SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
-------------------- -----------------
Commission file number 1-10509
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
SNYDER OIL COPORATION
PROFIT SHARING AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
SNYDER OIL CORPORATION
777 MAIN STREET
FORT WORTH, TEXAS 76102
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Advisory Committee of the
Snyder Oil Corporation Profit Sharing and Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of Snyder Oil Corporation Profit Sharing and Savings Plan ("the Plan")
as of December 31, 1995 and 1994, and the related statements of changes in net
assets available for plan benefits for the years ended December 31, 1995, 1994,
and 1993. These financial statements and the schedules referred to below are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan as
of December 31, 1995 and 1994, and the changes in its net assets available for
plan benefits for the years ended December 31, 1995, 1994, and 1993, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes (Schedule I) and supplemental schedule of reportable
transactions (Schedule II) are presented for purposes of additional analysis and
are not a required part of the basic financial statements but are supplementary
information required by the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The Fund Information in the statements of net assets available for plan
benefits and the statements of changes in net assets available for plan benefits
is presented for purposes of additional analysis rather than to present the net
assets available for plan benefits and changes in net assets available for plan
benefits of each fund. The supplemental schedules and Fund Information have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Dallas, Texas,
June 19, 1996
<PAGE>
<TABLE>
SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1995
<CAPTION>
WELLS FARGO INSTITUTIONAL TRUST COMPANY
--------------------------------------------------------------------------------------------
SHORT-
ASSET GROWTH S & P 500 MONEY INTERMEDIATE SOCO PARTICIPANT
ALLOCATION STOCK STOCK MARKET TERM STOCK LOAN
FUND FUND FUND FUND FUND FUND FUND TOTAL
----------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair market value-
Asset Allocation Fund $4,206,471 $ - $ - $ - $ - $ - $ - $ 4,206,471
Growth Stock Fund - 3,764,303 - - - - - 3,764,303
S & P 500 Stock Fund - - 2,552,758 - - - - 2,552,758
Money Market Fund - - - 1,267,440 - - - 1,267,440
Short-Intermediate Term Fund - - - - 1,214,214 - - 1,214,214
Snyder Oil Corporation Stock Fund - - - - - 576,461 - 576,461
Participant loans - - - - - - 226,518 226,518
---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------
Total assets 4,206,471 3,764,303 2,552,758 1,267,440 1,214,214 576,461 226,518 13,808,165
---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $4,206,471 $3,764,303 $2,552,758 $1,267,440 $1,214,214 $576,461 $226,518 $13,808,165
========== ========== ========== ========== ========== ========== ========== ============
</TABLE>
2
<PAGE>
<TABLE>
SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1994
<CAPTION>
WELLS FARGO INSTITUTIONAL TRUST COMPANY
--------------------------------------------------------------------------------------------
SHORT-
ASSET GROWTH S & P 500 MONEY INTERMEDIATE SOCO PARTICIPANT
ALLOCATION STOCK STOCK MARKET TERM STOCK LOAN
FUND FUND FUND FUND FUND FUND FUND TOTAL
---------- ---------- ---------- ---------- ----------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair market value-
Asset Allocation Fund $3,196,697 $ - $ - $ - $ - $ - $ - $ 3,196,697
Growth Stock Fund - 2,411,711 - - - - - 2,411,711
S & P 500 Stock Fund - - 1,669,067 - - - - 1,669,067
Money Market Fund - - - 1,100,547 - - - 1,100,547
Short-Intermediate Term Fund - - - - 1,015,670 - - 1,015,670
Snyder Oil Corporation Stock Fund - - - - - 618,905 - 618,905
Participant loans - - - - - - 147,197 147,197
---------- ---------- ---------- ---------- ---------- -------- -------- ------------
Total assets 3,196,697 2,411,711 1,669,067 1,100,547 1,015,670 618,905 147,197 10,159,794
---------- ---------- ---------- ---------- ---------- -------- -------- ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $3,196,697 $2,411,711 $1,669,067 $1,100,547 $1,015,670 $618,905 $147,197 $10,159,794
========== ========== ========== ========== ========== ======== ======== ============
</TABLE>
3
<PAGE>
<TABLE>
SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
WELLS FARGO INSTITUTIONAL TRUST COMPANY
---------------------------------------------------------------------------------------------
SHORT-
ASSET GROWTH S & P 500 MONEY INTERMEDIATE SOCO PARTICIPANT
ALLOCATION STOCK STOCK MARKET TERM STOCK LOAN
FUND FUND FUND FUND FUND FUND FUND TOTAL
---------- ----------- --------- --------- --------- --------- --------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Interest and dividend income $ - $ - $ - $ 46,048 $ - $ - $ $17,391 $ 63,439
Net realized and unrealized
appreciation (depreciation)
in fair value of investments 926,958 932,199 641,778 21,335 149,850 (111,928) - 2,560,192
---------- ---------- ---------- --------- ---------- -------- --------- -----------
926,958 932,199 641,778 67,383 149,850 (111,928) 17,391 2,623,631
---------- ---------- ---------- --------- ---------- -------- --------- -----------
Contributions
Employer 257,215 278,031 162,975 128,958 100,859 108,962 - 1,037,000
Participants 377,737 370,329 245,174 195,663 160,793 181,274 - 1,530,970
---------- ---------- ---------- --------- ---------- -------- --------- -----------
634,952 648,360 408,149 324,621 261,652 290,236 - 2,567,970
---------- ---------- ---------- --------- ---------- -------- --------- -----------
Total additions 1,561,910 1,580,559 1,049,927 392,004 411,502 178,308 17,391 5,191,601
---------- ---------- ---------- --------- ---------- -------- --------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 434,773 377,414 298,479 191,066 78,086 102,409 61,003 1,543,230
---------- ---------- ---------- ---------- ---------- -------- --------- -----------
Total deductions 434,773 377,414 298,479 191,066 78,086 102,409 61,003 1,543,230
---------- ---------- ---------- ---------- ---------- -------- --------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS 1,127,137 1,203,145 751,448 200,938 333,416 75,899 (43,612) 3,648,371
TRANSFERS BETWEEN FUNDS (117,363) 149,447 132,243 (34,045) (134,872) (118,343) 122,933 -
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, BEGINNING OF YEAR 3,196,697 2,411,711 1,669,067 1,100,547 1,015,670 618,905 147,197 10,159,794
---------- ---------- ---------- ---------- ---------- -------- --------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, END OF YEAR $4,206,471 $3,764,303 $2,552,758 $1,267,440 $1,214,214 $576,461 $ 226,518 $13,808,165
========== ========== ========== ========== ========== ======== ========= ===========
</TABLE>
4
<PAGE>
<TABLE>
SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
WELLS FARGO INSTITUTIONAL TRUST COMPANY
--------------------------------------------------------------------------------------------
SHORT-
ASSET GROWTH S & P 500 MONEY INTERMEDIATE SOCO PARTICIPANT
ALLOCATION STOCK STOCK MARKET TERM STOCK LOAN
FUND FUND FUND FUND FUND FUND FUND TOTAL
---------- ---------- ---------- ---------- ---------- -------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Interest and dividend income $ - $ - $ - $ 28,137 $ - $ - $ 10,211 $ 38,348
Net realized and unrealized
appreciation (depreciation)
in fair value of investments (86,024) 42,035 14,764 - (34,501) (106,017) - (169,743)
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
(86,024) 42,035 14,764 28,137 (34,501) (106,017) 10,211 (131,395)
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
Contributions
Employer 244,205 200,307 139,995 102,181 97,820 115,492 - 900,000
Participants 380,703 327,430 237,938 153,606 144,897 217,527 - 1,462,101
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
624,908 527,737 377,933 255,787 242,717 333,019 - 2,362,101
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
Total additions 538,884 569,772 392,697 283,924 208,216 227,002 10,211 2,230,706
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 77,053 17,880 153,223 162,139 215,444 41,791 7,661 675,191
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
Total deductions 77,053 17,880 153,223 162,139 215,444 41,791 7,661 675,191
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS 461,831 551,892 239,474 121,785 (7,228) 185,211 2,550 1,555,515
TRANSFERS BETWEEN FUNDS (214,017) 98,411 (12,495) 566,770 (266,966) (215,603) 43,900 -
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, BEGINNING OF YEAR 2,948,883 1,761,408 1,442,088 411,992 1,289,864 649,297 100,747 8,604,279
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, END OF YEAR $3,196,697 $2,411,711 $1,669,067 $1,100,547 $1,015,670 $618,905 $147,197 $10,159,794
========== ========== ========== ========== ========== ======== ======== ===========
</TABLE>
5
<PAGE><TABLE>
SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
NATIONSBANK TRUST
---------------------------------------------------------
Index Money SOCO Participant
Bond Equity Market Stock Loan
Fund Fund Fund Fund Fund
---------- ---------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income-
Interest and dividend income $ 130,916 $ 8,893 $ 30,542 $ 5,936 $ 5,951
Net realized and unrealized
appreciation (depreciation)
in fair value of investments 74,323 150,150 - 440,670 -
---------- ---------- ---------- -------- ----------
205,239 159,043 30,542 446,606 5,951
Contributions ---------- ---------- ---------- -------- ----------
Employer - - - - -
Participants 244,352 283,388 120,600 88,830 -
---------- ---------- ---------- -------- ----------
244,352 283,388 120,600 88,830 -
---------- ---------- ---------- -------- ----------
Total additions 449,591 442,431 151,142 535,436 5,951
---------- ---------- ---------- -------- ----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants 251,667 262,790 176,185 98,757 -
---------- ---------- ---------- -------- ----------
Total deductions 251,667 262,790 176,185 98,757 -
---------- ---------- ---------- -------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS 197,924 179,641 (25,043) 436,679 5,951
TRANSFERS BETWEEN FUNDS (3,203,984) (2,216,229) (1,252,036) (724,094) (111,651)
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 3,006,060 2,036,588 1,277,079 287,415 105,700
---------- ---------- ---------- -------- ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ - $ - $ - $ - $ -
========== ========== ========== ======== ==========
<CAPTION>
WELLS FARGO INSTITUTIONAL TRUST COMPANY
-----------------------------------------------------------------------------------------
Short-
Asset Growth S & P 500 Money Intermediate SOCO Participant
Allocation Stock Stock Market Term Stock Loan
Fund Fund Fund Fund Fund Fund Fund Total
---------- ---------- ---------- -------- ---------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income-
Interest and dividend income $ 4,496 $ 2,686 $ 2,199 $ 7,257 $ 1,967 $ 990 $ 2,126 $ 203,959
Net realized and unrealized
appreciation (depreciation)
in fair value of investments (27,648) 30,565 57,895 - 6,504 (109,779) - 622,680
---------- ---------- ---------- -------- ---------- -------- -------- ----------
(23,152) 33,251 60,094 7,257 8,471 (108,789) 2,126 826,639
Contributions ---------- ---------- ---------- -------- ---------- -------- -------- ----------
Employer 300,944 195,073 138,151 80,898 107,465 102,469 - 925,000
Participants 54,286 42,089 27,047 21,093 20,872 26,640 - 929,197
---------- ---------- ---------- -------- ---------- -------- -------- ----------
355,230 237,162 165,198 101,991 128,337 129,109 - 1,854,197
---------- ----------- ---------- -------- ---------- -------- -------- ----------
Total additions 332,078 270,413 225,292 109,248 136,808 20,320 2,126 2,680,836
---------- ---------- ---------- -------- ---------- -------- -------- ----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants - - - - - - - 789,399
---------- ---------- ---------- -------- ---------- -------- -------- ----------
Total deductions - - - - - - - 789,399
---------- ---------- ---------- -------- ---------- -------- -------- ----------
NET INCREASE (DECREASE)IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS 332,078 270,413 225,292 109,248 136,808 20,320 2,126 1,891,437
TRANSFERS BETWEEN FUNDS 2,616,805 1,490,995 1,216,796 302,744 1,153,056 628,977 98,621 -
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year - - - - - - - 6,712,842
---------- ---------- ---------- -------- ---------- -------- -------- ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $2,948,883 $1,761,408 $1,442,088 $411,992 $1,289,864 $649,297 $100,747 $8,604,279
========== ========== ========== ======== ========== ======== ======== ==========
</TABLE>
6
<PAGE>
SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(1) DESCRIPTION OF THE PLAN
The following description of the Snyder Oil Corporation Profit Sharing and
Savings Plan (the "Plan") provides only general information. Participants should
refer to the Plan agreement for a more complete description of the Plan's
provisions.
GENERAL
The Plan is a defined contribution profit sharing and 401(k) savings plan
adopted on January 1, 1983, for the benefit of eligible employees of Snyder Oil
Corporation (the "Employer") who may elect to participate in the Plan. The Plan
is administered by the Plan's advisory committee composed of three employees
approved by the Employer's Board of Directors. Employees become eligible to
participate in the Plan on an entry date at least four months following the
later of the date the employee first performs an hour of service or attains age
18. The entry dates for the Plan are January 1 and July 1. The Plan is subject
to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
On October 4, 1993, all Plan assets were transferred to Wells Fargo
Institutional Trust Company who became the trustee of the Plan. Immediately
prior to this date, NationsBank Trust served as the trustee of the Plan. In
April 1996, the Employer adopted Amendment No. 2 to the Plan which, among other
things, named BZW Barclays Global Investors N.A. as the trustee of the Plan upon
their acquisition of Wells Fargo Institutional Trust Company.
The Plan allows participants various investment options in which to invest their
individual and Employer contribution accounts. Investment income is allocated to
participants based upon the ratio of their participant account balance to the
total participants' accounts in a manner defined by the Plan agreement.
FORFEITURES
The nonvested amounts in a participant's Employer contribution account are
forfeited to the Plan upon termination. Such forfeitures are allocated to the
remaining participants based upon annual compensation in a manner defined by the
Plan agreement to the Plan.
PARTICIPANT CONTRIBUTIONS
Subject to certain maximum limitations imposed by the Internal Revenue
Code, a participant may elect to contribute to the Plan up to 15% of his or her
annual pretax compensation. A participant may change the applicable percentage
7
<PAGE>
or completely suspend his or her contributions in accordance with Plan policies.
The Plan also allows employees to "rollover" contributions that have been made
to another qualified plan to the Plan.
EMPLOYER CONTRIBUTIONS
Employer contributions to the Plan are entirely discretionary and determined on
an annual basis by the Board of Directors. Employer contributions are allocated
to participants based upon annual compensation in a manner defined by the Plan
agreement.
VESTING
Participants are fully vested at all times in their individual contribution
accounts. Vesting in Employer contribution accounts is based on years of
service. A participant is 40% vested after two years, 80% after three years and
100% after four or more years of service. In addition, participants also become
fully vested in their Employer contribution accounts upon retirement, at or
after age 55, or upon death or total disability of the participant.
DISTRIBUTIONS
Distribution of the participant's entire account becomes due upon retirement, at
or after age 55, or upon death or total disability. Such account balances may be
distributed either in a lump-sum distribution or in installments, as described
in the Plan agreement. Participants are entitled to receive the balance of their
individual contribution account plus their vested interest in their Employer
contribution account upon termination of employment. Participants may make
hardship withdrawals from their individual contribution account, subject to
certain restrictions. Participants may also receive loans from the Plan secured
by the participant's account for up to 50% of their vested balance. Each loan is
evidenced by a note providing for repayment over a maximum of 5 or 10 years
depending on the purpose of the loan as defined by the Plan agreement and
providing for interest at a reasonable rate.
FEDERAL INCOME TAXES
The Plan received a determination letter from the Internal Revenue Service dated
May 9, 1995, confirming that the Plan, as amended in October 1993, is exempt
from federal income taxes under Sections 401(a) and 501(a) of the Internal
Revenue Code.
PLAN TERMINATION
Although it has expressed no intention to do so, the Employer may suspend
or discontinue contributions under the Plan and has reserved the right to
terminate the Plan subject to provisions of ERISA. In the event of full or
partial termination of the Plan, participants will become fully vested in their
8
<PAGE>
individual and Employer contribution accounts and will be entitled to
distributions of their entire accounts according to the Plan document and ERISA.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of net assets available for plan benefits and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of additions to and deductions from net
assets available for plan benefits during the reporting period. Actual results
could differ from those estimates.
The accompanying financial statements are prepared on the accrual basis of
accounting.
INVESTMENTS
The Plan's investments are held by bank-administered trust funds and are
recorded at fair market value as determined by market quotations. Total cost of
investments held by the Plan at December 31, 1995 and 1994, was $11,257,495 and
$10,147,447, respectively.
Individual investments with a fair value greater than 5% of total net assets
available for Plan benefits consisted of the following fair values:
<TABLE>
<CAPTION>
DECEMBER 31,
----------------------------------
1995 1994
----------- -----------
<S> <C> <C>
Asset Allocation Fund $ 4,206,471 $ 3,196,697
Growth Stock Fund 3,764,303 2,411,711
S&P 500 Stock Fund 2,552,758 1,669,067
Money Market 1,267,440 1,100,547
Short-Intermediate Term Fund 1,214,214 1,015,670
Snyder Oil Corporation Stock * 618,905
* Represents less than 5% of total net assets available for Plan benefits.
</TABLE>>
9
<PAGE>
The net realized and unrealized appreciation (depreciation) in fair value of
investments included in the statements of changes in net assets available for
plan benefits with fund information for the years ended December 31, 1995, 1994,
and 1993 consisted of the following:
<TABLE>
<CAPTION>
NET APPRECIATION (DEPRECIATION)
----------------------------------------
1995 1994 1993
---------- ---------- ---------
<S> <C> <C> <C>
Marketable equity securities $1,595,312 $ 56,799 $ 238,610
U.S. Government and corporate debt
securities and bonds 149,850 (34,501) 80,827
Asset Allocation Fund 926,958 (86,024) (27,648)
Snyder Oil Corporation stock (111,928) (106,017) 330,891
----------- ---------- ---------
Net realized and unrealized
appreciation (depreciation)
in fair value of investments $2,560,192 $(169,743) $ 622,680
========== ========= =========
</TABLE>
The Asset Allocation Fund invests in a changing mix of stocks, bonds, and money
market securities. At December 31, 1995, the mix was 50% in equity securities,
30% in money markets, and 20% in bonds. From the financial information
available, it is not possible to determine the net realized and unrealized
appreciation (depreciation) in each type of investment (i.e., stocks).
In accordance with Department of Labor regulations, realized gains (losses) on
plan assets sold during the year are calculated as the excess of sales price
over the fair value of the assets at the beginning of the plan year in which the
asset is sold.
COST OF ADMINISTRATION
The Employer has paid for the majority of the expenses related to the
administration of the Plan, but is not obligated to do so. The Employer will not
require reimbursement for these expenses. Any such expenses not paid by the
Employer shall be paid from the Plan assets.
10
<PAGE>
DISTRIBUTIONS TO BE PAID
As discussed in Note 1, participants are entitled to receive the balance of
their individual contribution account plus their vested interest in their
Employer contribution account upon termination of employment. However, if their
total vested balance exceeds $3,500 as defined in the Plan agreement, they may
elect to continue to invest it through the Plan. Distributions that terminated
employees are entitled to by fund at December 31, 1995 and 1994 are as follows:
<TABLE>
<CAPTION>
1995 1994
---------- ----------
<S> <C> <C>
Asset Allocation Fund $ 351,671 $ 26,813
S&P 500 Stock Fund 280,840 17,320
Short-Intermediate Term Fund 275,603 130,093
Growth Stock Fund 240,145 23,280
Money Market Fund 145,736 8,204
Snyder Oil Corporation Stock Fund 49,933 20,782
---------- ----------
$1,343,928 $ 226,492
========== ==========
</TABLE>
Distributions are deducted from net assets available for plan benefits when
paid. As such, no accrual is provided for distributions to be paid.
(3) EXPLANATION OF DIFFERENCES BETWEEN THE FORM 5500 AND THE
AUDITED FINANCIAL STATEMENTS
Benefits payable in the amount of $163,079 included on Form 5500 for the Plan
year ended December 31, 1995 differed from the corresponding balances on the
audited financial statements. The differences occurred due to the timing of
certain accruals. However, the differences are, both individually and in the
aggregate, immaterial to the financial statements taken as a whole.
11
<PAGE>
<TABLE>
SCHEDULE I
SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN
ITEM 27a - SUPPLEMENTAL SCHEDULE OF ASSETS
HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
EIN: 75-2306158
Plan Number: 001
<CAPTION>
(a) (b) (c) (d) (e)
Identity of Description of Current
Issue, Borrower Investment Cost Value
- ------------ -------------------------------------------- ---------------------------------- ----------- -----------
<S> <C> <C> <C> <C>
* Wells Fargo Institutional Trust Company Asset Allocation Fund $3,370,421 $4,206,471
* Wells Fargo Institutional Trust Company Growth Stock Fund 2,909,323 3,764,303
* Wells Fargo Institutional Trust Company S & P 500 Stock Fund 1,971,570 2,552,758
* Wells Fargo Institutional Trust Company Money Market Fund
(average rate of return 4%) 1,267,440 1,267,440
* Wells Fargo Institutional Trust Company Short-Intermediate Term Fund 1,083,822 1,214,214
* Snyder Oil Corporation Snyder Oil Corporation Stock
Fund ($.01 par value) 654,919 576,461
* Participant Loans Participant Loans
(7% to 12% interest rates) - 226,518
----------- -----------
$11,257,495 $13,808,165
=========== ===========
This supplemental schedule lists assets held for investment purposes
at December 31, 1995, as required by the Department of Labor
Rules and Regulations for Reporting and Disclosure.
* Indicates each identified person/entity known to be a party-in-interest.
</TABLE>
12
<PAGE>
<TABLE>
SCHEDULE II
SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN
ITEM 27d - SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
EIN: 75-2306158
Plan Number: 001
<CAPTION>
(a) (b) (c) (d) (g) (i)
Identity of Description Description of Number of Purchase Selling Cost of Net Gain
Party Involved of Assets Transactions Transactions Price Price Asset or (Loss)
-------------- ----------- -------------- ------------ --------- -------- -------- ---------
<S><C> <C> <C> <C> <C> <C> <C> <C>
INDIVIDUAL TRANSACTIONS:
None in excess of 5% of the fair value of Plan assets at the beginning of the year.
SERIES OF TRANSACTIONS:
Wells Fargo Institutional Trust Company-
Asset Allocation Fund Purchases 63 $771,623 $ - $771,623 $ -
Asset Allocation Fund Sales 72 - 688,807 614,114 74,693
Wells Fargo Institutional Trust Company-
Growth Stock Fund Purchases 70 847,146 - 847,146 -
Growth Stock Fund Sales 50 - 426,753 339,323 87,430
Wells Fargo Institutional Trust Company-
S & P 500 Stock Fund Purchases 76 630,911 - 630,911 -
S & P 500 Stock Fund Sales 59 - 388,998 322,949 66,049
Wells Fargo Institutional Trust Company-
Money Market Fund Purchases 55 622,160 - 622,160 -
Money Market Fund Sales 61 - 520,294 520,294 -
Wells Fargo Institutional Trust Company-
Short-Intermediate Term Fund Purchases 51 326,954 - 326,954 -
Short-Intermediate Term Fund Sales 52 - 278,259 264,548 13,711
Wells Fargo Institutional Trust Company-
Snyder Stock Fund Purchases 48 293,960 - 293,960 -
Snyder Stock Fund Sales 84 - 224,475 357,653 (133,178)
This schedule lists all individual transactions and series of transactions in excess of
5% of the fair value of Plan assets at the beginning of the year as required by the
Department of Labor Rules and Regulations for Reporting and Disclosure.
(e & f) Do not apply as there are no Lease Rentals or Transaction Expenses.
(h) The current value on the date of each transaction is equal to the purchase price or selling price respectively.
</TABLE>
13
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SNYDER OIL CORPORATION PROFIT
SHARING AND SAVINGS PLAN
By /s/ James H. Shonsey
--------------------------------
James H. Shonsey, Vice President
June 24, 1996
EXHIBIT 23.1
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report dated June 19, 1996, included in this Form 11-K for the
year ended December 31, 1995, into Snyder Oil Corporation's previously filed
Registration Statement No. 33-48213.
ARTHUR ANDERSEN LLP
Dallas, Texas
June 19, 1996
