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                                                                    EXHIBIT 99.2

Company Press Release

SOURCE: Santa Fe Snyder Corporation

SANTA FE SNYDER ANNOUNCES $210 MILLION ACQUISITION OF DEEPWATER GULF OF MEXICO
OIL AND GAS INTERESTS FROM SHELL

Santa Fe Snyder's First Major Transaction Since Merger Will Significantly
Enhance Production and Long-Term Development Potential in the Gulf of Mexico

HOUSTON, July 19 /PRNewswire/ -- Santa Fe Snyder Corporation (NYSE: SFS - news)
today announced it has signed definitive agreements to acquire working interests
in four Shell Deepwater Development, Inc. Gulf of Mexico discoveries, as well as
unexplored acreage on some adjacent blocks in a $210 million transaction. Santa
Fe Snyder estimates that the acquisition would add production of 11,500 Barrels
of oil equivalent per day next year.

Under terms of the agreement, Santa Fe Snyder will acquire portions of Shell's
working interests in the Macaroni Field located in the Auger Basin in Garden
Banks and the Angus Complex located near the Bullwinkle, Troika and Brutus
fields in Green Canyon. Shell will retain a majority working interest and
continue as operator.

Both the Macaroni and Angus areas are currently in development, and production
is expected to begin from both later in 1999. Santa Fe Snyder's working
interests will range from 15 percent to 49 percent. Closing is expected to occur
by early August, with the Angus Field acquisition subject to the waiver of a
third-party preferential right to purchase.

"This transaction offers substantial upside exploration and continuing
development potential in the Gulf of Mexico and will make a significant
contribution to our production, reserves, cash flow and earnings per share,"
said Santa Fe Snyder Chief Executive Officer James L. Payne. "In addition to the
future development upside, the area of mutual interest with Shell will give us
the opportunity to explore the sub-basins surrounding the fields."


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Santa Fe Snyder estimates a production and reserve mix of 78 percent oil and 22
percent natural gas for the acquired properties. The fields are in water depths
of 1,400 to 3,700 feet. Production from the fields in 2000 is expected to be
9,000 barrels of oil per day and 14.5 million cubic feet of gas per day to Santa
Fe Snyder's interest. The reported transaction value includes Santa Fe Snyder's
share of the cost to bring the fields on production in 1999.

"This is the first major acquisition by the new Santa Fe Snyder since our merger
was approved by shareholders just two months ago, and I think it clearly
demonstrates the synergies of that combination," said Chairman John C. Snyder.
"This transaction adds to the momentum of our growing Gulf of Mexico operations
and underscores our ongoing commitment to transforming Santa Fe Snyder into a
leading competitor in the industry."

The Company expects to finance the transaction with a combination of equity and
a forward sale of crude oil production. Goldman, Sachs & Co. and Credit Suisse
First Boston Corporation will manage the equity offering. The equity may only be
offered by means of a prospectus, copies of which may be obtained from the
underwriting group.

Santa Fe Snyder Corporation is a large independent oil and gas exploration and
production company with operations in the United States, Southeast Asia, South
America and West Africa. Its common stock trades on the New York Stock Exchange
under the symbol SFS.

This news release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act. Any references to estimated
exploration and development success, earnings, cash flow, production, reserves,
or capitalization reflect the Company's current views and actual results could
differ materially from those projected as a result of certain factors. A
discussion of these factors is included in the Company's periodic reports filed
with the Securities and Exchange Commission including its Annual Report on Form
10-K/A.

A registration statement relating to the equity securities described above has
been filed with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. This news
release shall not constitute an offer to sell nor a solicitation to buy nor
shall there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any state.