FORT WORTH, Texas, Nov. 5 /PRNewswire/ -- Snyder Oil Corporation
(NYSE: SNY) today reported results for the third quarter of 1997.  Net income
applicable to common was $2.1 million, or $.07 per share, compared to net
income of $4.0 million, or $.13 per share, in the prior year quarter.  Higher
revenues from increasing production in the current quarter and the recovery of
a loss provision on the Patina transaction were offset partially by
exploration expenses including a previously announced dry hole.  The
comparable 1996 quarter results included gains from noncore property sales
which contributed significantly to net income.
    Cash flow available to common (net income available to common plus
exploration expense, gain or loss on sale of subsidiary interest, DD&A, taxes,
minority interest and extraordinary items) declined 9% to $28.7 million, or
$0.97 per share, compared to $31.4 million, or $1.00 per share, in the prior
year quarter reflecting the impact of the 1996 property sales noted above.
    Revenues continued to exceed comparable 1996 quarters due to increased
production.  Production volumes were up 14% from the prior year quarter to
42,366 BOE per day.  Tripling of gas production, doubling of oil production in
the Gulf of Mexico and an approximate 15% increase in Rocky Mountain
production offset the loss of production from the sale of noncore properties
and a slight decrease in Patina's production.  The Company produced 1.0
million barrels of oil and 17.6 billion cubic feet of gas in the third quarter
of 1997.  Gas prices of $1.97 per Mcf represented an 11% increase over the
prior year period; however an 11% decline in oil prices to $18.09 per Bbl
resulted in a 2% decline, to $13.38, in the average price per BOE.
    John C. Snyder, Chairman, noted, "We sold our interest in Patina Oil & Gas
Corporation ("Patina") subsequent to quarter end.  This disposition will
result in a gain of approximately $3 million, net of tax, in the fourth
quarter of 1997.  In the current quarter, the loss provision on this
transaction of $6.5 million, net of tax, was recovered.  More importantly,
this transaction simplifies the Company's structure and increases our
financial flexibility.  It will remove $170 million of debt from the balance
sheet while providing $127 million in cash in the fourth quarter.  This cash,
along with the value of our securities positions in Cairn Energy plc and SOCO
International plc should position us to be able to consummate acquisitions of
$400 million or more, which we hope to accomplish by the end of next year."
    William G. Hargett, President and Chief Operating Officer, added, "Our
operations continue to gain strength as evidenced by the increased production
in our core areas.  Although the exploratory dry hole was disappointing, our
overall success in the Gulf of Mexico has been very positive.  With the
installation of the Main Pass 261 platform on schedule for the second quarter
of 1998, we expect future results to continue to improve.  The Main Pass 255
A-5 well was completed during the third quarter producing 20 MMcf/d.  As we
have indicated, even with the disposition of our Patina shares and before any
acquisitions, we expect a continuation of the increasing production trend from
our core properties to largely replace Patina's production contribution to the
Company by the end of 1998."
    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 Rockies and northern Louisiana.  The Company also has
investments in two international exploration and production companies, SOCO
International plc and Cairn Energy plc.
    This release contains 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, including its Annual Report on Form 10-K for the year
ended December 31, 1996.

                            SNYDER OIL CORPORATION
                           STATEMENTS OF OPERATIONS
                      (In thousands, except share data)

                           Three Months Ended         Nine Months Ended
                              September 30,             September 30,
                          %                          %
                       Change    1997     1996    Change     1997      1996

    Revenues
     Oil and gas sales   13%   $52,156  $46,347    33%     $168,992  $126,799
    Gas transportation,
     processing and
     marketing                     487    4,702               6,692    13,497
    Gains (losses) on
     sales of equity
     interests in
     investees                    (168)     924              32,800     4,119
    Gains on sales of
     properties                  3,824    7,987               8,666    11,109
                         (6)%   56,299   59,960    40%      217,150   155,524

    Expenses
     Direct operating           13,127   13,084              39,651    36,463
     Cost of gas and
      transportation               423    3,976               6,371    11,087
     Exploration                 7,212    1,996              12,602     2,800

    Gross margin        (13)%   35,537   40,904    51%      158,526   105,174
    General and
     administrative              5,178    4,732              15,990    11,309
    Financing costs
     Interest expense            7,845    7,012              21,609    16,752
     Interest income              (266)    (292)               (961)     (428)
    Other expense (income)        (243)  (1,516)                932      (864)
    (Gain) loss on sale
     of subsidiary interest    (10,000)      --                  --    15,481
    Depletion, depreciation
     and amortization           22,067   23,154              67,572    61,436
    Property impairments         4,735    1,519               5,827     2,753

    Income (loss) before
     taxes, minority
     interest and
     extraordinary item  (1)%    6,221    6,295              47,557    (1,265)

    Provision for income taxes
     Current                        --       --                 500        33
     Deferred                    1,898     652               13,387       317
                                 1,898     652               13,887       350
    Minority interest
     in subsidiaries               690      83                4,119     1,031

    Income (loss) before
     extraordinary item (35)%    3,633   5,560               29,551    (2,646)

    Extraordinary item-early
     extinguishment of debt,
     net of benefit for income
     taxes of $1,533               --       --                2,848        --

    Net income (loss)   (35)%   3,633    5,560               26,703    (2,646)

    Preferred dividends         1,548    1,553                4,648     4,658

    Net income (loss)
     applicable to common      $2,085   $4,007              $22,055   ($7,304)
    Net income (loss)
     per common share before
     extraordinary item         $0.07    $0.13                $0.83    ($0.23)
    Net income (loss) per
     common share               $0.07    $0.13                $0.73    ($0.18)
    Weighted average shares
     outstanding               29,504   31,337               30,121    31,363


    Cash flow            (8)% $30,235  $32,964   64%     $133,558   $81,205
    Cash flow available
     to common           (9)% $28,687  $31,411   68%     $128,910   $76,547
    Cash flow per common
     share               (3)%   $0.97    $1.00   75%        $4.28     $2.44
    Oil production
     (Bbl/day)           (7)%  10,542   11,278    5%       10,999    10,510
    Gas production
     (Mcf/day)           24%  190,942  154,373   24%      184,271   148,582
    Equivalent barrels
     (BOE/day)           14%   42,366   37,007   18%       41,711    35,273
    Average oil price
     (per Bbl)          (11)%  $18.09   $20.25   (2)%      $19.21    $19.67
    Average gas price
     (per Mcf)           11%    $1.97    $1.78   28%        $2.21     $1.72
    Average price per
      BOE                (2)%  $13.38   $13.60   13%       $14.84    $13.12

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