FORT WORTH, Texas and DENVER, April 29 /PRNewswire/ -- Snyder Oil
Corporation (NYSE: SNY)("SOCO") announced today the completion of the Stud
Horse Butte #3-26 at an initial sustained production rate of 15.2 million
cubic feet (MMcf) of gas and 212 barrels of condensate per day. The well
flowed through a 20/64" choke at 2,000 pounds per square inch pressure for
24 hours after commingling all the completed intervals on March 29, 1998.
This is the highest initial production rate reported to date in the Jonah
Field located in Sublette County, Wyoming. SOCO is the operator and has a
24% working interest in this well. This well is an 11,900' Lance test and is
expected to ultimately recover approximately 10 billion cubic feet of natural
gas.
SOCO also reported the Bureau of Land Management's (BLM) signing of the
Record of Decision for the Jonah II Natural Gas Development Project
Environmental Impact Statement, dated April 27, 1998. The Record of Decision
issuance is a major milestone in the nearly 22 month cooperative effort
between the BLM, various local, state and federal agencies, environmental
organizations and industry to complete the Environmental Impact Statement
preparation process. The issuance of the Record of Decision lifts a seven
month BLM moratorium on approval of permits to drill and allows SOCO and the
other operators to continue the drilling of up to 450 wells in the 60,000 acre
Jonah Field II Natural Gas project area. The field is currently producing an
estimated 170 million cubic feet of gas per day from approximately 70 wells.
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 plc. 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 1O-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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