FORT WORTH, Texas, Jan. 21 /PRNewswire/ -- Snyder Oil Corporation
(NYSE: SNY) ("SOCO") today announced the consummation of the sale of the
Company's remaining 55 percent interest in the Southeast Piceance Project in
northwestern Colorado to Ballard Petroleum, LLC in a cash transaction totaling
$28.8 million.
The Piceance Project represents less than 5 percent of SOCO's third
quarter 1998 production and is estimated to represent 7 percent of the
Company's 1998 proven year-end reserves.
The sale allows SOCO to focus its Rocky Mountain operations in Wyoming and
Utah, where the Company has several well established productive programs
encompassing more than 580,000 gross acres, including the Washakie Basin
Project, the Wind River Basin Project, the Deep Green River Project, and the
Big Horn Basin Project.
SOCO is engaged in the production, development, acquisition, and
exploration of domestic oil and gas properties, primarily in the Gulf of
Mexico, the Rocky Mountains and northern Louisiana. The Company also has
investments in two international exploration and production companies, SOCO
International plc and Cairn Energy plc. The Company's shares are traded on
the New York Stock Exchange under the symbol "SNY". The Company's news
releases and other information about the Company can be found on the Internet
at http://www.snyderoil.com.
This release contains certain forward looking statements which are based
on assumptions which the Company believes are reasonable, but which are
subject to a wide range of uncertainties and business risks. Factors that
could cause actual results to differ materially from those anticipated are
discussed in the Company's periodic filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended
December 31, 1997.
SOURCE Snyder Oil Corporation
 back to top
Related links:
http://www.snyderoil.com
Company News On-Call:
http://www.prnewswire.com/comp/118962.html or fax,
800-758-5804, ext. 118962
CONTACT:
Rodney L. Waller of Snyder Oil Corporation,
817-882-5937
|
