1 IPAA OIL & GAS INVESTMENT SYMPOSIUM April 2004

2 Charles Stephenson, co-founder and Chairman of the company, named to additional posts of President and CEO by Board Charles Stephenson, co-founder and Chairman of the company, named to additional posts of President and CEO by Board Performance driven change Performance driven change Increased attention to acquisition opportunities Increased attention to acquisition opportunities Exploitation Exploitation Focus on exploration ideas with near-term production potential and repeatability Focus on exploration ideas with near-term production potential and repeatability Determined to improve shareholder returns Determined to improve shareholder returns Vintage Management Change

3 Acquisitions Acquisitions - Are a cornerstone of our strategy - Create new growth platforms in established and new core areas Exploitation Exploitation - Converts developed and undeveloped reserves into production - Production profile management - 70% of the non-acquisition capital budget allocated to exploitation Exploration Exploration - North American risk-diversified portfolio, mainly gas focused - International and frontier exploration principally focused on oil opportunities - 30% of the non-acquisition capital budget allocated to exploration, with majority targeting North American prospects Balanced Growth Strategy: Acquisition, Exploitation & Exploration

4 Acquisitions: Consistent Contributor to Vintage’s Growth MMBOE Acquired Acquisitions have been a consistent contributor to the Vintage growth Acquisitions have been a consistent contributor to the Vintage growth track record, until recently. track record, until recently.

5 Acquisition Landscape and Strategy Seeking quality properties to provide operating synergies or create new core areas Seeking quality properties to provide operating synergies or create new core areas Slightly more focused on oil deals Slightly more focused on oil deals Modest supply of high quality packages in the market on the horizon Modest supply of high quality packages in the market on the horizon - Some planned asset sales have been announced by the majors - Independents more focused on selling assets - Some rationalization of non-core international assets by majors Hedge significant amount of acquisition’s production Hedge significant amount of acquisition’s production Capital markets favorable to financing Capital markets favorable to financing Finance with equity, debt and cash flow from acquired properties to maintain or improve leverage ratios Finance with equity, debt and cash flow from acquired properties to maintain or improve leverage ratios

Non-Acquisition Capital Budget: $225 Million Exploitation: $165 Million Exploration: $60 Million Exploitation: $165 Million Exploration: $60 Million United States Yemen Argentina OtherInternational Canada Canada

7 Areas of Production 2003 Production (MMBOE) United States Canada 14.6 Argentina Bolivia 80.8 Yemen 3.1 Total Reserves(MMBOE) EProduction(MMBOE)

8 Argentina: Acquisition and Drillbit Growth MBOE/d 9-Year Estimated CAGR of 24% MMBOE 8-Year CAGR of 17% Vintage made its first Argentina acquisition in 2H 1995 and volume reflects average daily volume for 2H Restricted 2002 capital budget of $19 million negatively impacted 2002 reserves and production growth during 2002 and P = Preliminary Production Proved Reserves

9 Argentina: Picking up the Pace in capital budget of $84 million aimed at regenerating growth 2004 capital budget of $84 million aimed at regenerating growth Capital spending $ 58 $ 84 Capital spending $ 58 $ 84 - Drill wells Workovers Water floods Drilling rigs running 1 – 4 4 Drilling rigs running 1 – 4 4 Wells Wells Success rate of 95% on over 373 wells drilled since inception Success rate of 95% on over 373 wells drilled since inception E E (in millions) (in millions)

10 Argentina: Superior Return Strong 2003 operating margin Strong 2003 operating margin - Oil sales $ Gas sales Weighted average sales price LOE Export tax G & A.59 Pretax cash margin $15.41 Acquisition and finding cost of Acquisition and finding cost of proved reserves, 1995 – 2003 $ 2.60 proved reserves, 1995 – 2003 $ 2.60 Per BOE

11 U. S.: Exploration and Exploitation CALIFORNIA TEXAS ARKANSAS KANSAS LOUISIANA MISSISSIPPI ALABAMA West Texas Tight Carbonates Gas Program Multi-well horizontal drilling program VPI has interest in over 19,500 acres in 3 prospects Austin prospect-Hannah 17 State 2 – 100% WI Rosehill prospect Wilbanks 53 #2-H – 100% WI Hannah and Wilbanks wells undergoing completion and long-term testing. Prospects have net unrisked reserve potential of about 90 Bcf OKLAHOMA Gulf Coast Gas Exploration Program Acquired over 500 sq. miles of 3-D seismic data Multiple prospects; 4 leases acquired High Island 55-L: 3 wells drilled, facility and pipeline construction underway. Net IP of 10—15 MMcf/d expected mid-year California Exploitation Grubb Lease North Antelope Hills Pleito Ranch San Miguelito Texas Exploitation West Ranch Unit Luling Field & Darst Creek South Gilmer Main Pass California Exploration 12,500 foot target If successful, production could start mid-year Multiple offset locations to drill by year-end, if successful

12 Yemen Saudi Arabia Red Sea Yemen: Commercialization of Exploration Success Recent approval of S-1 Damis block development plan covering 285,000 acres Recent approval of S-1 Damis block development plan covering 285,000 acres 2004E development drilling: 2004E development drilling: - $10 million capital spending - 6 An Nagyah wells - 1 Harmel appraisal well Initial net production in 2Q 2004 Initial net production in 2Q E production – 375,000 Bbls - rate ramps up to 1,300 Bbls/day in 2H 2004 in 2H 2004 Facilities and pipeline construction: Facilities and pipeline construction: - $23 million capital spending spread over 2004—2005 spread over 2004— Facility to have capacity to process 10,000 BOPD process 10,000 BOPD Alif Prospects Lam Prospects An Naeem Harmel An Nagyah VPI Area of Development 10 Miles

13 Yemen: An Nagyah Structure Map YEMEN, S-1 Block DEPTH STRUCTURE MAP Top Lam A CI = 100 ft datum = sea level Scale 1 mile #2 #4 #1 #5 Proposed location #7 Drilling #6 #3

14 Italy: Po Valley Gas Play Ferrara Modena Bologna Reggio Nell Emilia Gas Field Oil Field Geo Chemical Positive Bastiglia Cento First of two wells to spud in mid-2004 VPI operated; 70% working interest Existing infrastructure and market Two blocks cover 275,000 gross acres Existing production nearby Pliocene sands in structural stratigraphic traps Target well depth – 1,400 to 1,600 meters

15 Exploration Prospect Inventory – 2004 Exploration Prospect Inventory – 2004 Number of Prospects West Texas Onshore Gulf Coast Gulf of Mexico Foothills Peace River Arch NORTH AMERICA United States Canada INTERNATIONAL YemenItaly TOTAL 20 – 22 TOTAL NET UNRISKED RESERVE POTENTIAL: 200 – 400 Bcfe

16 Completed debt reduction program begun in 2002 Completed debt reduction program begun in Reduced debt by $183 million from year-end After-tax proceeds from property sales - Application of cash flow in excess of CAPEX Long-term debt: - Bank debt outstanding $ --- $ ¼% senior notes due /8% senior sub. notes due ¾% senior sub. notes due Cash Cash Net debt $645 $652 Net debt $645 $652 Unused availability under bank facility $300 $143 Unused availability under bank facility $300 $143 Debt and Liquidity (a) After redemption of $150 million of 9 3/4% Senior Subordinated Notes due in Actual Pro forma Actual Pro forma Year-end 2003 (in millions) (a)

Revised Targets Includes the impact of hedges Targets for non-GAAP financial measures are not reconciled to the most directly comparable GAAP financial measures, as the company does not establish targets for such GAAP financial measures. (b) Assumed NYMEX Reference Price ($/Bbl) $ Assumed NYMEX Reference Price ($/Bbl) $ VPI Realized Oil Price as % of NYMEX VPI Realized Oil Price as % of NYMEX Assumed NYMEX Reference Price ($/MMBtu) $ 5.00 Assumed NYMEX Reference Price ($/MMBtu) $ 5.00 VPI Realized Gas Price as % of NYMEX 69% VPI Realized Gas Price as % of NYMEX 69% Production (MMBOE) 26.9 Production (MMBOE) 26.9 Non-acquisition Capital Expenditures ($MM) $ 225 Non-acquisition Capital Expenditures ($MM) $ 225 EBITDAX ($MM) 337 EBITDAX ($MM) 337 Cash Flow ($MM) 242 Cash Flow ($MM) 242 LOE ($/BOE) 9.05 LOE ($/BOE) 9.05 G&A ($/BOE) 2.30 G&A ($/BOE) 2.30 DD&A ($/BOE) 4.60 DD&A ($/BOE) % (a) (b) (a) Revised Revised

18 Continue to seek quality acquisitions in U. S. and international venues Continue to seek quality acquisitions in U. S. and international venues Extensive exploitation and exploration opportunities Extensive exploitation and exploration opportunities - Exploitation activity robust and aimed at replacing production - Exploration prospects in North America and international venues provide growth potential Picking up the pace in Argentina Picking up the pace in Argentina - Drilling has resumed to historical levels and is targeted to exceed them in capital budget increase of 45%, or $26 million aimed at regenerating growth Continue balance sheet improvement Continue balance sheet improvement - Net debt reduced by over $350 million since year-end Net debt-to-book capitalization ratio of 60%, after Canadian reserve impairment; will work to reduce ratio to target range of 40% to 55% over time Experienced management team with significant ownership dedicated to consistent long-term profitable growth Experienced management team with significant ownership dedicated to consistent long-term profitable growthSummary

19 Forward-looking Statements and GAAP to Non-GAAP Reconciliation This material includes certain statements that may be deemed to be “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of All statements in this material, other than statements of historical facts, that address estimates of proved oil and gas reserves, future production and costs, exploration drilling, exploitation activities and events or developments in Argentina 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 future acquisitions, oil and gas prices, exploitation and exploration successes, actions taken or to be taken by foreign governments as a result of its economic conditions or other factors, changes in foreign exchange and inflation rates, as well as continued availability of capital and financing, general economic, market or business conditions, and risk factors listed from time-to-time in our reports and other documents filed with the Securities and Exchange Commission. For an explanation of reconciliations of GAAP to non-GAAP measures, please refer to the Vintage press release entitled “Vintage Petroleum Reports Year-end Results; 2004 Targets Reaffirmed or Increased” dated February 18, 2004 located at the website.

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21 APPENDIX

22 Oil Hedging Oil Hedging Swap 2004 – Q 1 1,410,500 15,500 $29.77 Swap 2004 – Q 2 1,456,000 16,000 $29.67 Swap 2004 – Q 3 1,324,800 14,400 $29.48 Swap 2004 – Q 4 1,135,700 12,345 $29.26 Swap 2005 – Q 1 323,700 3,597 $26.23 Swap 2005 – Q 2 342,800 3,767 $25.76 Swap 2005 – Q 3 355,700 3,866 $25.52 Swap 2005 – Q 4 361,900 3,934 $24.45 Oil Period Barrels Per Day Price/Bbl Oil Period Barrels Per Day Price/Bbl Avg. Barrels Avg. NYMEX Ref. Avg. Barrels Avg. NYMEX Ref.

23 Azal Lm Absent 1450 ft contour (LKO) Harmel #3 Scale 1 km 4800 ft contour (Spillpoint) Yemen: Harmel Prospect Tested 500 BOPD 20 degree API crude From three separate zones

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