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SOCO SETS MONGOLIA VENTURE

 FORT WORTH, Texas, March 30 /PRNewswire/ -- Snyder Oil Corporation (SOCO) (NYSE: SNY) today announced that its subsidiary, SOCO Mongolia, Inc., signed a production sharing contract with Mongolia. The agreement relates to Contract Area XXII (Buir), which covers 11,400 square kilometers (approximately 2.8 million acres). The contract was awarded to SOCO Mongolia by Mongol Petroleum Company (MGT), the national oil company of Mongolia. SOCO believes this to be the first production sharing contract ever awarded in Mongolia. The concession is located in the Tamtaag basin of northeastern Mongolia which offsets the Hailar basin of China. The five-year contract is subject to ratification by the Mongolian Government.
 SOCO's representatives are still in the Far East and, therefore, further details on the agreement will not be immediately available.
 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."
 -0- 3/30/93
 /CONTACT: Patti J. Irwin, vice president of Snyder Oil Corporation, 817-882-5902/
 (SNY)


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

SM -- NY065 -- 1100 03/30/93 13:40 EST
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Publication:PR Newswire
Date:Mar 30, 1993
Words:205
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