SNYDER OIL CORPORATION
                 COMPUTATION OF NET INCOME PER SHARE
          FOR THE YEARS ENDED DECEMBER 31, 1991, 1992 AND 1993
          (In thousands except per share data)


                                           Year Ended December 31,  
                                            1991     1992     1993  
                                                   
Income before accounting
 change and extraordinary item             $8,811  $16,875   $27,608
Cumulative effect of change 
  in accounting for taxes                        0    3,763        0
Extraordinary item-early 
  extinguishment of debt                         0       0   (1,944)

Net income                                  8,811   20,638   25,664 
Dividends on preferred stock                 (453)  (4,800)  (9,100)

     Net income available to common        $8,358  $15,838  $16,564 



Weight average shares outstanding          22,839   22,722   23,096 
Add common stock equivalents                  705    6,823   10,389 

     Weight average common stock and
        equivalents outstanding            23,544   29,545   33,486 


Primary net income per share:

Income before accounting change and 
  extraordinary item                         $.39     $.74    $1.19 
Cumulative effect of change in
  accounting for taxes                          0      .17        0 
Extraordinary item-early extinguishment
  of debt                                       0        0     (.08)

Net income                                    .39      .91     1.11 
Dividends on preferred stock                 (.02)    (.21)    (.39)

     Net income available to common          $.37     $.70     $.72 


Fully diluted net income per share:

Income before accounting change 
  and  extraordinary item                    $.37     $.57     $.82
Cumulative effect of change
 in accounting for taxes                        0      .13        0
Extraordinary item-early 
  extinguishment of debt                        0        0     (.05)

Net income                                    .37      .70      .77 
Dividends on preferred stock                    0        0        0 

     Net income available to common          $.37     $.70     $.77