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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL
CWEI 131.900.0%Apr 25 5:00 PM EST

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To: David Helms who wrote (554)3/27/1997 1:47:00 PM
From: Buzz Mills   of 1017
 
Dave,

What I should have said on the other post in regards to the ABN AMRO/Chicago Corp. estimate is the following quote from their estimate: "Furthermore, we estimate that a $1 per barrel deviation from our estimate of $19.75 will have a $0.35 to $0.40 impact on earnings per share."

Based on my own calculations, in the first quarter CWEI should receive approximately the price they received in the 1996 third quarter ($21.19) and perhaps a little more on natural gas ($2.62).

So, taken in that light, Paul Ferretti's estimate could be construed as being correct. It all hinges around oil prices.

Buzz
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