2011-03-02-2011-02-28-2011-04-21

Acquired 54,000 net lease acres in CA Sacremento Basin, gaining 37.7 MMcf/ed.

Bakersfield, Calif.-based Vintage Petroleum LLC has completed the purchase of assets in the Sacramento Basin in California from Rosetta Resources Inc., Houston, (Nasdaq: ROSE) for a total purchase price of $200 million.

Vintage acquired the Sacramento Basin assets with $43.6 million of funds associated with a certain portion of the assets have been placed in escrow pending receipt of appropriate consents for assignment. Once approval is granted, the titles will be released to the purchaser and funds held in escrow remitted to Rosetta. The remaining portions of the Sacramento Basin transaction are anticipated to occur in third-quarter 2011.

The Sacremento Basin assets consist of approximately 54,000 net lease acres in the Rio Vista Field and other fields in the basin area. Production as of year-end 2010 was approximately 37.7 million cubic feet of gas equivalent per day.

"These sales represent the final step in our strategy shift to an unconventional resource player," says Randy Limbacher, Rosetta chairman, chief executive and president. "The proceeds provide us the option of redeploying considerable amounts of capital to our high-return growth program in the Eagle Ford shale and in the Southern Alberta Basin."