================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
(Mark one) Form 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transaction period from ________ to ________
Commission file number 1-7667*
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
Snyder Oil Corporation
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:
Santa Fe Snyder Corporation
840 Gessner
Houston, Texas 77024
* See "Explanatory Note."
================================================================================
<PAGE>
EXPLANATORY NOTE
This Annual Report on Form 11-K for the Snyder Oil Corporation Profit
Sharing and Savings Plan (the "Plan") is being filed under Santa Fe Snyder
Corporation's Commission File Number (1-7667). On May 5, 1999, pursuant to the
Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 13,
1999, by and between Santa Fe Energy Resources, Inc. and Snyder Oil Corporation
("Snyder"), Snyder merged with and into Santa Fe Energy Resources, Inc. with
Santa Fe Energy Resources as the surviving corporation. The name of the
surviving corporation was changed to Santa Fe Snyder Corporation (the "Merger").
Pursuant to the Merger Agreement, Santa Fe Snyder Corporation agreed to maintain
the existing employee benefit plans of Snyder until such time, if ever, new
employee benefit plans were established for the former employees of Snyder.
Prior to the merger, filings for the Plan were made under Snyder's Commission
File Number (1-10509).
<PAGE>
Snyder Oil Corporation
Profit Sharing and Savings Plan
INDEX
-----
December 31, 1998, 1997 and 1996
--------------------------------
Page(s)
-------
Statements of Net Assets Available for Plan Benefits as of
December 31, 1998 and 1997, and Statements
of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 1998, 1997 and 1996..................2 - 6
Notes to Financial Statements.............................................7 - 14
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1998..................................................15
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1998.....................................16
<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, 1998 and 1997, and the related statements of changes in net
assets available for plan benefits for the years ended December 31, 1998, 1997
and 1996. 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, 1998 and 1997, and the changes in its net assets available for
plan benefits for the years ended December 31, 1998, 1997 and 1996, 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 schedules of assets held
for investment purposes (Schedule I) and 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.
Fort Worth, Texas,
June 21, 1999
<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, 1998
<CAPTION>
Wells Fargo Institutional Trust Company
------------------------------------------------------------------------------------------
Short-
S & P 500 Growth Asset Money SOCO Intermediate International
Stock Stock Allocation Market Stock Term Equity
Fund Fund Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair market value-
S&P 500 Stock Index Fund $ - $ - $ - $ - $ - $ - $ -
Capital Class D Fund - - - - - - -
Alliance Quasar Fund - - - - - - -
Ret Preservation Trust Fund - - - - - - -
Corporate Bond Fund - - - - - - -
SOCO Stock Fund - - - - - - -
Davis NY Venture Fund - - - - - - -
Global Allocation Fund - - - - - - -
AIM International Equity Fund - - - - - - -
Growth CLD Fund - - - - - - -
Participant Loan Fund - - - - - - -
Cash Fund - - - - - - -
----------- ----------- ----------- ----------- ------------ ----------- -----------
Total assets - - - - - - -
----------- ----------- ----------- ----------- ------------ ----------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ - $ - $ - $ - $ - $ - $ -
=========== =========== =========== =========== =========== =========== ===========
<PAGE>
<CAPTION>
Merrill Lynch Trust Company
-------------------- -------------------------------------------------------------
Ret
Patina Participant S & P 500 Capital Alliance Preservation Corporate
Stock Loan Stock Index Class D Quasar Trust Bond
Fund Fund Fund Fund Fund Fund Fund
--------- ----------- ----------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair market value-
S&P 500 Stock Index Fund $ - $ - $5,561,434 $ - $ - $ - $ -
Capital Class D Fund - - - 3,340,443 - - -
Alliance Quasar Fund - - - - 3,026,859 - -
Ret Preservation Trust Fund - - - - - 1,658,172 -
Corporate Bond Fund - - - - - - 1,475,046
SOCO Stock Fund - - - - - - -
Davis NY Venture Fund - - - - - - -
Global Allocation Fund - - - - - - -
AIM International Equity Fund - - - - - - -
Growth CLD Fund - - - - - - -
Participant Loan Fund - - - - - - -
Cash Fund - - - - - - -
-------- -------- ---------- ---------- ---------- ---------- ----------
Total assets - - 5,561,434 3,340,443 3,026,859 1,658,172 1,475,046
-------- -------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ - $ - $5,561,434 $3,340,443 $3,026,859 $1,658,172 $1,475,046
======== ======== ========== ========== ========== ========== ==========
<CAPTION>
<PAGE>
Merrill Lynch Trust Company
------------------------------------------------------------------------------------------
AIM
SOCO Davis NY Global International Growth Participant
Stock Venture Allocation Equity CLD Loan Cash
Fund Fund Fund Fund Fund Fund Fund Total
---------- --------- ---------- ---------- --------- ----------- --------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair market value-
S&P 500 Stock Index Fund $ - $ - $ - $ - $ - $ - $ - $ 5,561,434
Capital Class D Fund - - - - - - - 3,340,443
Alliance Quasar Fund - - - - - - - 3,026,859
Ret Preservation Trust Fund - - - - - - - 1,658,172
Corporate Bond Fund - - - - - - - 1,475,046
SOCO Stock Fund 1,228,149 - - - - - - 1,228,149
Davis NY Venture Fund - 920,796 - - - - - 920,796
Global Allocation Fund - - 488,218 - - - - 488,218
AIM International Equity Fund - - - 458,032 - - - 458,032
Growth CLD Fund - - - - 374,103 - - 374,103
Participant Loan Fund - - - - - 152,903 - 152,903
Cash Fund - - - - - - 2,351 2,351
---------- --------- --------- --------- --------- --------- --------- -----------
Total assets 1,228,149 920,796 488,218 458,032 374,103 152,903 2,351 18,686,506
---------- --------- --------- --------- --------- --------- --------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $1,228,149 $ 920,796 $ 488,218 $ 458,032 $ 374,103 $ 152,903 $ 2,351 $18,686,506
========== ========= ========= ========= ========= ========= ========= ===========
The accompanying notes are an integral part of these financial statements.
</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, 1997
<CAPTION>
Wells Fargo Institutional Trust Company
------------------------------------------------------------------------------------------
Short-
S & P 500 Growth Asset Money SOCO Intermediate International
Stock Stock Allocation Market Stock Term Equity
Fund Fund Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair market value-
S&P 500 Stock Fund $ 5,364,795 $ - $ - $ - $ - $ - $ -
Growth Stock Fund - 5,050,851 - - - - -
Asset Allocation Fund - - 4,538,476 - - - -
Money Market Fund - - - 2,123,175 - - -
Snyder Oil Corporation Stock Fund - - - - 1,501,432 - -
Short-Intermediate Term Fund - - - - - 1,159,354 -
International Equity Fund - - - - - - 804,769
Patina Stock Fund - - - - - - -
Participant loans - - - - - - -
----------- ----------- ----------- ----------- ------------ ----------- -----------
Total assets 5,364,795 5,050,851 4,538,476 2,123,175 1,501,432 1,159,354 804,769
----------- ----------- ----------- ----------- ------------ ----------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 5,364,795 $ 5,050,851 $ 4,538,476 $ 2,123,175 $ 1,501,432 $ 1,159,354 $ 804,769
=========== =========== =========== =========== =========== =========== ===========
<PAGE>
<CAPTION>
-------------------------------------
Patina Participant
Stock Loan
Fund Fund Total
--------- ------------ -------------
<S> <C> <C> <C>
ASSETS:
Investments, at fair market value-
S&P 500 Stock Fund $ - $ - $ 5,364,795
Growth Stock Fund - - 5,050,851
Asset Allocation Fund - - 4,538,476
Money Market Fund - - 2,123,175
Snyder Oil Corporation Stock Fund - - 1,501,432
Short-Intermediate Term Fund - - 1,159,354
International Equity Fund - - 804,769
Patina Stock Fund 90,781 - 90,781
Participant loans - 316,157 316,157
-------- --------- -----------
Total assets 90,781 316,157 20,949,790
-------- --------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 90,781 $ 316,157 $20,949,790
======== ========= ===========
The accompanying notes are an integral part of these financial statements.
</TABLE>
3
<TABLE>
<PAGE>
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, 1998
<CAPTION>
Participant Directed
Wells Fargo Institutional Trust Company
-------------------------------------------------------------------------------------------
Short-
S & P 500 Growth Asset Money SOCO Intermediate International
Stock Stock Allocation Market Stock Term Equity
Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ---------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Interest and dividend income $ - $ - $ - $ - $ - $ - $ -
Net realized and unrealized
appreciation (depreciation)in
fair market value of investments - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -----------
- - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -----------
Contributions
Employers - - - - - - -
Participants - - - - - - -
Other Credits
Conversion in - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -----------
- - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total additions - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total deductions - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS - - - - - - -
TRANSFERS BETWEEN FUNDS (4,429,817) (3,747,000) (3,776,090) (1,845,856) (1,501,232) (999,703) (189,369)
TRANSFERS TO PATINA FUND (934,978) (1,303,851) (762,386) (277,319) (200) (159,651) (615,400)
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 5,364,795 5,050,851 4,538,476 2,123,175 1,501,432 1,159,354 804,769
---------- ---------- ---------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ - $ - $ - $ - $ - $ - $ -
========== ========== ========== ========== ========== ========== ===========
<PAGE>
<CAPTION>
Participant Directed
Merrill Lynch Trust Company
--------------------- -------------------------------------------------------------
Ret
Patina Participant S & P 500 Capital Alliance Preservation Corporate
Stock Loan Stock Index Class D Quasar Trust Bond
Fund Fund Fund Fund Fund Fund Fund
--------- ----------- ----------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Interest and dividend income $ - $ - $ 255,075 $ 214,505 $ 115,479 $ 89,954 $ 143,912
Net realized and unrealized
appreciation (depreciation) in
fair market value of investments - - 1,001,084 (1,156) (181,246) - (199,024)
--------- --------- ---------- ---------- ---------- ---------- ----------
- - 1,256,159 213,349 (65,767) 89,954 (55,112)
--------- --------- ---------- ---------- ---------- ---------- ----------
Contributions
Employers - - 190,293 86,944 70,136 36,619 88,908
Participants - - 341,898 148,866 112,654 304,697 111,599
Other Credits
Conversion in - - 4,467,721 3,832,928 3,727,347 1,856,394 1,009,935
--------- --------- ---------- ---------- ---------- ---------- ----------
- - 4,999,912 4,068,738 3,910,137 2,197,710 1,210,442
--------- --------- ---------- ---------- ---------- ---------- ----------
Total additions - - 6,256,071 4,282,087 3,844,370 2,287,664 1,155,330
--------- --------- ---------- ---------- ---------- ---------- ----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants - - 524,613 372,154 274,613 252,755 207,511
Total deductions - - 524,613 372,154 274,613 252,755 207,511
--------- --------- ---------- ---------- ---------- ---------- ----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS - - 5,731,458 3,909,933 3,569,757 2,034,909 947,819
TRANSFERS BETWEEN FUNDS (4,344) (191,330) (170,024) (569,490) (542,898) (376,737) 527,227
TRANSFER TO PATINA FUND (86,437) (124,827) - - - - -
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 90,781 316,157 - - - - -
--------- --------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ - $ - $5,561,434 $3,340,443 $3,026,859 $1,658,172 $1,475,046
========= ========= ========== ========== ========== ========== ==========
<PAGE>
<CAPTION>
Participant Directed
Merrill Lynch Trust Company
------------------------------------------------------------------------------------------
AIM
SOCO Davis NY Global International Growth Participant
Stock Venture Allocation Equity CLD Loan Cash
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 $ 23,351 $ 21,390 $ 49,124 $ 7,051 $ 5,518 $ (2) $ 845 $ 926,202
Net realized and unrealized
appreciation (depreciation) in
fair market value of investments (361,100) 11,384 (68,222) 19,072 (51,936) - - 168,856
---------- --------- --------- --------- --------- --------- --------- -----------
(337,749) 32,774 (19,098) 26,123 (46,418) (2) 845 1,095,058
---------- --------- --------- --------- --------- --------- --------- -----------
Contributions
Employers 75,906 150,512 58,026 52,315 131,983 - - 941,642
Participants 132,642 253,453 73,114 72,733 191,566 - - 1,743,222
Other Credits
Conversion in 1,416,709 - - 189,370 - 219,595 - 16,719,999
---------- --------- --------- --------- --------- --------- --------- -----------
1,625,257 403,965 131,140 314,418 323,549 219,595 - 19,404,863
---------- --------- --------- --------- --------- --------- --------- -----------
Total additions 1,287,508 436,739 112,042 340,541 277,131 219,593 845 20,499,921
---------- --------- --------- --------- --------- --------- --------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 75,691 53,590 14,711 4,357 15,426 19,500 (1,506) 1,813,415
Total deductions 75,691 53,590 14,711 4,357 15,426 19,500 (1,506) 1,813,415
---------- --------- --------- --------- --------- --------- --------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS 1,211,817 383,149 97,331 336,184 261,705 200,093 2,351 18,686,506
TRANSFERS BETWEEN FUNDS 16,332 537,647 390,887 121,848 112,398 (47,190) - (16,684,741)
TRANSFER TO PATINA FUND - - - - - - - (4,265,049)
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year - - - - - - - 20,949,790
---------- --------- --------- --------- --------- --------- --------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $1,228,149 $ 920,796 $ 488,218 $ 458,032 $ 374,103 $ 152,903 $ 2,351 $18,686,506
========== ========= ========= ========= ========= ========= ========= ===========
The accompanying notes are an integral part of these financial statements.
</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, 1997
<CAPTION>
Participant Directed
Wells Fargo Institutional Trust Company
-------------------------------------------------------------------------------------------
Short-
S & P 500 Growth Asset Money SOCO Intermediate International
Stock Stock Allocation Market Stock Term Equity
Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ---------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Interest and dividend income $ - $ - $ - $ 103,076 $ - $ - $ -
Net realized and unrealized
appreciation (depreciation)in
fair market value of investments 1,139,609 229,961 816,245 - 103,146 83,402 1,507
---------- ---------- ---------- ---------- ---------- ---------- -----------
1,139,609 229,961 816,245 103,076 103,146 83,402 1,507
---------- ---------- ---------- ---------- ---------- ---------- -----------
Contributions
Employers 171,280 200,866 148,823 99,669 72,986 41,736 30,640
Participants 500,778 438,702 416,173 126,203 134,366 86,887 77,084
---------- ---------- ---------- ---------- ---------- ---------- -----------
672,058 639,568 564,996 225,872 207,352 128,623 107,724
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total additions 1,811,667 869,529 1,381,241 328,948 310,498 212,025 109,231
---------- ---------- ---------- ---------- ---------- ---------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 489,760 453,146 414,099 234,259 87,887 179,335 118,200
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total deductions 489,760 453,146 414,099 234,259 87,887 179,335 118,200
---------- ---------- ---------- ---------- ---------- ---------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS 1,321,907 416,383 967,142 94,689 222,611 32,690 (8,969)
TRANSFERS BETWEEN FUNDS 738,234 (526,426) (236,339) 413,261 (223,448) (202,682) (18,006)
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 3,304,654 5,160,894 3,807,673 1,615,225 1,502,269 1,329,346 831,744
---------- ---------- ---------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $5,364,795 $5,050,851 $4,538,476 $2,123,175 $1,501,432 $1,159,354 $ 804,769
========== ========== ========== ========== ========== ========== ===========
<PAGE>
<CAPTION>
--------------------------------------
Patina Participant
Stock Loan
Fund Fund Total
------------ ----------- -----------
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Interest and dividend income $ - $ 34,435 $ 137,511
Net realized and unrealized
appreciation (depreciation) in
fair market value of investments (21,129) - 2,352,741
----------- ---------- -----------
(21,129) 34,435 2,490,252
----------- ---------- -----------
Contributions
Employers - - 766,000
Participants - - 1,780,193
----------- ---------- -----------
- - 2,546,193
----------- ---------- -----------
(21,129) 34,435 5,036,445
----------- ---------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 5,231 72,841 2,054,758
----------- ---------- -----------
Total deductions 5,231 72,841 2,054,758
----------- ---------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS (26,360) (38,406) 2,981,687
TRANSFERS BETWEEN FUNDS (25,076) 80,482 -
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 142,217 274,081 17,968,103
----------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ 90,781 $ 316,157 $20,949,790
=========== ========== ===========
The accompanying notes are an integral part of these financial statements.
</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, 1996
<CAPTION>
Participant Directed
-------------------------------------------------------------------------------------------
Short-
S & P 500 Growth Asset Money SOCO Intermediate International
Stock Stock Allocation Market Stock Term Equity
Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ---------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Interest and dividend income $ - $ - $ - $ 70,230 $ - $ - $ -
Net realized and unrealized
appreciation (depreciation)in
fair market value of investments 586,317 533,200 385,073 - 530,358 30,110 14,399
---------- ---------- ---------- ---------- ---------- ---------- -----------
586,317 533,200 385,073 70,230 530,358 30,110 14,399
---------- ---------- ---------- ---------- ---------- ---------- -----------
Contributions
Employers 230,266 333,766 223,038 149,668 79,129 97,993 57,140
Participants 253,691 350,393 267,045 205,031 111,913 102,585 25,291
Transfer of Plan Assets 139,244 696,351 167,976 100,916 - 51,121 69,114
---------- ---------- ---------- ---------- ---------- ---------- -----------
623,201 1,380,510 658,059 455,615 191,042 251,699 151,545
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total additions 1,209,518 1,913,710 1,043,132 525,845 721,400 281,809 165,944
---------- ---------- ---------- ---------- ---------- ---------- -----------
DEDUCTIONS FROM NET ASSET
ATTRIBUTED TO:
Distributions to participants 291,825 457,557 339,110 542,771 91,820 140,684 5,586
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total deductions 291,825 457,557 339,110 542,771 91,820 140,684 5,586
---------- ---------- ---------- ---------- ---------- ---------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS 917,693 1,456,153 704,022 (16,926) 629,580 141,125 160,358
TRANSFERS BETWEEN FUNDS (165,797) (59,562) (1,102,820) 364,711 296,228 (25,993) 671,386
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 2,552,758 3,764,303 4,206,471 1,267,440 576,461 1,214,214 -
---------- ---------- ---------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $3,304,654 $5,160,894 $3,807,673 $1,615,225 $1,502,269 $1,329,346 $ 831,744
========== ========== ========== ========== ========== ========== ===========
<PAGE>
<CAPTION>
--------------------------------------
Patina Participant
Stock Loan
Fund Fund Total
------------ ----------- -----------
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income-
Interest and dividend income $ - $ 28,589 $ 98,819
Net realized and unrealized
appreciation (depreciation)in
fair market value of investments 38,518 - 2,117,975
----------- ---------- -----------
38,518 28,589 2,216,794
----------- ---------- -----------
Contributions
Employers - - 1,171,000
Participants - - 1,315,949
Transfer of Plan Assets 106,191 36,934 1,367,847
----------- ---------- -----------
106,191 36,934 3,854,796
----------- ---------- -----------
144,709 65,523 6,071,590
----------- ---------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 2,492 39,807 1,911,652
----------- ---------- -----------
Total deductions 2,492 39,807 1,911,652
----------- ---------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS 142,217 25,716 4,159,938
TRANSFERS BETWEEN FUNDS - 21,847 -
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year - 226,518 13,808,165
----------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $ 142,217 $ 274,081 $17,968,103
=========== ========== ===========
The accompanying notes are an integral part of these financial statements.
</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.
Effective May 5, 1999, Snyder Oil Corporation ("SOCO") merged with Santa Fe
Energy Resources, Inc. ("Santa Fe") and the combined entity changed its name to
Santa Fe Snyder Corporation ("SFS"). Immediately after the merger, the Snyder
Oil Corporation Profit Sharing and Savings Plan assets were merged with the
Santa Fe 401(k) Plan assets and SFS became the Plan Administrator for the
combined plan. Prior to the merger, both Plan Agreements were reviewed by
independent counsel to ensure that benefits were not reduced for the Plan
participants.
After the Plan merger, Putnam Investments became the investment manager,
record-keeper and trustee for all Plan assets. Each share of SOCO stock held in
the Plan was exchanged immediately after the merger for 2.05 shares of SFS
stock, all mutual and collective trust funds were mapped to similar Putnam Funds
and loan balances were transferred for all active participants.
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 SOCO. In
1996, the Plan was amended and restated to allow for more than one employer and
to comply with the Small Business Job Protection Act of 1996. The Plan is
administered by the Plan's advisory committee composed of three employees
approved by the SOCO Board of Directors. Employees become eligible to
participate in the Plan on the first entry date after the employee attains age
18 and completes four months of service. The entry dates for the Plan were
January 1 and July 1. On May 19, 1998, the entry requirements of the Plan were
amended to allow eligible employees to participate on the first January 1, April
1, July 1 or October 1 after completing three months of service. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Prior to 1996, SOCO owned stock of DelMar Petroleum, Inc. ("DelMar"). During
1996, SOCO acquired the remaining outstanding stock of DelMar. Effective October
31, 1996, the assets of the DelMar 401(k), which was originally established
January 13, 1992, were merged into the Plan.
Patina Oil and Gas Corporation ("Patina"), a 74 percent owned SOCO affiliate and
the successor entity to Gerrity Oil and Gas Corporation ("Gerrity"), adopted the
Plan for the benefit of its eligible employees and effective August 16, 1996,
the Gerrity 401(k) Plan assets were merged into the Plan. In October 1997, SOCO
7
<PAGE>
sold its interest in Patina. As such, in January 1998, Plan assets of $4.3
million attributable to Patina employees were transferred out of the Plan to a
separate plan to be administered by Patina.
Prior to January 1998, Barclays Global Investors served as the Trustee of the
Plan. Effective January 1998, SOCO designated Merrill Lynch Trust Company as the
Trustee of the Plan upon their acquisition of Barclays Global Investors.
The Plan allows participants several investment options in which to invest their
individual and employer contribution accounts which can be changed at anytime
throughout the year. 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.
Participant Contributions
- -------------------------
Subject to certain maximum limitations imposed by the Internal Revenue Code, a
participant can elect to contribute to the Plan up to 15 percent of his or her
annual pretax compensation. In 1998, the Plan was amended whereby a participant
can change the applicable percentage or completely suspend his or her annual
contributions effective at the beginning of any calendar year quarter in
accordance with the Plan. The Plan also allows employees to "rollover"
contributions from another qualified plan to the Plan.
Employer Contributions
- ----------------------
Employer contributions to the Plan are entirely discretionary and determined on
an annual basis independently by the SOCO Board of Directors. Employer
contributions are allocated to participants independently based upon annual
compensation in a manner defined by the Plan agreement. Contributions are
allocated in accordance with permitted disparity provisions of Internal Revenue
Code Section 401(l) not to exceed the sum of 5.7 percent of the participant's
eligible salary not exceeding the Federal Insurance Contributions Act (FICA)
taxable wage base, as defined, and 11.4 percent of eligible salary in excess of
the FICA taxable wage base, as defined. Eligible salary excludes overtime and
bonuses. Effective with the merger on May 5, 1999, the SOCO Compensation
Committee approved an interim Company contribution to the SOCO Plan whereby all
active plan participants received a contribution equal to a minimum of seven
percent of employee earnings through April 30, 1999.
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 percent vested after two years, 80 percent after
three years and 100 percent after four or more years of service. In addition,
participants also become fully vested in their Employer contribution accounts
upon reaching their normal retirement date as defined by the Plan, or upon death
or total disability of the participant. Effective with the merger, all company
contributions made on, or prior to, May 5, 1999, and any related earnings,
became 100 percent vested.
Investment Options
- ------------------
Upon enrollment in the Plan, a participant may direct employee contributions in
any of the investment options.
8
<PAGE>
a. RET PRESERVATION TRUST FUND. Invests primarily in U.S. government
obligations, investment contracts and other high-quality securities. Has
low volatility and low earnings potential.
b. CORPORATE BOND FUND. Invests in domestic and foreign fixed income
securities generally rated at or below BBB by Standard & Poor's Rating
Group.
c. CAPITAL CLASS D FUND. Invests in a changing mix of stocks, bonds and cash
equivalents. Aims for a high level of total return over the long term,
consistent with reasonable risk.
d. GLOBAL ALLOCATION FUND. Invests in a varying mix of U.S. and foreign
equity, debt and money market securities in order to benefit from shifts
in the relative performance of different capital markets.
e. S&P 500 STOCK INDEX FUND. Invests in the companies included in the
Standard & Poor's 500 Index. Aims to match the returns of that Index
before fees and expenses.
f. ALLIANCE QUASAR FUND. Invests in the stocks of small and medium-sized
companies that the fund manager believes have potential for
above-average, long-term capital appreciation. Has strong earnings
potential accompanied by strong volatility potential.
g. DAVIS NY VENTURE FUND. Invests in large capital stocks identified as
being value priced with the potential for long-term growth.
h. GROWTH CLD FUND. Invests in large capital securities that have been
identified as having the potential of being undervalued at the market
purchase price.
i. SOCO STOCK FUND. Invests in Snyder Oil Corporation Stock.
j. AIM INTERNATIONAL EQUITY FUND. Invests in stocks of large companies in
foreign countries, including France, the United Kingdom, Germany and
Japan. The fund return tracks the European Australia Far East (EAFE)
Index and may fluctuate significantly in response to changes in currency
rates as well as the factors that affect stock funds generally.
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. These forfeitures do not reduce the Employer contribution.
Forfeitures of $44,661 and $77,615 were allocated to remaining participants for
the years ended 1998 and 1997 respectively.
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
9
<PAGE>
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.
Loans
- -----
Participants may borrow from their fund accounts a minimum of $1,000 and a
maximum equal to the lesser of $50,000 or 50 percent of their vested account
balance. Loan transactions are treated as a transfer to (from) the investment
funds to the Participant loan fund. Loan terms range from one to five years or
up to ten years for the purchase of a primary residence. The loans are secured
by the balance in the Participant's account and bear interest at a rate
commensurate with local prevailing rates determined from time to time by the
Plan administrator. Interest rates range from 8.5 percent to 11.75 percent.
Principal and interest are paid through monthly payroll deductions. After the
May 5, 1999 merger, loan balances were transferred for all active participants
to Putnam Investments.
Federal Income Taxes
- --------------------
The Internal Revenue Service has determined and informed the Company by a letter
dated October 28, 1997, that the Plan and related trust are designed in
accordance with applicable sections 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 have 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
individual and Employer contribution accounts and will be entitled to
distributions of their entire accounts according to the Plan document and ERISA.
However, though the Plan did not terminate, effective May 5, 1999, SOCO merged
with Santa Fe and the combined entity changed its name to Santa Fe Snyder
Corporation. Immediately after the merger, the SOCO Plan assets and Santa Fe
Snyder Corporation became the Plan Administrator for the combined Plan.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
------------------------------------------
Use of Estimates
- ----------------
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.
Basis of Accounting
- -------------------
The accompanying financial statements are prepared on the accrual basis of
accounting.
10
<PAGE>
Investments
- -----------
The Plan's investments are held by and administered by the Trustee, and are
recorded at fair market value as determined by market quotations. Investments
are accounted for on the GAAP preferred trade date.
Individual investments with a fair market value greater than five percent of
total net assets available for plan benefits consisted of the following fair
values:
<TABLE>
<CAPTION>
December 31,
-----------------------------------
1998 1997
-------------- --------------
<S> <C> <C>
S & P 500 Stock Index Fund (S&P 500 Stock Fund) $ 5,561,434 $ 5,364,795
Capital Class D Fund (Asset Allocation Fund) 3,340,443 4,538,476
Alliance Quasar Fund (Growth Stock Fund) 3,026,859 5,050,851
Ret Preservation Trust Fund (Money Market Fund) 1,658,172 2,123,175
Corporate Bond Fund (Short-Intermediate Term Fund) 1,475,046 1,159,354
SOCO Stock Fund (SOCO Stock Fund) 1,228,149 1,501,432
</TABLE>
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, 1998, 1997
and 1996, consisted of the following:
<TABLE>
<CAPTION>
Net Appreciation (Depreciation)
--------------------------------------------------------
1998 1997 1996
--------------- -------------- --------------
<S> <C> <C> <C>
Marketable equity securities $ 798,358 $ 1,371,077 $ 1,133,916
U.S. Government and corporate debt
securities and bonds (199,024) 83,402 30,110
Capital Class D Fund (Asset Allocation Fund) (1,156) 816,245 385,073
Global Allocation Fund (68,222) - -
Snyder Oil Corporation Stock Fund (361,100) 103,146 530,358
Patina Oil Corporation Stock Fund - (21,129) 38,518
--------------- --------------- --------------
Net realized and unrealized
appreciation in fair
value of investments $ 168,856 $ 2,352,741 $ 2,117,975
=============== ============== ==============
</TABLE>
The Capital Class D Fund and Global Allocation Fund invests in a changing mix of
stocks, bonds and money market securities. At December 31, 1998, the mix for the
Capital Class D Fund was 63 percent in equity securities, 33 percent in bonds
and four percent in money market securities compared to equity securities of 49
percent, bonds of 47 percent and money market securities of four percent for the
Global Allocation Fund. 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).
11
<PAGE>
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 market 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. Administrative expenses for the
Plan were $15,638 and $25,979 for 1998 and 1997, respectively.
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, retirement or death. However, if
their total vested balance exceeds $5,000 as defined in the Plan agreement, they
may elect to continue to invest it through the Plan. Distributions that former
employees are entitled to by fund at December 31, 1998 and 1997, are as follows:
<TABLE>
<CAPTION>
December 31,
-----------------------------------
1998 1997
-------------- --------------
<S> <C> <C>
S&P 500 Stock Index Fund (S&P 500 Stock Fund) $ 2,125,913 $ 1,562,507
Capital Class D Fund (Asset Allocation Fund) 1,410,350 1,313,463
Alliance Quasar Fund (Growth Stock Fund) 1,189,876 1,460,326
Ret Preservation Trust Fund (Money Market Fund) 153,803 363,646
Corporate Bond Fund (Short-Intermediate Term Fund) 487,023 544,061
SOCO Stock Fund (SOCO Stock Fund) 193,205 264,939
Davis NY Venture Fund 157,347 -
Global Allocation Fund 70,355 -
AIM International Equity Fund (International Equity Fund) 62,143 44,107
Growth CLD Fund 90,046 -
Patina Stock Fund - 662
-------------- --------------
$ 5,940,061 $ 5,553,711
============== ==============
</TABLE>
Distributions are deducted from Net Assets Available for Plan Benefits when
paid. As such, no accrual is provided for distributions to be paid.
12
<PAGE>
(3) RECONCILIATION TO FORM 5500
---------------------------
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31,
1998
----------------
<S> <C>
Net assets available for benefits per the financial statements $ 18,686,506
Benefit obligations currently payable (19,141)
----------------
Net assets available for benefits per the Form 5500 $ 18,667,365
================
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
<TABLE>
Year Ended
December 31,
1998
----------------
<S> <C>
Benefits paid to participants per the financial statements $ 1,813,415
Add-Amounts currently payable at December 31, 1998 19,141
----------------
Benefits paid to participants per the Form 5500 $ 1,832,556
================
</TABLE>
Amounts currently payable to or for the participants, dependents, and
beneficiaries are recorded on the Form 5500 for benefit claims prior to December
31, 1998, but not yet paid as of that date.
13
<PAGE>
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/ Mark A. Jackson
-------------------
Mark A. Jackson, Executive Vice President
and Chief Financial Officer
June 28, 1999
14
<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, 1998
EIN: 75-2306158
Plan Number: 2-00597
<CAPTION>
(a) (b) (c) (d) (e)
Identity of Description of Current
Issue, Borrower Investment Cost Value
- ------ ------------------------------------- -------------------------------- --------------- ---------------
<S> <C> <C> <C> <C>
* Merrill Lynch Trust Company S & P 500 Stock Index Fund, $ 4,716,278 $ 5,561,434
$15.30 Net Asset Value
* Merrill Lynch Trust Company Capital Class D Fund, 3,364,272 3,340,443
$34.36 Net Asset Value
* Merrill Lynch Trust Company Alliance Quasar Fund, 3,249,016 3,026,859
$25.00 Net Asset Value
* Merrill Lynch Trust Company Ret Preservation Trust Fund, 1,658,172 1,658,172
$1.00 Net Asset Value
* Merrill Lynch Trust Company Corporate Bond Fund, 1,662,141 1,475,046
$6.96 Net Asset Value
* Snyder Oil Corporation SOCO Stock Fund, 1,580,421 1,228,149
$.01 par value
* Merrill Lynch Trust Company Davis NY Venture Fund, 904,579 920,796
$25.01 Net Asset Value
* Merrill Lynch Trust Company Global Allocation Fund, 555,063 488,218
$12.60 Net Asset Value
* Merrill Lynch Trust Company AIM International Equity Fund, 438,310 458,032
$18.61 Net Asset Value
* Merrill Lynch Trust Company Growth CLD Fund, 422,849 374,103
$21.46 Net Asset Value
* Participant Loans Loans to Participants, Interest Rates - 153,903
ranging from 8.5% to 11.75%
* Merrill Lynch Trust Company Cash Fund 2,351 2,351
------------ ------------
$ 18,553,452 $ 18,687,506
============ ============
<FN>
* Column (a) indicates each identified person/entity known to be a party-in-interest.
This supplemental schedule lists assets held for investment purposes
at December 31, 1998, as required by the Department of Labor
Rules and Regulations for Reporting and Disclosure.
</FN>
</TABLE>
15
<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, 1998
EIN: 75-2306158
Plan Number: 2-00597
<CAPTION>
Number Number
of of Purchase Selling Cost of Net
Identity of Party Involved Description of Asset Purchases Sales Price Price Asset Gain
- ---------------------------- -------------------------------- --------- ------ ---------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
INDIVIDUAL TRANSACTIONS:
*Snyder Oil Corporation SOCO Stock Fund ($.01 par value) 1 $1,416,709 $ - $1,416,709 $ -
*Merrill Lynch Trust Company Ret Preservation Trust Fund 1 1,856,394 - 1,856,394 -
*Merrill Lynch Trust Company Capital Class D Fund 1 3,832,929 - 3,832,929 -
*Merrill Lynch Trust Company S&P 500 Stock Index Fund 1 4,467,721 - 4,467,721 -
*Merrill Lynch Trust Company Alliance Quasar Fund 1 3,727,347 - 3,727,347 -
SERIES OF TRANSACTIONS:
*Merrill Lynch Trust Company SOCO Stock Fund ($.01 par value) 52 1,702,159 - 1,702,159 -
*Merrill Lynch Trust Company Ret Preservation Trust Fund 85 2,905,550 - 2,905,550 -
*Merrill Lynch Trust Company Ret Preservation Trust Fund 42 - 1,247,378 1,247,378 -
*Merrill Lynch Trust Company Capital Class D Fund 44 4,347,584 - 4,347,584 -
*Merrill Lynch Trust Company Corporate Bond Fund 55 1,961,090 - 1,961,090 -
*Merrill Lynch Trust Company S&P 500 Stock Index Fund 61 5,889,959 - 5,889,959 -
*Merrill Lynch Trust Company S&P 500 Stock Index Fund 37 - 1,264,007 1,116,914 147,093
*Merrill Lynch Trust Company Alliance Quasar Fund 49 4,180,544 - 4,180,544 -
<FN>
* Indicates each identified person/entity known to be a party-in-interest for the year ended December 31, 1998.
This supplemental schedule lists all individual transactions and series of transactions in excess of 5% of the Plan assests
at the beginning of the year as required by the Department of Labor Rules and Regulations for Reporting and Disclosure.
</FN>
</TABLE>
16
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report dated June 21, 1999, included in this Form 11-K for the
year ended December 31, 1998, into Santa Fe Snyder Corporation's previously
filed Registration Statement No. 333-78265.
ARTHUR ANDERSEN LLP
Fort Worth, Texas
June 28, 1999
