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SNYDER OIL MAKES AUSTRALIAN PURCHASE

 FORT WORTH, Texas, April 15 /PRNewswire/ -- Snyder Oil Corporation (NYSE: SNY) ("SOCO") announced today that its subsidiary, SOCO Australia Pty Ltd, had agreed to acquire 42.8 percent of the outstanding shares of Command Petroleum Holdings NL ("Command") for approximately $18.5 million (based on US $1 equals Australia $.7173). The purchase is subject to the approval of a majority of the disinterested shareholders of Command. A special meeting of Command's shareholders should be held in mid-May to consider the matter.
 Command is an exploration and production company based in Sydney, Australia and listed on the Australian Stock Exchange. The company had assets of approximately $46 million at yearend 1992 and a market capitalization of approximately $38 million on that date. Command had proven oil reserves of approximately 1.2 MMBBls and working capital of $24.4 million on Dec. 31, 1992. In total, the company holds interests in more than 20 exploration permits and production licenses primarily in the Southwestern Pacific Rim including Australia and Papua New Guinea. In addition, Command holds a 28.7 percent interest in Holland Sea Search Holdings NV ("HSSH"), an independent exploration and production company whose principal asset is an interest in the North Sea's Markham gas field. HSSH is based in The Hague, Netherlands and its stock is traded on the Amsterdam Stock Exchange.
 In announcing the agreement, Thomas J. Edelman, SOCO's president, said: "Through the purchase of a major stake in Command, SOCO is positioning itself to play a larger role in the overseas development of oil and gas reserves while maintaining a limited exposure to the international sector. Command's strong technical staff and extensive inventory of prospects, particularly in the Pacific Rim, compliment SOCO International's ongoing ventures in Russia, Tunisia and Mongolia. Command's strong capital position and listing on the Australian Stock Exchange should permit it to independently finance a high level of growth. Close cooperation between Command and SOCO may lead to offshore acquisitions being made through Command as well as the origination and development of further international exploration projects."
 SOCO is engaged in the production, development, acquisition and exploration of oil and gas properties and in natural gas processing and transportation. The company's common, convertible preferred shares, and depository shares are traded on the New York Stock Exchange under the symbols "SNY", "SNY Pr" and "SNY PrA".
 -0- 4/15/93
 /CONTACT: Alan K. Meyers of SOCO, 212-371-1117/
 (SNY)


CO: Snyder Oil Corporation ST: Texas IN: OIL SU: TNM

SH -- NY010 -- 6017 04/15/93 08:24 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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