Exhibit 99




For Immediate Release                       For Further Information Contact:
Monday, June 17, 2002                       Robert E. Phaneuf
                                            Vice President-Corporate Development
                                            918/592-0101


              VINTAGE PETROLEUM PROCEEDS WITH PLANNED DIVESTITURES,
                  SIGNS AGREEMENT TO SELL TRINIDAD HOLDINGS AND
                  INITIATES PROCESS FOR SALE OF ECUADOR ASSETS

         Tulsa, Oklahoma - Vintage Petroleum, Inc.(NYSE: VPI) today announced it
has signed a definitive agreement to sell all its holdings in Trinidad and
Tobago to Vermilion Resources Ltd. (TSX: VRM) for approximately US$40 million,
subject to customary conditions precedent to closing, working capital and other
post-closing adjustments. Closing is anticipated to occur by the end of June.
Proceeds from the sale of its Trinidad oil and gas interest will be applied
toward meeting a previously announced plan to reduce the company's long-term
debt by $200 million and to rebalance its portfolio toward North America through
a combination of the sale of non-strategic assets in Trinidad and Ecuador and
the application of cash flow in excess of capital expenditures. In addition,
Vintage plans to open data rooms in the U.S. and U.K. within a week, initiating
the sale process for its oil and gas assets in Ecuador.

         "We are pleased with the rapid progress made to date toward our plan to
reduce debt by $200 million by year-end 2002 and the high level of interest in
our announced asset divestitures," said S. Craig George, CEO of Vintage.

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         Vintage's Trinidad assets are located onshore in the Central Block
portion of the southern basin. At year-end 2001 proved reserves were 64.4 Bcf of
gas and over one million barrels of condensate or 11.9 million BOE. "We are
successfully capturing asset value from the discoveries made during 2001,
allowing the company to meet its debt reduction goals and to intensify its focus
on other growth opportunities in its inventory. The long-term benefits
associated with the development of the gas markets in Trinidad are a better
strategic fit for other companies," indicated Mr. George.

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 the sale of the company's Trinidad
assets, estimates of proved oil and gas reserves, exploration drilling,
exploitation activities, targeted levels of cash flow and capital expenditures,
planned asset sales in Ecuador and possibly other areas, the targeted level of
debt reduction and events or developments that the company expects 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, exploitation and
exploration successes, actions taken or to be taken by Argentina as a result of
its economic instability and changes in the estimated or expected impact on the
company, changes in foreign exchange and inflation rates, as well as continued

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availability of capital and financing, and general economic, market or business
conditions.

         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.


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