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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Hrothgar who wrote (47598)	7/8/1999 6:35:00 PM
From: Bernie Diamond	Read Replies (1) \| Respond to of 95453

FWIW - RIG merger rumor on the Yahoo! Board is ~3/4 share from someone who seems to be in the know. Bernie

To: Hrothgar who wrote (47598)	7/8/1999 6:41:00 PM
From: shust	Respond to of 95453

I wonder if this has anything to do with that rumour. Santa Fe Snyder Corporation Dissolves 'Poison Pill' HOUSTON, July 8 /PRNewswire/ -- Santa Fe Snyder Corporation (NYSE: SFS - news) today announced that its Board of Directors has unanimously decided to allow Santa Fe Snyder's ''poison pill'' shareholder rights plan to expire in accordance with its terms on July 25, 1999, consistent with the Company's goal of increasing shareholder value through its overall transformation plan. The rights plan was adopted by Santa Fe Energy Resources in 1997 for a two-year period following the spinoff of Monterey Resources in order to allow the new Santa Fe time to establish its value in the capital market. Having served its purpose, the plan can now expire. ''When rights plans were first adopted many years ago, their intent was to better protect the rights of investors. While they have worked in certain cases, some companies have used poison pills to delay action and ultimately deny rights to the shareholders they were designed to protect,'' said Chairman John Snyder. Chief Executive Officer James L. Payne added: ''This decision should be viewed as an expression of our Board's fundamental belief that shareholders own the company and ultimately deserve the right to make their own decisions about ownership and management.'' The merger of Santa Fe Energy Resources and Snyder Oil Corporation, approved by shareholders of both companies in May 1999, has progressed according to expectations. Full integration of the two companies should be complete by the end of the third quarter. The combined, complimentary asset base has provided Santa Fe Snyder with a larger natural gas exposure, a growing production profile over the next several years and an improved financial position. Santa Fe Snyder Corporation is a leading worldwide independent oil and gas exploration and development company with headquarters in Houston, Texas. It has 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. Contact: Rodney L. Waller - Investor Relations 713 507-5388 Kathy E. Hager - Media 713 507-5315 This news release contains ''forward-looking statements'' within the meaning of the Securities Litigation Reform Act. Any references to estimated production or financial position 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. For more information about Santa Fe Snyder Corporation, please visit santafe-snyder.com. SOURCE: Santa Fe Snyder Corporation