FORT WORTH, Texas, Dec. 2 /PRNewswire/ -- Snyder Oil Corporation
(NYSE: SNY) ("SOCO") announced that 51% of the 2,060,000 remaining convertible
preferred stock depositary shares called for redemption on December 1, 1997
had been converted into 1,294,000 shares of common stock.  The remaining
depositary shares were redeemed for $26.2 million.
    On October 21, 1997, the Company called the first half of the depositary
shares representing interests in its $6.00 Convertible Preferred Stock.  Each
depositary share represents a one-fourth interest in a share of $6.00
Convertible Preferred Stock.
    The combined results from both calls will result in the Company's issuing
approximately 3,630,000 common shares and redeeming the remainder of the
$6.00 Convertible Preferred Stock for $30.4 million.  The Company will
recognize fourth quarter preferred dividends of $1.3 million representing the
total redemption premium and accrued dividends on the redeemed preferred
shares.
    The Company will have 33.6 million common shares outstanding after the
conversion of the preferred shares, with no other dilutive securities
outstanding.
    John C. Snyder, Chairman of SOCO, commented, "With this call, the Company
has eliminated our final issue of convertible securities.  One of our goals
during 1997 was to simultaneously simplify our capital structure and reduce
the potential dilution to our common shareholders.  The call of the
convertible preferred stock has eliminated over $6 million a year in dividend
payments and eliminated 1.4 million shares of additional potential dilution to
our common shareholders.  Now the benefit of all our growth potential can go
100% to our common shareholders."
    Mark A. Jackson, Chief Financial Officer of SOCO, commented, "We are
pleased that in this second call, we were able to limit our common shares
issued by redeeming $26 million of our preferred stock.  Even after this
redemption, the Company still has over $240 million in cash and marketable
securities to redeploy.  The redemption premium and accrued dividends
associated with both calls of $1.3 million will be less than the normal
preferred dividend payment during the quarter."
    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 shares are traded on the New York Stock
Exchange under the symbol "SNY".

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