EXHIBIT 11.1

SNYDER OIL CORPORATION
Computation of Net Income (Loss) per Common Share
For The Years Ended December 31, 1994, 1995  and 1996
(In thousands except per share data)

<TABLE>
<CAPTION>
                                                                                            Year Ended December 31,
                                                                           ---------------------------------------------------
                                                                               1994              1995              1996
                                                                           -------------     -------------      --------------
<S>                                                                             <C>              <C>                  <C>    
Net income (loss)                                                               $12,372          ($39,831)            $62,950
Dividends on preferred stock                                                    (10,806)           (6,210)             (6,210)
                                                                           -------------     -------------      --------------

        Net income (loss) available to common                                    $1,566          ($46,041)            $56,740
                                                                           =============     =============      ==============


Weighted average shares outstanding                                              23,704            30,186              31,308
Assumed exercise of vested common stock options
     net of treasury shares repurchased                                             290               138                 179
Assumed conversion of 6% preferred stock                                          4,881             4,881               5,051
                                                                           -------------     -------------      --------------

        Weighted average common stock and equivalents outstanding                28,875            35,205              36,538
                                                                           =============     =============      ==============



PRIMARY NET INCOME (LOSS) PER COMMON SHARE:

Net income (loss)                                                                 $0.52            ($1.32)              $2.01
Dividends on preferred stock                                                      (0.45)            (0.21)              (0.20)
                                                                           -------------     -------------      --------------

Net income (loss) available to common                                             $0.07            ($1.53)              $1.81
                                                                           =============     =============      ==============



FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE:

Net income (loss)                                                                 $0.43            ($1.13)              $1.72
Dividends on preferred stock                                                       0.00              0.00                0.00
                                                                           -------------     -------------      --------------

Net income (loss) available to common                                             $0.43            ($1.13)              $1.72
                                                                           =============     =============      ==============

</TABLE>