FORT WORTH and HOUSTON, Aug. 27 /PRNewswire/ -- Snyder Oil Corporation
(NYSE: SNY)(SOCO) today announced that it was the apparent successful high
bidder on two lease blocks at federal offshore Outer Continental Shelf Gulf of
Mexico Oil and Gas Lease Sale 171. SOCO's high bid for the two tracts totaled
$474 thousand.
East Breaks blocks 169 and 170 are in the Flex Trend in approximately 800
feet of water. SOCO will hold a 100-percent interest in the new blocks. All
bids are subject to review by the Mineral Management Service.
"These blocks provide an excellent opportunity to build our Gulf of Mexico
inventory of exploration prospects," said W. G. Hargett, President and Chief
Operating Officer. "The potential for large, long-lived reserve additions in
the Flex Trend complements our shelf program and could supply additional
drilling locations to help sustain SOCO's production growth."
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. 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.
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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