VPI Vintage Pete

Vintage Petroleum, Inc. (NYSE:VPI) today announced its board of directors has authorized a cash dividend of five and one-half cents per share, increasing the company's quarterly dividend rate by ten percent. This represents the twelfth increase in the company's quarterly cash dividend rate since dividends were initiated in 1992. The company said the dividend will be paid July 5, 2005, to stockholders of record on June 16, 2005. Vintage Petroleum, Inc. is an independent energy company engaged in the acquisition, exploitation and exploration 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. For additional information, visit the company website at www.vintagepetroleum.com.