EXHIBIT 12
SNYDER OIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
Year Ended December 31,
---------------------------------------------------------------------------
1997 1996 1995 1994 1993
------------- ------------- ------------ ------------ -------------
(In thousands, except share data)
Income (loss) before taxes, minority
interest and extraordinary item $57,440 $74,701 ($40,604) $13,510 $22,538
Interest expense 25,472 23,587 21,679 10,337 5,315
------------- ------------- ------------ ------------ -------------
Earnings before taxes, minority
interest, extraordinary item and
interest expense $82,912 $98,288 ($18,925) $23,847 $27,853
============= ============= ============ ============ =============
Interest expense $25,472 $23,587 $21,679 $10,337 $5,315
Preferred stock dividends of
majority owned subsidiary 1,474 1,520 - - -
------------- ------------- ------------ ------------ -------------
Total fixed charges $26,946 $25,107 $21,679 $10,337 $5,315
============= ============= ============ ============ =============
Ratio of earnings to fixed charges 3.08 3.91 N/A(1) 2.31 5.24
============= ============= ============ ============ =============
<FN>
(1) Earnings were inadequate to cover fixed charges by $40.6 million.
</FN>
EXHIBIT 12
SNYDER OIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Unaudited)
Year Ended December 31,
---------------------------------------------------------------------------
1997 1996 1995 1994 1993
------------- ------------- ------------ ------------ -------------
(In thousands, except share data)
Income (loss) before taxes, minority
interest and extraordinary item $57,440 $74,701 ($40,604) $13,510 $22,538
Interest expense 25,472 23,587 21,679 10,337 5,315
------------- ------------- ------------ ------------ -------------
Earnings before taxes, minority
interest, extraordinary item and
interest expense $82,912 $98,288 ($18,925) $23,847 $27,853
============= ============= ============ ============ =============
Interest expense $25,472 $23,587 $21,679 $10,337 $5,315
Preferred stock dividends 4,929(2) 6,210 6,210 10,806 9,100
Adjustment to tax effect preferred
stock dividends 2,428 429 - - -
Preferred stock dividends of
majority owned subsidiary 1,474 1,520 - - -
------------- ------------- ------------ ------------ -------------
Total fixed charges $34,303 $31,746 $27,889 $21,143 $14,415
============= ============= ============ ============ =============
Ratio of earnings
to combined fixed charges
and preferred dividends 2.42 3.10 N/A(1) 1.13 1.93
============= ============= ============ ============ =============
<FN>
(1) Earnings were inadequate to cover combined fixed charges and preferred dividends by $46.8 million.
(2) Excludes redemption premium of $1.0 million.
</FN>