Clayton Williams Energy (CWEI) OIL Message Board

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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL

CWEI 131.90

0.0%

Apr 25 5:00 PM EST

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To: Patrick J. Saunders who wrote (869)	9/21/1997 10:53:00 AM
From: Buzz Mills	of 1017

Patrick, The market has discounted the Iraq oil and analysts are saying that oil should hold at this level ($19.75) through the rest of this year, so I don't think you have to worry about it getting down below $18. El Nino is supposed to provide a warming trend throughout, at least the New England states, and basically what the analysts are saying is that less oil/gas will be used. Of course, if the midwest isn't snowed in, it means that folks who live there will be able to drive around for a change.<G> CWEI's Austin Chalk wells in the North Giddings block produce most of their oil initially and taper off to a low flow relatively quickly--thus the need for continuous drilling. They are doing in-fill drilling in the North Giddings block, which means they are drilling in between existing wells in an effort to recover all of the oil from the field. The farm-in wells will have a longer duration. In the southern portion of CWEI's lease, the company has not had much success with the exploration wells they have drilled. Pinnacle reef wells, should CWEI discover them, at least from what I have read, have very long lives--some discovered in the 80's are still good producers--the Mamau may also fall under that category. If you recall, CWEI's production increased dramatically last quarter: techstocks.com --this quarter, production should be up a little more; their success with horizontal drilling has been rewarding. Buzz

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