Vintage to Sell Caribbean Assets
Jun. 18, 2002
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TULSA, Okla. (AP) _ Vintage Petroleum will sell its oil and gas assets in Trinidad and Tobago to a Canadian company for about $40 million.
Vermillion Resources Ltd. will acquire Vintage's more than 60 billion cubic feet of proved gas reserves and more than 1 million barrels of proved oil reserves on the Caribbean islands, Vintage said Monday.
The Tulsa-based company also said it is seeking a buyer for its 50 million barrels of oil equivalent in Ecuador.
The sales are part of management's plan to reduce debt by about $200 million and run counter to the strategy offered by corporate raider T. Boone Pickens, Vintage's largest outside shareholder.
Pickens, a Texas oilman who purchased 8.9 percent of the company in March, had proposed holding the South American and Caribbean assets while selling those in the United States and Canada.