GEODYNE <GEOD.O> SETS WARRANTS, ACQUISITION
Geodyne Resources Inc said iit filed a
registration with the Securities and Exchange Commission
covering a planned offering of 3.6 mln warrants to buy its
common.
    The company also said its board is evaluating a proposal to
acquire closely-held <Snyder Exploration Co> for one mln
Geodyne shares. Members of Geodyne's senior management also
serve as senior management at Snyder and PaineWebber Group Inc
<PWJ>, which owns 40 pct of Geodyne's 12.6 mln outstanding
shares, has a substantial equity interest in Snyder.
    The acquisition is being evaluated by Geodyne board members
not employed by the company, PaineWebber or any company
affiliated with PaineWebber. It will be subject to approval by
the board and series C preferred shareholders.
    Geodyne Resources said a registration related to the stock
to be exchanged for Snyder has been filed with the SEC but has
not yet become effective.
    The Snyder owners other than PainWebber are Geodyne's
president, Michael W. Tomasso, and its executive vice
president, James D. Snyder.
    The company said the warrants will be offered solely to
investors in the PaineWebber/Geodyne Energy Income Program II.
For every 100 dlrs invested in the program, an investor will be
entitled to buy one warrant to purchase one Geodyne common
share at a price equal to 120 pct of the average closing price
of the stock for the 15 trading days prior to formation of the
partnership to which the investor subscribes.
    In adddition, Geodyne said, PaineWebber investment
executives who market the program will be entitled to receive
one warrant for every 500 dlrs in subcriptions generated after
a four-year vesting period. These warrants would have an
exercise price equal to 150 pct of the 15-day average.
    The company said the warrants are currently priced at 25
cts each, but this price is suject to further evaluation by an
independent underwriter.
 Reuter
