HOUSTON and FORT WORTH, Texas, March 31 /PRNewswire/ -- Santa Fe Energy
Resources (NYSE: SFR) and Snyder Oil Corporation (NYSE: SNY) today announced
that the Securities and Exchange Commission has declared effective the Joint
Proxy Statement/Prospectus covering the proposed merger of Santa Fe and
Snyder. Both companies have scheduled special meetings of shareholders to
vote on the proposed merger for 10:00 a.m. (CDT), Wednesday, May 5, 1999.
Santa Fe shareholders also will be asked to approve changing the company's
name to "Santa Fe Snyder Corporation," adding five Snyder directors to the
current six-member board of directors and increasing the company's authorized
shares of capital stock to 350 million. Assuming approval, Santa Fe Snyder
Corporation will be traded on the New York Stock Exchange under the new ticker
symbol "SFS".
Both meetings will be held at the St. Regis-Houston Hotel, located at
1919 Briar Oaks Lane, Houston, Texas.
The Joint Proxy Statement/Prospectus is being mailed to both companies'
shareholders of record as of March 19, 1999. Electronic versions of the proxy
materials will be accessible via the SEC's "EDGAR" system and on the
companies' Web sites at http://www.sfer.com and http://www.snyderoil.com.
The transaction is expected to be completed immediately following
shareholder approval.
Santa Fe Energy Resources is an independent oil and gas exploration and
production company with headquarters in Houston, Texas. It has production in
the United States, Argentina, Gabon, and Indonesia with additional exploration
activities in other regions of the world. Santa Fe's shares are traded on the
New York Stock Exchange under the symbol SFR. Additional information is
available on Santa Fe's Web site at http://www.sfer.com.
Snyder Oil Corporation 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. Snyder also
has investments in two international exploration and production companies,
Cairn Energy plc and SOCO International plc. Snyder's shares are traded on
the New York Stock Exchange under the symbol SNY. Additional information is
available on Snyder's Web site at http://www.snyderoil.com.
Contacts: Santa Fe Energy Resources Snyder Oil Corporation
Kathy E. Hager Rodney L. Waller
(713) 507-5315 (817) 882-5937
SOURCE Santa Fe Energy Resources and Snyder Oil Corporation
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Related links:
http://www.sfer.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19981218/DAF014
or NewsCom, 213-237-5431
Company News On-Call:
http://www.prnewswire.com/comp/118962.html or fax,
800-758-5804, ext. 118962
CONTACT:
Kathy E. Hager of Santa Fe Energy Resources,
713-507-5315; or Rodney L. Waller of Snyder Oil Corporation,
817-882-5937
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