FORT WORTH and HOUSTON, July 15 /PRNewswire/ -- Snyder Oil Corporation
(NYSE: SNY) (SOCO) announced the second discovery and third successful
exploratory test in its Gulf of Mexico Flex Trend program. The Leo prospect,
located in Mississippi Canyon block 546, was drilled to a total depth of
18,100 feet in water depths reaching 2,500 feet. The well penetrated multiple
Miocene age hydrocarbon sands at depths between 11,500 and 17,500 feet with
approximately 200 feet of net pay.
British-Borneo Exploration, Inc., the U. S. subsidiary of British-Borneo
Petroleum Syndicate, P.L.C., the operator, is still conducting tests to fully
evaluate the results and determine future development plans. SOCO owns a
12.5 percent working interest in the prospect covering portions of Mississippi
Canyon blocks 502, 503, 546 and 547. Other working interest partners are
British-Borneo with 37.5 percent, Spirit Energy 76, a division of Unocal, with
37.5 percent and Petrobras America, Inc. with 12.5 percent.
On July 9, 1998, SOCO announced two successful exploratory tests on its
first Flex Trend prospect in Viosca Knoll blocks 780 and 824 which is operated
by Shell Offshore Inc.
"The drilling results continue to confirm the high caliber of the drilling
program assembled by our Offshore team," says W. G. Hargett, President and
Chief Operating Officer. "The Flex Trend program will sustain year on year
production growth in the Gulf through the year 2002 if we achieve our expected
risk weighted results."
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. 118962
CONTACT:
Rodney L. Waller of Snyder Oil Corporation,
817-882-5937
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