SNYDER &lt;SOI> MAKES CENERGY &lt;CRG> EXCHANGE OFFER

  Snyder Oil Partners L.P. told the
  Securities and Exchange Commission it made an exchange offer to
  Cenergy Corp that would allow Snyder to acquire up to 49.9 pct
  of the company's common stock.
      Under the exchange offer, which was proposed yesterday to
  Cenergy's officers and directors, each share of Cenergy common
  stock could be exchanged for 8.50 dlrs in market value of
  Snyder's limited partnership units, Snyder said.
      Under the proposal, Snyder, which already holds 1,170,400
  Cenergy common shares, or 12.0 pct of the total, could boost
  its Cenergy stake to a total of 49.9 pct, it said.
      Snyder did not say whether it has received any response to
  its proposal from Cenergy.
      If it acquires the 49.9 pct stake, Snyder said in its SEC
  filing it would use the stock to "obtain a proportionate
  beneficial interest" in the company's assets and liabilities.
      It said it has not decided its next move it the exchange
  proposal does not lead to negotiations with Cenergy.
      Snyder said it may boost its stake or sell some or all of
  its current holdings. It repeated a statement made in its
  initial SEC filing last month that it is considering several
  alternatives, including seeking control of Cenergy.
  

