HOUSTON and FORT WORTH, Texas, July 9 /PRNewswire/ -- Snyder Oil
Corporation (SOCO) (NYSE: SNY) announced today that it participated in two
successful exploratory tests on the Specter prospect in the Gulf of Mexico
Flex Trend in 1,047 feet of water. The Viosca Knoll 780 #4 was drilled to a
measured depth of 15,170 feet and discovered hydrocarbons in a middle Miocene
age reservoir. The well was sidetracked, as planned, to a separate middle
Miocene age target in Viosca Knoll Block 824. The Viosca Knoll 824 #1 was
drilled to a measured depth of 14,200 feet and also discovered hydrocarbon
bearing sands.
Shell Offshore Inc., the operator, plans to temporarily abandon the
wellbore until development plans are finalized. It is expected that these
plans will call for production from these two discoveries coming on stream by
early 2000.
SOCO owns a 12 percent working interest in the prospect. Other working
interest partners are Shell Offshore Inc. with 50.5 percent, Elf Exploration
Inc. with 24 percent, Pogo Producing Company (NYSE: PPP) with 7.36 percent and
Nippon Oil Exploration USA Limited with 6.14 percent.
"It is exciting to announce that our first Flex Trend prospect is a
discovery," said W. G. Hargett, President and Chief Operating Officer of SOCO.
"We believe that we have a very strong Flex Trend program which ideally
complements our built in production growth in the Main Pass area for 1998 and
1999. The high impact and longer production life potential coming from our
Flex Trend program could give our Gulf of Mexico region the same long term
growth profile that we currently have in our Rocky Mountain region. We will
continue to explore and develop our prospects along the continental shelf in a
balanced program with our Flex Trend program to achieve our targeted growth in
production each year."
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 North 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 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
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Related links:
http://www.snyderoil.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 105784
CONTACT:
Rodney L. Waller of Snyder Oil Corporation,
817-882-5937
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