Vintage Petroleum Acquires 3 Properties
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Vintage Petroleum Inc. of Tulsa, Okla., has acquired three Ventura County oil and gas properties from Du Pont & Co.’s Conoco Inc. unit for $38 million in cash.
The properties, in the San Miguelito, Rincon and Ventura fields, produce about 3,000 barrels of oil and 700,000 cubic feet of gas daily.
The acquisition gives Vintage six properties in the county, said S. Craig George, senior vice president. He said the other holdings are in the Ojai, Timber Canyon and South Mountain fields.
Reserves of the newly acquired properties are estimated at 11.7 million barrels of oil and 5.8 billion cubic feet of gas.
Vintage, an independent producer with revenues of $101.4 million in 1992, has retained some of Conoco’s former employees, George said.
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