SNYDER OIL ANNOUNCES BUYBACK
SNYDER OIL ANNOUNCES BUYBACK FORT WORTH, Texas, Dec. 12 /PRNewswire/ -- Snyder Oil Corporation
(NYSE: SNY) (SOCO) today announced that its board of directors has approved a stock repurchase program. A total of up to $10 million has been authorized for purchases. It is expected that the shares will be acquired from time to time in the open market. The company may, in certain instances, also engage in block purchases.
In announcing the repurchase program, Thomas J. Edelman, SOCO president, said, "We continue to expand our reserves and production, principally as a result of our Wattenberg drilling program. Approximately 100 wells have been drilled and placed on production in the field since February 1991. A further 400-550 locations are expected to be drilled there over the next three to five years. In addition, we have recently been awarded a million-acre exploratory concession in Tunisia and have executed a letter of intent for the establishment of a development joint venture in the Russian Republic. The joint venture covers six oil fields in a major producing area near the city of Perm, approximately 600 miles east of Moscow. These fields are estimated to contain in excess of 100 million barrels of recoverable reserves. We believe these projects, which are SOCO's first international ventures, provide significant potential to enhance the value of our company. "While the recent sharp declines in gas prices will affect our results, only 20 percent of our revenues fluctuate with spot gas prices. Consequently, we believe the 30 percent decline in our stock price from its mid-October level is unwarranted and provides an attractive buying opportunity for the company." SOCO is an independent oil corporation engaged in the production, development, acquisition and exploration of domestic oil and gas properties and in natural gas processing and transportation. The company's common stock and 8 percent convertible preferred stock are traded on the New York Stock Exchange under the symbols SNY and SNY Pr, respectively. -0- 12/12/91 /CONTACT: Patti J. Irwin, vice president of Snyder Oil, 817-822-5902/ (SNY) CO: Snyder Oil Corporation ST: Texas IN: OIL SU: SM -- NY077 -- 2066 12/12/91 15:21 EST
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|Date:||Dec 12, 1991|
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