Vintage Petroleum Reaffirms Annual Production Target; Updates Status of Production Temporarily Shut-in Due to Hurricanes
September 27 2005 - 5:39PM
Business Wire
Vintage Petroleum, Inc. (NYSE:VPI) announced today that it is
reaffirming its previously established production target for 2005
of 27.3 million barrels of oil equivalent (BOE). Success
experienced in the company's exploitation program is offsetting the
anticipated impact from temporarily shut-in production caused by
Hurricanes Katrina and Rita in recent weeks. Approximately 5,300
BOE per day of production was shut-in late last week as a
precautionary measure in light of the expected path of Hurricane
Rita. Activity is currently underway to assess the extent of any
damage caused by Hurricane Rita, however, at this time the company
does not anticipate any significant damage. Consequently, the
company has returned 3,400 BOE per day to production and
anticipates the remaining 1,900 BOE per day to be restored shortly.
Approximately 3,600 BOE of the net daily production of the initial
4,000 BOE shut-in as a result of Hurricane Katrina remains
off-line. About two-thirds of the Katrina related shut-in volume is
attributable to our Main Pass 116 offshore complex where repairs to
the company's production facilities are near completion and
production is ready to resume pending inspection of pipelines and
facilities operated by others. Less than one-third of the remaining
shut-in volume, or approximately 1,000 BOE per day, appears to
require significant repair such that it could remain shut-in for
several months. 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 estimates of damages,
plans and timing to restore production to prior levels, future
production, strategies, estimates of oil and gas reserves, capital
spending, 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, success of
well and facility repair, actions taken and to be taken by
governments and their agencies as a result of political and
economic conditions or other factors, 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.
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