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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: RonN who wrote (776)7/23/1997 7:40:00 PM
From: Buzz Mills   of 1017
 
Ron,

From the First Quarter Earnings Report on 04/30/97 >>>>"The Company plans to utilize a third rig drilling on its farm-in acreage in Robertson County, Texas. The first well has been spudded and is currently drilling in the Georgetown formation."<<<<< If I recall correctly they had the third rig on the farm-in acreage early in April which only left two rigs working the Giddings Block.

The 3-D on Mississippi is not included in the $4M North Giddings 3-D survey--in the year-end report CWEI had budgeted $8M for other exploration which would have included the Mississippi 3-D. Also in the First Quarter Report, CWEI said they were only going to use two rigs in the North Giddings Block>>>> "In addition to the Cotton Valley Exploratory Project expenditures, the Company plans to spend $42 million in 1997 in its horizontal drilling program and $8 million for other exploration projects located in east and south Texas, Louisiana and Mississippi. The Company plans to have two rigs
drilling in its North Giddings Block."<<<<<

We saw the increase in production with only two rigs working--I have asked Lajuanda if they used any data from the 3-D survey to help select the well sites during the second quarter North Giddings Block drilling---the increase in production was impressive. CWEI doesn't mention the results of the farm-in acreage wells--they just said they were evaluating them.

Buzz
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