Vintage Petroleum to use existing credit facility for Uinta basin acquisition

By Sara Rosenberg

New York, Nov. 11 - Vintage Petroleum Inc. plans to use its existing credit facility to fund the acquisition of producing properties in the Uinta basin of Utah for $52.5 million, the company said.

The transaction is expected to close on or before Dec. 2.

As a result of the acquisition, the Tulsa, Okla., energy company increased its 2004 annual targets for cash flow from continuing operations to $230 million from $214 million and for EBITDAX to $333 million from $315 million.

"These properties provide us with the type of operational and work program opportunities in which we have excelled historically. We are excited about operating in the Rockies and its potential to become a significant producing area for us," said S. Craig George, chief executive officer, in a news release.

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