Vintage Petroleum Buys Ventura Oil, Gas Fields
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Vintage Petroleum of Tulsa, Okla., has purchased oil and gas producing properties and facilities in Ventura for $29.6 million. The purchase increases Vintage’s presence in the Ventura area.
The properties, acquired from Nuevo Energy Co. and its affiliate, consist of 13 onshore fields. Vintage will operate 90% of the wells, which have total current net daily production averaging 2,190 barrels of mid-gravity crude oil and natural gas liquids. The crude oil and liquids currently sell at a blended average discount of $4.30 per barrel to the NYMEX reference price of oil.
“Since these properties are nearby and adjacent to our existing properties, we expect to achieve operating cost efficiencies with minimal requirements for additional overhead or infrastructure costs,” said Chief Executive S. Craig George.
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