	geodyne geod o sets warrants uisition geodyne resources inc said iit filed a registration with the securities and exchange commission covering a planned offering of mln warrants to buy its common the company also said its board is evaluating a proposal to uire 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 pct of geodyne s mln outstanding shares has a substantial equity interest in snyder the uisition 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 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 pct of the average closing price of the stock for the 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 dlrs in subcriptions generated after a four year vesting period these warrants would have an exercise price equal to pct of the day average the company said the warrants are currently priced at cts each but this price is suject to further evaluation by an independent underwriter reuter 
