SNYDER <SOI> MAKES CENERGY <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.