SNYDER OIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
Year Ended December 31,
-------------------------------------------------------------------------
1998 1997 1996 1995 1994
----------- ------------- ------------ ------------ ------------
(In thousands, except share data)
Income (loss) before taxes, minority
interest and extraordinary item $ (38,050) $ 57,440 $ 74,701 $ (40,604) $ 13,510
Interest expense 15,796 25,472 23,587 21,679 10,337
----------- ------------- ------------ ------------ ------------
Earnings before taxes, minority
interest, extraordinary item and
interest expense $ (22,254) $ 82,912 $ 98,288 $ (18,925) $ 23,847
=========== ============= ============ ============ ============
Interest expense $ 15,796 $ 25,472 $ 23,587 $ 21,679 $ 10,337
Preferred stock dividends of
majority owned subsidiary - 1,474 1,520 - -
----------- ------------- ------------ ------------ ------------
Total fixed charges $ 15,796 $ 26,946 $ 25,107 $ 21,679 $ 10,337
=========== ============= ============ ============ ============
Ratio of earnings to fixed charges N/A (2) 3.08 3.91 N/A (1) 2.31
=========== ============= ============ ============ ============
<FN>
(1) Earnings were inadequate to cover fixed charges by $40.6 million.
(2) Earnings were inadequate to cover fixed charges by $38.1 million.
</FN>
EXHIBIT 12
SNYDER OIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Unaudited)
Year Ended December 31,
-------------------------------------------------------------------------
1998 1997 1996 1995 1994
----------- ------------- ------------ ------------ ------------
(In thousands, except share data)
Income (loss) before taxes, minority
interest and extraordinary item $ (38,050) $ 57,440 $ 74,701 $ (40,604) $ 13,510
Interest expense 15,796 25,472 23,587 21,679 10,337
----------- ------------- ------------ ------------ ------------
Earnings before taxes, minority
interest, extraordinary item and
interest expense $ (22,254) $ 82,912 $ 98,288 $ (18,925) $ 23,847
=========== ============= ============ ============ ============
Interest expense $ 15,796 $ 25,472 $ 23,587 $ 21,679 $ 10,337
Preferred stock dividends - 4,929 (1) 6,210 6,210 10,806
Adjustment to tax effect preferred
stock dividends - 2,428 429 - -
Preferred stock dividends of
majority owned subsidiary - 1,474 1,520 - -
----------- ------------- ------------ ------------ ------------
Total fixed charges $ 15,796 $ 34,303 $ 31,746 $ 27,889 $ 21,143
=========== ============= ============ ============ ============
Ratio of earnings
to combined fixed charges
and preferred dividends N/A (3) 2.42 3.10 N/A (2) 1.13
=========== ============= ============ ============ ============
<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.
(3) Earnings were inadequate to cover combined fixed charges by $38.1 million.
</FN>