S&P: Vintage rating unchanged

Standard & Poor's said Thursday that the ratings and outlook on Vintage Petroleum Inc. (BB-/negative/--) would remain unchanged following two announcements by the company.

Vintage said that president and CEO Craig George has resigned and his replacement is chairman and former CEO Charles Stephenson. Stephenson is a significant shareholder in Vintage and his return to the CEO position follows a period of several years in which Vintage has struggled operationally.

In addition to the management change, Vintage announced that it is revising downward its Canadian reserves by 26.3 million barrels of oil equivalent, or about 5% of the company's total proved reserves. Vintage's Canadian operations have materially underperformed original expectations at the time of their acquisition in 2001. The company has announced a thorough review of its Canadian operations in conjunction with the reserve revision.

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