EXHIBIT 10.12



                                  SNYDER OIL CORPORATION

                        COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                       (Unaudited)



                                                                                                  Six
                                                                                              Months Ended
                                                      Years ended December 31,                  June 30,
                                    --------------------------------------------------------   -----------
                                       1989        1990        1991        1992       1993        1994  
                                    ---------   ---------   --------    --------    --------    --------  
                                                          (Dollars in thousands)
                                                                                  
Income before taxes,
  extraordinary item, and
  and accounting change               $ 7,321     $ 9,857    $11,439     $17,305     $34,909     $16,949
Interest expense                          761       6,273      8,452       4,997       5,315       3,541
                                      -------     -------    -------     -------     -------     -------
Earnings before fixed charges           8,082      16,130     19,891      22,302      40,224      20,490
                                      =======     =======    =======     =======     =======     =======
Fixed Charges:
Interest expense                          761       6,273      8,452       4,997       5,315       3,541
                                      -------     -------    -------     -------     -------     -------
Total fixed charges                   $   761     $ 6,273    $ 8,452     $ 4,997     $ 5,315     $ 3,541
                                      =======     =======    =======     =======     =======     =======

Ratio of earnings
  to fixed charges                      10.62        2.57       2.35        4.46        7.57        5.79



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                                                                        EXHIBIT 10.12

                                    SNYDER OIL CORPORATION

                              COMPUTATION OF RATIO OF EARNINGS TO
                         COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
                                         (Unaudited)



                                                                                                   Six
                                                                                               Months Ended
                                                      Years ended December 31,                   June 30,
                                     -------------------------------------------------------   -----------
                                       1989        1990       1991        1992        1993         1994  
                                     --------    --------   --------    --------    --------     --------
                                                           (Dollars in thousands)
                                                                              
Income before taxes,
  extraordinary item, and
  and accounting change               $ 7,321     $ 9,857    $11,439     $17,305     $34,909     $16,949
Interest expense                          761       6,273      8,452       4,997       5,315       3,541
                                      -------     -------    -------     -------     -------     -------
Earnings before fixed charges           8,082      16,130     19,891      22,302      40,224      20,490
                                      =======     =======    =======     =======     =======     =======
Fixed Charges:
Interest expense                          761       6,273      8,452       4,997       5,315       3,541
Preferred stock dividends                   0           0        453       4,800       9,100       5,475
                                      -------     -------    -------     -------     -------     -------
Total fixed charges                   $   761     $ 6,273    $ 8,905     $ 9,797     $14,415     $ 9,016
                                      =======     =======    =======     =======     =======     =======

Ratio of earnings 
  to combined fixed charges
  and preferred dividends               10.62        2.57       2.23        2.28        2.79        2.27
                                      =======     ======     =======     =======     =======     =======



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