Exhibit 99.



For Immediate Release                     For Further Information Contact
Tuesday, September 7, 1999                Robert E. Phaneuf
                                          Vice President - Corporate Development
                                          (918) 592-0101



       VINTAGE PETROLEUM, INC. REITERATES STRATEGIC GOALS FOR YEAR 2000
                           AND ADDS CASH FLOW TARGET

     Tulsa, Oklahoma - Vintage Petroleum, Inc., in conjunction with its
participation this week in the JP Morgan Global High Yield Conference and the
Lehman Brothers Global Energy Conference, today reiterated certain strategic
operational and financial targets for 2000.  It also added a goal for cash flow
in 2000.

     Based on a capital budget of $128 million, Vintage has set a goal of
producing 29 million barrels of oil equivalent (MMBOE) with increases planned
for Bolivia, Ecuador and, in particular, Argentina.  Further, the company
expects year 2000 average lease operating and G&A costs per BOE to be $4.53 per
BOE and $1.21 per BOE respectively.

     Assuming the continuation of the recent oil and gas price environment of an
average NYMEX reference price of $20.00 a barrel for oil and $2.50 an Mcf for
gas, the company expects that its overall realizations will be about 84 percent
for oil and 77 percent for gas in the year 2000, yielding cash flow of $185
million or $2.85 per share (assuming existing weighted average fully diluted
common shares outstanding of 64.5 million).  Under this assumed oil and gas
price environment, Vintage has also set a strategic target to continue to reduce
its debt to
                                    -  More-


book capitalization ratio by issuing equity in connection with acquisitions, the
disposition of certain non-strategic oil and gas assets and the application of
the excess of cash flow beyond non-acquisition capital spending.

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, future production and costs, capital budget,
NYMEX reference prices, company realized prices, financial targets 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.  In addition to the factors discussed
above, other factors that could cause actual results to differ materially from
those in forward-looking statements include oil and gas prices, exploitation and
exploration successes, continued 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.