Vintage adds producing properties in Utah for $52.5 million - November 16, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryNovember 2003

Vol. 8, No. 46

Week of November 16, 2003

Vintage adds producing properties in Utah for $52.5 million

Allen Baker

Petroleum News contributing writer

Vintage Petroleum Inc. has bought producing properties in the Uinta basin of Utah from subsidiaries of El Paso Corp. for $52.5 million. The deal, announced Nov. 10, was effective back on June 1.

Vintage, based in Tulsa, Okla., will operate the fields, totaling more than 200,000 net acres, with a working interest of about 80 percent.

The wells produce some 2,000 barrels of crude oil and natural gas liquids daily, along with 920,000 cubic feet of gas. Vintage plans to use waterflood and other methods to boost output.

The deal also involves majority interest in three gas plants. It’s expected to close in December, with the money coming from Vintage’s bank credit facility.

Petroleum News - Phone: 1-907 522-9469
[email protected] --- https://www.petroleumnews.com ---
S U B S C R I B E

Copyright Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA)ï¿½1999-2019 All rights reserved. The content of this article and website may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law.