EXHIBIT 12
SNYDER OIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
Three
Months Ended
March 31, Year Ended December 31,
-------------- ----------- ---------- ---------- ---------- ----------
1998 1997 1996 1995 1994 1993
-------------- ----------- ---------- ---------- ---------- ----------
(In thousands, except share data)
Income (loss) before taxes, minority
interest and extraordinary item $ 2,828 $ 57,440 $ 74,701 $ (40,604) $ 13,510 $ 22,538
Interest expense 3,864 25,472 23,587 21,679 10,337 5,315
-------------- --------- ---------- ---------- ---------- ---------
Earnings before taxes, minority
interest, extraordinary item and
interest expense $ 6,692 $ 82,912 $ 98,288 $ (18,925) $ 23,847 $ 27,853
============== ========= ========== ========== ========== =========
Interest expense $ 3,864 $ 25,472 $ 23,587 $ 21,679 $ 10,337 $ 5,315
Preferred stock dividends of
majority owned subsidiary - 1,474 1,520 - - -
-------------- --------- ---------- ---------- ---------- ---------
Total fixed charges $ 3,864 $ 26,946 $ 25,107 $ 21,679 $ 10,337 $ 5,315
============== ========= ========== ========== ========== =========
Ratio of earnings to fixed charges 1.73 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>
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EXHIBIT 12
SNYDER OIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Unaudited)
Three
Months Ended
March 31, Year Ended December 31,
-------------- -------------------------------------------------------------
1998 1997 1996 1995 1994 1993
-------------- ---------- ---------- ---------- ---------- ---------
(In thousands, except share data)
Income (loss) before taxes, minority
interest and extraordinary item $ 2,828 $ 57,440 $ 74,701 $ (40,604) $ 13,510 $ 22,538
Interest expense 3,864 25,472 23,587 21,679 10,337 5,315
-------------- ---------- ---------- ---------- ---------- ---------
Earnings before taxes, minority
interest, extraordinary item and
interest expense $ 6,692 $ 82,912 $ 98,288 $ (18,925) $ 23,847 $ 27,853
============== ========== ========== ========== ========== =========
Interest expense $ 3,864 $ 25,472 $ 23,587 $ 21,679 $ 10,337 $ 5,315
Preferred stock dividends - 4,929(1) 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 $ 3,864 $ 34,303 $ 31,746 $ 27,889 $ 21,143 $ 14,415
============== ========== ========== ========== ========== =========
Ratio of earnings
to combined fixed charges
and preferred dividends 1.73 2.42 3.10 N/A (2) 1.13 1.93
============== ========== ========== ========== ========== =========
<FN>
(1) Excludes redemption premium of $1.0 million.
(2) Earnings were inadequate to cover combined fixed charges and preferred dividends by $46.8 million.
</FN>
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