NAIC, SAN JOSE, Calif., Oct. 15 /PRNewswire/ -- The following company
overview is issued by Snyder Oil (NYSE: SNY), an exhibitor at the NAIC 1998
National Congress (Booth #707):
Snyder Oil Corporation
Snyder Oil Corporation is a mid-size domestic exploration and production
company with operations highly focused in the Gulf of Mexico, Rocky Mountains,
and northern Louisiana. The Gulf and the Rockies generate most of the
Company's production which is growing rapidly and is 80% gas. Northern
Louisiana is a high potential exploratory area and is targeted to become a key
area of operation in the future.
In recent years SOCO has dramatically repositioned itself, yielding the
following key attributes:
-- Built-in production growth with exceptional upside potential,
-- Strong balance sheet,
-- Organization capable of managing sustained growth,
-- Commitment to building shareholder value.
Core area production is expected to increase 35% for 1998. With ongoing
development programs and recent exploratory successes, SOCO expects rapid
production growth for several more years from existing projects.
In the Gulf of Mexico, SOCO is benefiting enormously from its drilling
results, leading to an expected gain of more than 50% in Gulf production for
1998. Most of this has been in the Main Pass area. With production from this
area expected to peak within the next few years, the Offshore team has acted
to perpetuate growth by creating a second Gulf focus area through assembling
an eight-prospect drilling program in the Flex Trend where water depths range
generally from 1,000 to 2,500 feet.
SOCO is also a leading operator in the Rockies. The Company has a
technology-based niche and a preeminent development acreage position. Rockies
production is expected to increase 20% in 1998. Over 500 undrilled
development locations in six major projects plus several hundred additional
infill-drilling locations are expected to fuel similar Rockies production
growth for many years. The Wind River Basin operating hub became the
Company's largest in the Rockies when the acquisition of 75% of Amoco's
interest in the Beaver Creek Unit allowed its consolidation with two other
large adjoining SOCO projects.
SOCO has a dominating exploration position in northern Louisiana, its
third core area, controlling over 560,000 acres. Using the first 3-D seismic
shot in the area, the Company has initiated a long-term exploration play by
drilling tests of four different types of exploratory objectives in the second
half of 1998.
The Company also has the financial strength to pursue new projects and to
act on acquisition opportunities with a strategic fit at the right price.
With a clean balance sheet, a focused property base, low-risk development
drilling projects, and high potential exploratory drilling, SOCO is well
positioned for future growth.
SOURCE Snyder Oil Corporation
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Related links:
http://www.snyderoil.com
CONTACT:
Rodney L. Waller of Snyder Oil Corporation,
817-882-5937
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