[VINTAGE PETROLEUM, INC. LETTERHEAD APPEARS HERE]

                                                                    EXHIBIT 99.1


For Immediate Release                   For Further Information Contact
Thursday, October 21, 1999              Robert E. Phaneuf
                                        Vice President - Corporate Development
                                        (918) 592-0101

                 VINTAGE PETROLEUM, INC. ANNOUNCES RETIREMENT
                   OF VICE CHAIRMAN AND ELECTS NEW DIRECTOR

     Tulsa, Oklahoma - Vintage Petroleum, Inc. today announced that Jo Bob Hille
has chosen to retire from the company's board of directors and his position as
vice chairman of the company.  Mr. Hille, 58, was a co-founder of the company in
1983 and has held various management positions with the company and its
subsidiaries.  Upon his retirement, Mr. Hille was named a Director Emeritus of
the company and will remain available to provide advice and assistance on an as
needed basis.

     Charles C. Stephenson, Jr., chairman and co-founder of the company, said "I
respect Jo Bob's decision to retire from the company at this time.  In addition
to helping me start the company, he has made many valuable contributions to
Vintage during his 16 years of service.  Jo Bob will be missed by all of us at
Vintage and we wish him well in the years ahead."

     The board of directors of the company has elected William L. Abernathy as
director of the company to fill the vacancy in Class II of the board of
directors created by Mr. Hille's retirement.  Mr. Abernathy, 48, joined Vintage
in June 1987 and has served as executive vice president and chief operating
officer of the Company since December 1997.  Mr. Abernathy has over 23 years of
both major and independent oil and gas company experience serving in various
drilling, production and reservoir engineering capacities.  Mr. Abernathy is to
serve as director until his term expires at the 2001 annual meeting of
stockholders.

     Vintage Petroleum is an independent energy company engaged in the
acquisition, exploitation, exploration and development 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.