SANTA FE SNYDER ACQUISITION

Santa Fe Snyder Corporation announced that 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. This is Santa Fe Snyder’s first major transaction since the merger was approved two months ago. 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 interest and continue as operator. Santa Fe Snyder’s working interests will range from 15 percent to 49 percent.
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