FORT WORTH, Texas and HOUSTON, April 20 /PRNewswire/ -- Snyder Oil
Corporation (NYSE: SNY) ("SOCO") announced today that an exploratory well in
Main Pass Block 260 discovered natural gas and condensate in a new field.
SOCO also announced two new zone discoveries in wells drilled earlier this
year in its Main Pass Block 261 Ingrid Field.
The Main Pass Block 260 #1 was drilled to a depth of 12,400 feet and
logged approximately 31 net feet of pay, discovering a new field in a lower
Miocene sand. The discovery is located between two prolific producing fields,
Pabst (Main Pass Block 259) and Ingrid (Main Pass Block 261) in the same area.
The well flow tested at a rate of 25.8 million cubic feet of gas and
2,745 barrels of condensate per day, with 5,013 pounds per square inch flowing
pressure through a 28/64" choke. The well was drilled in 314 feet of water.
The Company expects to do further drilling on this Block before the discovery
is put on production in 1999. SOCO is the operator with a 59.8% working
interest in Main Pass Block 260.
In addition, SOCO announced that in January casing was set on the Main
Pass 261 #A-3 and #A-4 wells. Log analysis indicates both wells discovered
new shallow gas zones south of SOCO's original Ingrid discovery. The log on
#A-3 indicated 25-35 feet of net pay in the "Big A" sand and the #A-4 log
indicated 13 feet of net pay in a secondary zone and 22 feet of possible net
pay in the "Big A" sand. Both wells are expected to be completed in third
quarter 1998, after the Williams/Transco pipeline is operational. SOCO has a
50% working interest in and is operator of Main Pass Block 261.
William G. Hargett, President and Chief Operating Officer commented,
"These discoveries exemplify the continuing success of SOCO's exploration
program. The Main Pass Block 260 field discovery puts the Company on track to
meet 1998 reserve growth and future offshore production targets. These
results reflect the impact of SOCO's investment in 3-D seismic and the
technical capabilities of our team as we build an ever-more significant
presence in the Gulf of Mexico."
SOCO is engaged in the production, development, acquisition, and
exploration of domestic oil and gas properties, primarily in the Gulf of
Mexico, the Rockies and northern Louisiana. The Company also has investments
in two international exploration and production companies, SOCO International
plc and Cairn Energy p1c. The Company's shares are traded on the New York
Stock Exchange under the symbol "SNY". SOCO 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.
SOURCE Snyder Oil Corporation
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Related links:
http://www.snyderoil.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 118962
CONTACT:
Rodney L. Waller of Snyder Oil Corporation,
817-882-5937
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