Exhibit 99

For Immediate Release           For Further Information Contact:
Tuesday, May 22, 2001           Robert E. Phaneuf
                                Vice President - Corporate Development
                                918/592-0101


                VINTAGE PETROLEUM ANNOUNCES SALE OF $200 MILLION
                          OF SENIOR SUBORDINATED NOTES

     Tulsa, Oklahoma - Vintage Petroleum, Inc. announced today that it sold,
through a Rule 144A offering (as described below), $200 million of senior
subordinated notes due 2011 (the "Notes").  All of the net proceeds will be used
to repay a portion of the outstanding balance under the company's revolving bank
facility.  The Notes have a 7.875% coupon with interest payable semi-annually on
May 15th and November 15th, commencing November 15, 2001.  The settlement date
for the sale of the Notes is scheduled for May 30, 2001.

     Vintage's borrowing base under its $625 million bank facility has recently
been increased to $700 million from $625 million.  This increase, however, does
not reflect any additional borrowing capacity attributable to Vintage's Canadian
properties.  After giving effect to the use of the net proceeds from the Notes
offering and the recent increase in the borrowing base, the unused availability
under the company's bank facility would be increased to approximately $140
million.

     The Notes will not be registered under the Securities Act of 1933, as
amended (the "Act"), pursuant to Rule 144A and may not be offered or sold in the
United States absent registration or pursuant to an applicable exemption from
the registration


                                    -More-


requirements of the Act. The Notes will be offered and sold only to qualified
institutional buyers in reliance on Rule 144A of the Act and certain persons in
offshore transactions in reliance on Regulation S under the Act. This press
release does not constitute an offer to sell or the solicitation of an offer to
buy the Notes.

     Vintage Petroleum, Inc. 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.  The company is headquartered in
Tulsa, Oklahoma, and its common stock is traded on the New York Stock Exchange
under the symbol VPI.