FORT WORTH, Texas, Oct. 16 /PRNewswire/ -- Snyder Oil Corporation
(NYSE: SNY) ("SOCO") announced the pricing of the secondary offering of its
shares in Patina Oil and Gas Corporation (NYSE: POG) at $9.875 per share which
triggers a series of transactions resulting in the disposition of SOCO's
entire 74% stake in Patina.  The Company expects to receive $127 million in
net cash proceeds, plus the elimination of $170 million of debt.
    John C. Snyder, Chairman of SOCO, commented, "Having previously announced
our expectation that proceeds from the disposition of Patina would be
approximately $100 million, we are delighted that with the success of the
secondary offering our proceeds have increased to $127 million.  As SOCO has
no bank debt, this leaves us with cash and marketable securities of over
$250 million to utilize in our ongoing repositioning and acquisition efforts.
    "While the disposition of Patina will cause our production to be
substantially lower in the immediate future, strong production growth from our
core asset base is expected to largely offset the disposition in less than a
year.  In addition, we hope to make acquisitions of $400 million or more by
the end of next year propelling the Company to a substantially higher
production level than at any time in SOCO's history."
    SOCO is engaged in the production, development, acquisition, and
exploration of 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 common and convertible preferred shares are
traded on the New York Stock Exchange under the symbols "SNY" and "SNY PrA".
    This release may contain certain forward looking statements which are
based on assumptions that are subject to a wide range of 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.

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