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SNYDER OIL FILES CONVERTIBLE PREFERRED OFFERING

 FORT WORTH, Texas, March 12 /PRNewswire/ -- Snyder Oil Corporation (NYSE: SNY) ("SOCO") today announced that it had filed a registration statement with the Securities and Exchange Commission for the offering of $75 million of convertible exchangeable preferred stock. The First Boston Corporation, Smith Barney, Harris Upham & Co., Incorporated, PaineWebber Incorporated and Petrie Parkman & Co. will act as lead underwriters. A copy of the registration statement will be available on request from SOCO.
 The proceeds of the offering will initially be used to retire bank debt incurred principally in connection with the December acquisition of four Wyoming fields from a major oil company. Ultimately, the proceeds will fund SOCO's ongoing drilling program and provide capital for further acquisitions.
 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 and convertible preferred shares are traded on the New York Stock Exchange under the symbols "SNY" and "SNY Pr."
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 3/12/93
 /CONTACT: Patti J. Irwin, vice president of Snyder Oil Corporation, 817-882-5902/
 (SNY)


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

SH -- NY044 -- 5551 03/12/93 13:46 EST
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Publication:PR Newswire
Date:Mar 12, 1993
Words:292
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