-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JYBhIOka/SHP/zvQGgKeLXoP2GUhRyHupR6SpVjTiNFQ9BsASd2KZ05Z9croAPc8 EQgE2eOLuyI1MYv76l8O9Q== 0000860713-97-000009.txt : 19970630 0000860713-97-000009.hdr.sgml : 19970630 ACCESSION NUMBER: 0000860713-97-000009 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970627 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SNYDER OIL CORP CENTRAL INDEX KEY: 0000860713 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752306158 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10509 FILM NUMBER: 97631052 BUSINESS ADDRESS: STREET 1: 777 MAIN ST STE 2500 CITY: FORT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: 8176543166 MAIL ADDRESS: STREET 1: 777 MAIN STREET SUITE 2500 CITY: FORT WORTH STATE: TX ZIP: 76102 11-K 1 12-31-96 FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1996 ----------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to --------------------- --------------------- Commission file number 1-10509 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: SNYDER OIL COPORATION PROFIT SHARING AND SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: SNYDER OIL CORPORATION 777 MAIN STREET FORT WORTH, TEXAS 76102 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Advisory Committee of the Snyder Oil Corporation Profit Sharing and Savings Plan: We have audited the accompanying statements of net assets available for plan benefits of Snyder Oil Corporation Profit Sharing and Savings Plan ("the Plan") as of December 31, 1996 and 1995, and the related statements of changes in net assets available for plan benefits for the years ended December 31, 1996, 1995, and 1994. These financial statements and the schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1996 and 1995, and the changes in its net assets available for plan benefits for the years ended December 31, 1996, 1995, and 1994, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held for investment purposes (Schedule I) and supplemental schedule of reportable transactions (Schedule II) are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The Fund Information in the statements of net assets available for plan benefits and the statements of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Dallas, Texas, June 4, 1997 SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN ------------------------------------------------------ STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION ------------------------------------------------------------------------- AS OF DECEMBER 31, 1996 -----------------------
Participant Directed --------------------------------------------------------------------------------------------- Short- Growth Asset S & P 500 Money SOCO Intermediate International Stock Allocation Stock Market Stock Term Equity Fund Fund Fund Fund Fund Fund Fund ----------- ------------- --------- ----------- ---------- ------------- ------------- ASSETS: Investments, at fair market value- Growth Stock Fund $5,160,894 $ - $ - $ - $ - $ - $ - Asset Allocation Fund - 3,807,673 - - - - - S & P 500 Stock Fund - - 3,304,654 - - - - Money Market Fund - - - 1,615,225 - - - Snyder Oil Corporation Stock Fund - - - - 1,502,269 - - Short-Intermediate Term Fund - - - - - 1,329,346 - International Equity Fund - - - - - - 831,744 Patina Stock Fund - - - - - - - Participant loans - - - - - - - ---------- ---------- ---------- ---------- ---------- ---------- ------------- Total assets 5,160,894 3,807,673 3,304,654 1,615,225 1,502,269 1,329,346 831,744 ---------- ---------- ---------- ---------- ---------- ---------- ------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $5,160,894 $3,807,673 $3,304,654 $1,615,225 $1,502,269 $1,329,346 $831,744 ========== ========== ========== ========== ========== ========== ======== ----------------------- Patina Participant Stock Loan Fund Fund Total --------- ------------ ------------- ASSETS: Investments, at fair market value- Growth Stock Fund $ - $ - $ 5,160,894 Asset Allocation Fund - - 3,807,673 S & P 500 Stock Fund - - 3,304,654 Money Market Fund - - 1,615,225 Snyder Oil Corporation Stock Fund - - 1,502,269 Short-Intermediate Term Fund - - 1,329,346 International Equity Fund - - 831,744 Patina Stock Fund 142,217 - 142,217 Participant loans - 274,081 274,081 -------- -------- ----------- Total assets 142,217 274,081 17,968,103 -------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $142,217 $274,081 $17,968,103 ======== ======== =========== The accompanying notes are an integral part of this financial statement.
2 SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN ------------------------------------------------------ STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION ------------------------------------------------------------------------- AS OF DECEMBER 31, 1995 -----------------------
Participant Directed ------------------------------------------------------------------------------------ Short- Growth Asset S & P 500 Money SOCO Intermediate Participant Stock Allocation Stock Market Stock Term Loan Fund Fund Fund Fund Fund Fund Fund Total ---------- ---------- ---------- ---------- --------- ----------- ----------- ---------- ASSETS: Investments, at fair market value- Asset Allocation Fund $ - $4,206,471 $ - $ - $ - $ - $ - $4,206,471 Growth Stock Fund 3,764,303 - - - - - - 3,764,303 S & P 500 Stock Fund - - 2,552,758 - - - - 2,552,758 Money Market Fund - - - 1,267,440 - - - 1,267,440 Short-Intermediate Term Fund - - - - - 1,214,214 - 1,214,214 Snyder Oil Corporation Stock Fund - - - - 576,461 - - 576,461 Participant loans - - - - - - 226,518 226,518 ---------- ---------- ---------- ---------- -------- ---------- -------- ----------- Total assets 3,764,303 4,206,471 2,552,758 1,267,440 576,461 1,214,214 226,518 13,808,165 ---------- ---------- ---------- ---------- -------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,764,303 $4,206,471 $2,552,758 $1,267,440 $576,461 $1,214,214 $226,518 $13,808,165 ========== ========== ========== ========== ======== ========== ======== =========== The accompanying notes are an integral part of this financial statement.
3 SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN ------------------------------------------------------ STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION ------------------------------------------------------------------------------------ FOR THE YEAR ENDED DECEMBER 31, 1996 ------------------------------------
Participant Directed ----------------------------------------------------------------------------------------------- Short- Growth Asset S & P 500 Money SOCO Intermediate International Patina Stock Allocation Stock Market Stock Term Equity Stock Fund Fund Fund Fund Fund Fund Fund Fund ---------- ---------- ---------- ---------- ---------- ----------- ----------- -------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income- Interest and dividend income $ - $ - $ - $ 70,230 $ - $ - $ - $ - Net realized and unrealized appreciation in fair value of investments 533,200 385,073 586,317 - 530,358 30,110 14,399 38,518 ---------- ---------- ---------- ---------- ---------- ---------- -------- -------- 533,200 385,073 586,317 70,230 530,358 30,110 14,399 38,518 ---------- ---------- ---------- ---------- ---------- ---------- -------- -------- Contributions Employers 333,766 223,038 230,266 149,668 79,129 97,993 57,140 - Participants 350,393 267,045 253,691 205,031 111,913 102,585 25,291 - Transfer of Plan Assets 696,351 167,976 139,244 100,916 - 51,121 69,114 106,191 ---------- ---------- ---------- ---------- ---------- ---------- -------- -------- 1,380,510 658,059 623,201 455,615 191,042 251,699 151,545 106,191 ---------- ---------- ---------- ---------- ---------- ---------- -------- -------- Total additions 1,913,710 1,043,132 1,209,518 525,845 721,400 281,809 165,944 144,709 ---------- ---------- ---------- ---------- ---------- ---------- -------- -------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Distributions to participants 457,557 339,110 291,825 542,771 91,820 140,684 5,586 2,492 ---------- ---------- ---------- ---------- ---------- --------- -------- -------- Total deductions 457,557 339,110 291,825 542,771 91,820 140,684 5,586 2,492 ---------- ---------- ---------- ---------- ---------- --------- -------- -------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 1,456,153 704,022 917,693 (16,926) 629,580 141,125 160,358 142,217 TRANSFERS BETWEEN FUNDS (59,562) (1,102,820) (165,797) 364,711 296,228 (25,993) 671,386 - NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 3,764,303 4,206,471 2,552,758 1,267,440 576,461 1,214,214 - - ---------- ---------- ---------- ---------- ---------- ---------- --------- -------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $5,160,894 $3,807,673 $3,304,654 $1,615,225 $1,502,269 $1,329,346 $831,744 $142,217 ========== ========== ========== ========== ========== ========== ======== ======== ----------- Participant Loan Fund Total ----------- ------------ ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income- Interest and dividend income $ 28,589 $ 98,819 Net realized and unrealized appreciation in fair value of investments - 2,117,975 -------- ----------- 28,589 2,216,794 -------- ----------- Contributions- Employers - 1,171,000 Participants - 1,315,949 Transfer of Plan Assets 36,934 1,367,847 -------- ----------- 36,934 3,854,796 -------- ----------- Total additions 65,523 6,071,590 -------- ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Distributions to participants 39,807 1,911,652 -------- ----------- Total deductions 39,807 1,911,652 -------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 25,716 4,159,938 TRANSFERS BETWEEN FUNDS 21,847 - NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 226,518 13,808,165 -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $274,081 $17,968,103 ======== =========== The accompanying notes are an integral part of this financial statement.
4 SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN ------------------------------------------------------ STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION ------------------------------------------------------------------------------------ FOR THE YEAR ENDED DECEMBER 31, 1995 ------------------------------------
Participant Directed ------------------------------------------------------------------------------------ Short- Growth Asset S & P 500 Money SOCO Intermediate Participant Stock Allocation Stock Market Stock Term Loan Fund Fund Fund Fund Fund Fund Fund Total ---------- ---------- ---------- ---------- --------- ----------- ----------- ---------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income- Interest and dividend income $ - $ - $ - $ 46,048 $ - $ - $ 17,391 $ 63,439 Net realized and unrealized appreciation in fair value of investments 932,199 926,958 641,778 21,335 (111,928) 149,850 - 2,560,192 ---------- ---------- ---------- ---------- --------- ---------- --------- ---------- 932,199 926,958 641,778 67,383 (111,928) 149,850 17,391 2,623,631 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- Contributions Employers 278,031 257,215 162,975 128,958 108,962 100,859 - 1,037,000 Participants 370,329 377,737 245,174 195,663 181,274 160,793 - 1,530,970 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- 648,360 634,952 408,149 324,621 290,236 261,652 - 2,567,970 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- Total additions 1,580,559 1,561,910 1,049,927 392,004 178,308 411,502 17,391 5,191,601 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Distributions to participants 377,414 434,773 298,479 191,066 102,409 78,086 61,003 1,543,230 ---------- ---------- --------- ---------- --------- ---------- -------- ----------- Total deductions 377,414 434,773 298,479 191,066 102,409 78,086 61,003 1,543,230 ---------- ---------- --------- ---------- --------- ---------- -------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 1,203,145 1,127,137 751,448 200,938 75,899 333,416 (43,612) 3,648,371 TRANSFERS BETWEEN FUNDS 149,447 (117,363) 132,243 (34,045) (118,343) (134,872) 122,933 - NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 2,411,711 3,196,697 1,669,067 1,100,547 618,905 1,015,670 147,197 10,159,794 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $3,764,303 $4,206,471 $2,552,758 $1,267,440 $ 576,461 $1,214,214 $226,518 $13,808,165 ========== ========== ========== ========== ========= ========== ======== =========== The accompanying notes are an integral part of this financial statement.
5 SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN ------------------------------------------------------ STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION ------------------------------------------------------------------------------------ FOR THE YEAR ENDED OF DECEMBER 31, 1994 ---------------------------------------
Participant Directed ------------------------------------------------------------------------------------ Short- Growth Asset S & P 500 Money SOCO Intermediate Participant Stock Allocation Stock Market Stock Term Loan Fund Fund Fund Fund Fund Fund Fund Total ---------- ---------- ---------- ---------- --------- ----------- ----------- ---------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income- Interest and dividend income $ - $ - $ - $ 28,137 $ - $ - $ 10,211 $ 38,348 Net realized and unrealized appreciation (depreciation) in fair value of investments 42,035 (86,024) 14,764 - (106,017) (34,501) - (169,743) ---------- ---------- ---------- ---------- --------- ---------- -------- ---------- 42,035 (86,024) 14,764 28,137 (106,017) (34,501) 10,211 (131,395) ---------- ---------- ---------- ---------- --------- ---------- -------- ---------- Contributions Employers 200,307 244,205 139,995 102,181 115,492 97,820 - 900,000 Participants 327,430 380,703 237,938 153,606 217,527 144,897 - 1,462,101 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- 527,737 624,908 377,933 255,787 333,019 242,717 - 2,362,101 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- Total additions 569,772 538,884 392,697 283,924 227,002 208,216 10,211 2,230,706 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Distributions to participants 17,880 77,053 153,223 162,139 41,791 215,444 7,661 675,191 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- Total deductions 17,880 77,053 153,223 162,139 41,791 215,444 7,661 675,191 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 551,892 461,831 239,474 121,785 185,211 (7,228) 2,550 1,555,515 TRANSFERS BETWEEN FUNDS 98,411 (214,017) (12,495) 566,770 (215,603) (266,966) 43,900 - NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year 1,761,408 2,948,883 1,442,088 411,992 649,297 1,289,864 100,747 8,604,279 ---------- ---------- ---------- ---------- --------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $2,411,711 $3,196,697 $1,669,067 $1,100,547 $ 618,905 $1,015,670 $147,197 $10,159,794 ========== ========== ========== ========== ========= ========== ======== =========== The accompanying notes are an integral part of this financial statement.
6 SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (1) DESCRIPTION OF THE PLAN The following description of the Snyder Oil Corporation Profit Sharing and Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General The Plan is a defined contribution profit sharing and 401(k) savings plan adopted on January 1, 1983, for the benefit of eligible employees of Snyder Oil Corporation ("SOCO"). In 1996, the Plan was amended to allow for more than one employer in anticipation of an additional employer, Patina Oil and Gas Corporation ("Patina"), adopting the Plan. Patina, a 74% owned SOCO affiliate and the successor entity to Gerrity Oil and Gas Corporation, adopted the Plan for the benefit of its eligible employees who may elect to participate in the Plan. Effective August 16, 1996, the Gerrity Oil and Gas Corporation 401(k) plan assets, originally effective January 13, 1992 were merged into the Plan. The Plan is administered by the Plan's advisory committee composed of three employees approved by the SOCO Board of Directors. Employees become eligible to participate in the Plan on an entry date at least four months following the later of the date the employee first performs an hour of service or attains age 18. The entry dates for the Plan are January 1 and July 1. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Prior to April 1996, Wells Fargo Institutional Trust Company served as the Trustee of the Plan. In April 1996, Amendment No. 2 to the Plan was adopted which, among other things, named Barclays Global Investors ("the Trustee") as the Trustee of the Plan upon their acquisition of Wells Fargo Institutional Trust Company. Prior to 1996, SOCO owned stock of DelMar Petroleum, Inc. ("DelMar"). During 1996, SOCO acquired the remaining outstanding stock of DelMar. Effective October 31, 1996, the DelMar 401(k) plan assets, originally effective January 13, 1992, were merged into the Plan. The Plan allows participants several investment options in which to invest their individual and employer contribution accounts which can be changed at anytime throughout the year. Investment income is allocated to participants based upon the ratio of their participant account balance to the total participants' accounts in a manner defined by the Plan agreement. Participant Contributions Subject to certain maximum limitations imposed by the Internal Revenue Code, a participant may elect to contribute to the Plan up to 15% of his or her annual pretax compensation. A participant may change the applicable percentage or completely suspend his or her contributions at any time in 7 accordance with Plan policies. The Plan also allows employees to "rollover" contributions from another qualified plan to the Plan. Employer Contributions Employer contributions to the Plan are entirely discretionary and determined on an annual basis independently by each of the employers' Board of Directors. Employer contributions are allocated to participants of each employer independently based upon annual compensation in a manner defined by the Plan agreement. Vesting Participants are fully vested at all times in their individual contribution accounts. Vesting in Employer contribution accounts is based on years of service. A participant is 40% vested after two years, 80% after three years, and 100% after four or more years of service. In addition, participants also become fully vested in their employer contribution accounts upon retirement, at or after age 55, or upon death or total disability of the participant. Forfeitures The nonvested amounts in a participant's employer contribution account are forfeited to the Plan upon termination. Such forfeitures are allocated to the remaining participants of the respective employer based upon annual compensation in a manner defined by the Plan agreement to the Plan. Distributions Distribution of the participant's entire account becomes due upon retirement, at or after age 55, or upon death or total disability. Such account balances may be distributed either in a lump-sum distribution or in installments, as described in the Plan agreement. Participants are entitled to receive the balance of their individual contribution account plus their vested interest in their employer contribution account upon termination of employment. Participants may make hardship withdrawals from their individual contribution account, subject to certain restrictions. Participants may also receive loans from the Plan secured by the participant's account for up to 50% of their vested balance. Each loan is evidenced by a note providing for repayment over a maximum of 5 or 10 years depending on the purpose of the loan as defined by the Plan agreement and providing for interest at a reasonable rate. Federal Income Taxes The Plan received a determination letter from the Internal Revenue Service dated May 9, 1995, confirming that the Plan, and related trust, as amended in October 1994, is exempt from federal income taxes under Sections 401(a) and 501(a) of the Internal Revenue Code. 8 Plan Termination Although it has expressed no intention to do so, the employers may suspend or discontinue contributions under the Plan and has reserved the right to terminate the Plan subject to provisions of ERISA. In the event of full or partial termination of the Plan, participants will become fully vested in their individual and Employer contribution accounts and will be entitled to distributions of their entire accounts according to the Plan document and ERISA. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets available for plan benefits and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets available for plan benefits during the reporting period. Actual results could differ from those estimates. The accompanying financial statements are prepared on the accrual basis of accounting. Investments The Plan's investments are held by bank-administered trust funds, issued by the Trustee, and are recorded at fair market value as determined by market quotations. Individual investments with a fair value greater than 5% of total net assets available for Plan benefits consisted of the following fair values:
December 31, 1996 1995 --------------- ---------------- Growth Stock Fund $ 5,160,894 $ 3,764,303 Asset Allocation Fund 3,807,673 4,206,471 S&P 500 Stock Fund 3,304,654 2,552,758 Money Market Fund 1,615,225 1,267,440 Snyder Oil Corporation Stock 1,502,269 * Short-Intermediate Term Fund 1,329,346 1,214,214 * Represents less than 5% of total net assets available for Plan benefits.
9 The net realized and unrealized appreciation (depreciation) in fair value of investments included in the statements of changes in net assets available for plan benefits with fund information for the years ended December 31, 1996, 1995, and 1994, consisted of the following:
Net Appreciation (Depreciation) ----------------------------------------------- 1996 1995 1994 -------------- -------------- --------------- Marketable equity securities $1,133,916 $1,595,312 $ 56,799 U.S. government and corporate debt securities and bonds 30,110 149,850 (34,501) Asset Allocation Fund 385,073 926,958 (86,024) Snyder Oil Corporation stock 530,358 (111,928) (106,017) Patina Oil Corporation stock 38,518 - - ---------- ---------- ----------- Net realized and unrealized appreciation (depreciation) in fair value of investments $2,117,975 $2,560,192 $ (169,743) ========== ========== ===========
The Asset Allocation Fund invests in a changing mix of stocks, bonds, and money market securities. At December 31, 1996, the mix was 60% in bonds and 40% in equity securities. From the financial information available, it is not possible to determine the net realized and unrealized appreciation (depreciation) in each type of investment (i.e., stocks). In accordance with Department of Labor regulations, realized gains (losses) on plan assets sold during the year are calculated as the excess of sales price over the fair value of the assets at the beginning of the plan year in which the asset is sold. Cost of Administration The employers have paid for the majority of the expenses related to the administration of the Plan, but are not obligated to do so. The employers will not require reimbursement for these expenses. Any such expenses not paid by the employers shall be paid from the Plan assets. 10 Distributions to be Paid As discussed in Note 1, participants are entitled to receive the balance of their individual contribution account plus their vested interest in their employer contribution account upon termination of employment. However, if their total vested balance exceeds $3,500 as defined in the Plan agreement, they may elect to continue to invest it through the Plan. Distributions that terminated employees are entitled to by fund at December 31, 1996 and 1995, are as follows:
December 31, -------------------------------------- 1996 1995 ---------------- ---------------- Growth Stock Fund $1,065,563 $ 240,145 Asset Allocation Fund 996,950 351,671 S&P 500 Stock Fund 954,620 280,840 Short-Intermediate Term Fund 374,493 275,603 Snyder Oil Corporation Stock Fund 317,248 49,933 Money Market Fund 222,041 145,736 International Equity Fund 102,253 - Patina Oil Corporation Stock Fund 5,129 - ---------- ---------- $4,038,297 $1,343,928 ========== ==========
Distributions are deducted from net assets available for plan benefits when paid. As such, no accrual is provided for distributions to be paid. (3) EXPLANATION OF DIFFERENCES BETWEEN THE FORM 5500 AND THE AUDITED FINANCIAL STATEMENTS Benefits payable in the amount of $238,347 and $163,079 included on Form 5500 for the Plan years ended December 31, 1996 and 1995, differed from the corresponding balances on the audited financial statements. The differences occurred due to the timing of certain accruals. However, the differences are, both individually and in the aggregate, immaterial to the financial statements taken as a whole. 11 SCHEDULE I SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN ITEM 27a - SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1996 EIN: 75-2306158 Plan Number: 001
(a) (b) (c) (d) (e) Identity of Description of Current Issue, Borrower Investment Cost Value - --- -------------------------- -------------------------------- ------------------ ----------------- * Barclays Global Investors Growth Stock Fund $4,712,583 $5,160,894 * Barclays Global Investors Asset Allocation Fund 3,451,269 3,807,673 * Barclays Global Investors S & P 500 Stock Fund 2,797,436 3,304,654 * Barclays Global Investors Money Market Fund (average rate of return 5.14%) 1,615,225 1,615,225 * Snyder Oil Corporation Snyder Oil Corporation Stock Fund ($.01 par value) 973,174 1,502,269 * Barclays Global Investors Short-Intermediate Term Fund 1,299,729 1,329,346 * Barclays Global Investors International Equity Fund 815,851 831,744 * Patina Oil Corporation Patina Oil Corporation Stock Fund ($.01 par value) 104,341 142,217 * Participant Loans Participant Loans (7% to 12% interest rates) - 274,081 ----------------- ----------------- $15,769,608 $17,968,103 ================= ================= This supplemental schedule lists assets held for investment purposes at December 31, 1996, as required by the Department of Labor Rules and Regulations for Reporting and Disclosure. * Column (a) indicates each identified person/entity known to be a party-in-interest.
12 SCHEDULE II SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN ITEM 27d - SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996 EIN: 75-2306158 Plan Number: 001
(a) (b) (c) (d) (g) (i) Identity of Description Description of Number of Purchase Selling Cost of Net Gain Party Involved of Asset Transactions Transactions Price Price Asset or (Loss) -------------- ----------- -------------- ------------ -------- ---------- ------------- ------------- INDIVIDUAL TRANSACTIONS: None in excess of 5% of the fair value of Plan assets at the beginning of the year. SERIES OF TRANSACTIONS: Barclays Global Investors- Growth Stock Fund Purchases 59 $1,855,762 $ - $1,855,762 $ - Growth Stock Fund Sales 59 - 992,370 715,157 277,213 Barclays Global Investors- Asset Allocation Fund Purchases 55 789,980 - 789,980 - Asset Allocation Fund Sales 62 - 1,573,851 1,281,446 292,405 Barclays Global Investors- S & P 500 Stock Fund Purchases 61 1,144,688 - 1,144,688 - S & P 500 Stock Fund Sales 54 - 979,109 715,720 263,389 Barclays Global Investors- Money Market Fund Purchases 50 1,199,084 - 1,199,084 - Money Market Fund Sales 61 - 918,892 918,892 - Barclays Global Investors- Snyder Stock Fund Purchases 43 548,306 - 548,306 - Snyder Stock Fund Sales 56 - 152,857 202,118 (49,261) Barclays Global Investors- International Equity Fund Purchases 41 926,069 - 926,069 - International Equity Fund Sales 7 - 108,725 110,218 (1,493) This schedule lists all individual transactions and series of transactions in excess of 5% of the fair value of Plan assets at the beginning of the year as required by the Department of Labor Rules and Regulations for Reporting and Disclosure. (e & f) Do not apply as there are no Lease Rentals or Transaction Expenses. (h) The current value on the date of each transaction is equal to the purchase price or selling price respectively.
13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SNYDER OIL CORPORATION PROFIT SHARING AND SAVINGS PLAN By /s/ James H. Shonsey -------------------------------- James H. Shonsey, Vice President June 4, 1997 EX-23 2 CONSENT OF ARTHUR ANDERSEN LLP EXHIBIT 23.1 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report dated June 4, 1997, included in this Form 11-K for the year ended December 31, 1996, into Snyder Oil Corporation's previously filed Registration Statement No. 33-48213. ARTHUR ANDERSEN LLP Dallas, Texas June 4, 1997 -----END PRIVACY-ENHANCED MESSAGE-----