SECURITIES AND EXCHANGE COMMISSION
                Washington, D.C.  20549

                     SCHEDULE 13D

       Under the Securities Exchange Act of 1934
                 (Amendment No.  1  )*

                    American Exploration Company         
                   (Name of Issuer)

                 Common Stock, par value $.05 per share 

            (Title of Class of Securities)

                            025762-10-5                 

                    (CUSIP Number)
                                                        

                   Peter E. Lorenzen
                Snyder Oil Corporation
                    777 Main Street
                      Suite 2500
                 Fort Worth, TX  76102
                      (817) 338-4043      

    (Name, Address, and Telephone Number of Person
   Authorized to Receive Notices and Communications)

                      January 6, 1994            
       (Date of Event which Requires Registrant
                  of this Statement)

If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-
1(b)(3) or (4), check the following box .

Check the following box if a fee is being paid with the
statement . (A fee is not required only if the
reporting person:  (1) has a previous statement on file
reporting beneficial ownership of more than five
percent of the class of securities described in Item 1;
and (2) has filed no amendment subsequent thereto
reporting beneficial ownership of five percent or less
of such class.)  (See Rule 13d-7.)

Note:  Six copies of this statement, including all
exhibits, should be filed with the Commission.  See
Rule 13d-1(a) for other parties to whom copies are to
be sent.

*The remainder of this cover page shall be filled out
for a reporting person's initial filing on this form
with respect to the subject class of securities, and
for any subsequent amendment containing information
which would alter disclosures provided in a prior cover
page.

The information required on the remainder of this cover
page shall not be deemed to be "filed" for the purpose
of Section 18 of the Securities Exchange Act of 1934,
as amended (the "Act"), or otherwise subject to the
liabilities of that section of the Act but shall be
subject to all other provisions of the Act (however,
see the Notes).

            (Continued on following pages)
                     CUSIP No. 025762-10-5       13D      
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Snyder Oil Corporation 
I.R.S. Identification No. 75-2306158


2  Check the Appropriate Box if a Member of a Group*  (a)
                                                         
                                                      (b)

3  SEC USE ONLY 


4  Source of Funds*  
            WC BK


5  Check Box if Disclosure of Legal Proceedings is Required 
   Pursuant to Items 2(d) or 2(e)


6  Citizenship or Place of Organization
             Delaware

                7 Sole Voting Power
    Number of       4,782,538      
     Shares 
  Beneficially  8 Shared Voting Power
    Owned By          0 
      Each 
    Reporting   9 Sole Dispositive Power  
     Person         4,782,538             
      With 
               10 Shared Dispositive Power
                      0 

11 Aggregate Amount Beneficially Owned by Each Reporting
   Person
              4,782,538

12 Check Box if the Aggregate Amount in Row (11) Excludes 
   Certain Shares* 


13 Percent of Class Represented by Amount in Row (11) 
              6.8% 

14 Type of Reporting Person* 
        CO 


               *SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 5.   Interest in Securities of the Issuer.

Item 5 is amended to read as follows:

     On December 6, 1993, SOCO holds 4,782,538 shares of Common
Stock, representing  approximately 6.8% of the 69,417,425 shares
of Common Stock as of October 29, 1993 as reported by the Issuer
in its Quarterly Report on Form 10-Q for its fiscal quarter ended
September 30, 1993.  To the best of SOCO's knowledge, no other
person named in Item 2 above beneficially owns any of the
Issuer's Common Stock.

     During the 60 days prior to the date hereof, SOCO has
effected the following purchases of the Common Stock:

                    Number of        Price 
Date                 Shares        Per Share

December 10, 1993    137,000       $1.1875
December 13, 1993     83,300       $1.1875
December 14, 1993      4,500       $1.1875
December 14, 1993    300,000       $1.2500
January   6, 1994    826,238       $1.4375

All such transactions were market purchases.

                             SIGNATURE

          After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in
this statement is true, complete and correct.

          DATE:  January 7, 1993
                                        SNYDER OIL CORPORATION

                                        By:  Peter E. Lorenzen   

                                             Peter E. Lorenzen
                                             Vice President