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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: Buzz Mills who wrote (640)4/23/1997 6:24:00 PM
From: Buzz Mills   of 1017
 
CWEI closed @ 11 1/8, unchanged, Bid 11 1/8 x Ask 11 3/8...Vol..24.4K

After some early buying, most of the trades appeared to be on the sell side. Later word from Lajuanda Holder at CWEI,>>>>> Also I wanted to let you know that Management told me this morning that due to exploration costs they do not expect earnings to exceed the mean estimate of $0.39 per share for 1st quarter. I spoke to Paul Ferreti this morning. He has faxed us his latest model and we are reviewing. Management feels his numbers are much too low and wanted to check it out. I'll let you know what develops with Ferreti's numbers. Also -- no one was able to give me much of any explanation for the drop in the stock price. I'm still checking although the price seems to be rebounding a little today.<<<<<

Oil $19.73, +0.13, (CWEI received $18.78 in Q1 1996)
Natural Gas, $2.06, -0.05 (CWEI received $2.29 in Q1 1996)

CWEI receives a premium for the liquids in its natural gas, on top of
the stated priced.
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