two wells to spud in mid-2004

• VPI operated; 70% working interest

• Existing infrastructure and market

• Two blocks cover 275,000 gross acres

• Existing production nearby• Pliocene sands in structural stratigraphic traps

• Target well depth – 1,400 to 1,600 meters

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Exploration Prospect Inventory – 2004Exploration Prospect Inventory – 2004Number ofNumber ofProspects Prospects

222 2 33

6666

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West TexasWest TexasOnshore Gulf CoastOnshore Gulf CoastGulf of MexicoGulf of Mexico

FoothillsFoothillsPeace River ArchPeace River Arch

NORTH AMERICANORTH AMERICA

United StatesUnited States

CanadaCanada

INTERNATIONALINTERNATIONAL

YemenYemen

ItalyItaly

TOTALTOTAL 20 – 22 20 – 22

TOTAL NET UNRISKED RESERVE POTENTIAL: 200 – 400 BcfeTOTAL NET UNRISKED RESERVE POTENTIAL: 200 – 400 Bcfe

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• Completed debt reduction program begun in 2002Completed debt reduction program begun in 2002- Reduced debt by $183 million from year-end 2002Reduced debt by $183 million from year-end 2002- After-tax proceeds from property salesAfter-tax proceeds from property sales

- Application of cash flow in excess of CAPEXApplication of cash flow in excess of CAPEX

Long-term debt:Long-term debt:

- Bank debt outstandingBank debt outstanding $ --- $ --- $157 $157- 8¼% senior notes due 2012 8¼% senior notes due 2012 350 350 350 350- 7 7/8% senior sub. notes due 20117 7/8% senior sub. notes due 2011 200 200 200 200- 9 ¾% senior sub. notes due 2009 150 ---9 ¾% senior sub. notes due 2009 150 ---

700 707700 707 CashCash 55 55 55 55

Net debt $645 $652Net debt $645 $652

Unused availability under bank facility Unused availability under bank facility $300 $143 $300 $143

Debt and Liquidity Debt and Liquidity

(a)(a)After redemption of $150 million of 9 3/4% Senior Subordinated Notes due in 2009.After redemption of $150 million of 9 3/4% Senior Subordinated Notes due in 2009.

Actual Pro formaActual Pro forma

Year-end 2003Year-end 2003(in millions)(in millions)

(a)

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2004 Revised Targets2004 Revised Targets

Includes the impact of hedgesIncludes the impact of hedgesTargets for non-GAAP financial measures are not reconciled to the most directly comparable GAAP financialTargets for non-GAAP financial measures are not reconciled to the most directly comparable GAAP financialmeasures, as the company does not establish targets for such GAAP financial measures.measures, as the company does not establish targets for such GAAP financial measures.

(b)(b)

Assumed NYMEX Reference Price ($/Bbl) Assumed NYMEX Reference Price ($/Bbl) $ 29.00 $ 29.00

VPI Realized Oil Price as % of NYMEXVPI Realized Oil Price as % of NYMEX

Assumed NYMEX Reference Price ($/MMBtu) $ 5.00Assumed NYMEX Reference Price ($/MMBtu) $ 5.00

VPI Realized Gas Price as % of NYMEXVPI Realized Gas Price as % of NYMEX 69% 69%

Production (MMBOE)Production (MMBOE) 26.9 26.9

Non-acquisition Capital Expenditures ($MM) Non-acquisition Capital Expenditures ($MM) $ 225 $ 225

EBITDAX ($MM) EBITDAX ($MM) 337 337

Cash Flow ($MM) Cash Flow ($MM) 242 242

LOE ($/BOE)LOE ($/BOE) 9.05 9.05

G&A ($/BOE)G&A ($/BOE) 2.30 2.30

DD&A ($/BOE)DD&A ($/BOE) 4.60 4.60

84% 84%

(a) (b)(a) (b)

(a) (b)(a) (b)

(a)(a)

RevisedRevised 20042004

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Continue to seek quality acquisitions in U. S. and international venuesContinue to seek quality acquisitions in U. S. and international venues Extensive exploitation and exploration opportunities Extensive exploitation and exploration opportunities

- Exploitation activity robust and aimed at replacing productionExploitation activity robust and aimed at replacing production

- Exploration prospects in North America and international venues provide Exploration prospects in North America and international venues provide growth potentialgrowth potential

Picking up the pace in ArgentinaPicking up the pace in Argentina

- Drilling has resumed to historical levels and is targeted to exceed them in 2004Drilling has resumed to historical levels and is targeted to exceed them in 2004

- 2004 capital budget increase of 45%, or $26 million aimed at regenerating 2004 capital budget increase of 45%, or $26 million aimed at regenerating growthgrowth

Continue balance sheet improvementContinue balance sheet improvement

- Net debt reduced by over $350 million since year-end 2001Net debt reduced by over $350 million since year-end 2001

- Net debt-to-book capitalization ratio of 60%, after Canadian reserve Net debt-to-book capitalization ratio of 60%, after Canadian reserve impairment; will work to reduce ratio to target range of 40% to 55% over timeimpairment; will work to reduce ratio to target range of 40% to 55% over time

Experienced management team with significant ownership dedicated to Experienced management team with significant ownership dedicated to consistent long-term profitable growthconsistent long-term profitable growth

SummarySummary

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Forward-looking Statements and Forward-looking Statements and GAAP to Non-GAAP ReconciliationGAAP to Non-GAAP Reconciliation

This material includes certain statements that may be deemed to be “forward-This material includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this material, other than statements of historical Act of 1995. All statements in this material, other than statements of historical facts, that address estimates of proved oil and gas reserves, future production facts, that address estimates of proved oil and gas reserves, future production and costs, exploration drilling, exploitation activities and events or developments and costs, exploration drilling, exploitation activities and events or developments in Argentina and events or developments that the company expects are forward-in Argentina and events or developments that the company expects are forward-looking statements. Although Vintage believes the expectations expressed in looking statements. Although Vintage believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-Factors that could cause actual results to differ materially from those in forward-looking statements include future acquisitions, oil and gas prices, exploitation looking statements include future acquisitions, oil and gas prices, exploitation and exploration successes, actions taken or to be taken by foreign governments and exploration successes, actions taken or to be taken by foreign governments as a result of its economic conditions or other factors, changes in foreign as a result of its economic conditions or other factors, changes in foreign exchange and inflation rates, as well as continued availability of capital and exchange and inflation rates, as well as continued availability of capital and financing, general economic, market or business conditions, and risk factors financing, general economic, market or business conditions, and risk factors listed from time-to-time in our reports and other documents filed with the listed from time-to-time in our reports and other documents filed with the Securities and Exchange Commission.Securities and Exchange Commission.

For an explanation of reconciliations of GAAP to non-GAAP measures, please For an explanation of reconciliations of GAAP to non-GAAP measures, please refer to the Vintage press release entitled “Vintage Petroleum Reports Year-end refer to the Vintage press release entitled “Vintage Petroleum Reports Year-end Results; 2004 Targets Reaffirmed or Increased” dated February 18, 2004 located Results; 2004 Targets Reaffirmed or Increased” dated February 18, 2004 located at the www.vintagepetroleum.com website.at the www.vintagepetroleum.com website.

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APPENDIXAPPENDIX

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Oil HedgingOil Hedging

SwapSwap 2004 – Q 1 1,410,500 2004 – Q 1 1,410,500 15,500 15,500 $29.77 $29.77

SwapSwap 2004 – Q 2 1,456,000 2004 – Q 2 1,456,000 16,000 $29.67 16,000 $29.67

Swap 2004 – Q 3 1,324,800 14,400 $29.48Swap 2004 – Q 3 1,324,800 14,400 $29.48

Swap 2004 – Q 4 1,135,700 12,345 $29.26Swap 2004 – Q 4 1,135,700 12,345 $29.26

Swap 2005 – Q 1 323,700 3,597 $26.23Swap 2005 – Q 1 323,700 3,597 $26.23

Swap 2005 – Q 2 342,800 3,767 $25.76Swap 2005 – Q 2 342,800 3,767 $25.76

Swap 2005 – Q 3 355,700 3,866 $25.52Swap 2005 – Q 3 355,700 3,866 $25.52

Swap 2005 – Q 4 361,900 3,934 $24.45 Swap 2005 – Q 4 361,900 3,934 $24.45

OilOil Period Period Barrels Barrels Per Day Price/BblPer Day Price/Bbl

Avg. Barrels Avg. NYMEX Ref.Avg. Barrels Avg. NYMEX Ref.

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Azal Lm Absent

1450 acres @984 ft contour (LKO)

Harmel #3

Scale

1 km

4800 acres @400 ft contour

(Spillpoint)

Yemen: Harmel ProspectYemen: Harmel Prospect

• Tested 500 BOPD• 20 degree API crude• From three separate zones

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