Snyder Oil Corp. of Fort Worth, TX, completed the sale of itsremaining 55% interest in the Southeast Piceance Project innorthwestern Colorado to Ballard Petroleum LLC in a cashtransaction worth $28.8 million. The Piceance Project representsless than 5% of Snyder’s third quarter 1998 production and isestimated to represent 7% of its 1998 proven year-end reserves.
The sale allows Snyder to focus its Rocky Mountain operations inWyoming and Utah, where the company has several productive programsencompassing more than 580,000 gross acres, including the WashakieBasin Project, the Wind River Basin Project, the Deep Green RiverProject, and the Big Horn Basin Project.
Snyder is engaged in the production, development, acquisition,and exploration of domestic oil and gas properties, primarily inthe Gulf of Mexico, the Rocky Mountains and northern Louisiana. Thecompany also has investments in two international exploration andproduction companies.
Last May Snyder and Amoco Corp. traded interests in Wyomingproperties to help each company focus its gas operations in theGreen River Basin. Amoco acquired Snyder’s interest in asubstantial portion of the Jonah field in Sublette and Sweetwatercounties. In exchange, Amoco gave Snyder 75% of its interest in theBeaver Creek Unit in Fremont County, WY. Amoco retained 25%interest in Beaver Creek. That deal involved property only.
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