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Gold/Mining/Energy : CWEI
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To: Henning Ali who wrote (1)10/11/1996 12:43:00 AM
From: O'Donnell   of 16
 
More on CWEI from P*

Im getting alot of requests for information on CWEI. I have posted
this information on the boards. I try to
identify the source and reference. The latest information was taken
from the S-2 form, SEC file Number
333-13441. ( Information on Reserves )

Reference CWEI's Earnings - My estimate is significantly higher than
the mean estimate. Here it is:

( .32 + .16 ) + .15 ( .48 ) + .08 + .02 = .65
1 2 3 4

1. Last qtr - the company reported .48 with the charge added back in
2. Last qtr - the average oil price was $19.38. This qtr it is at
least 15% higher
3. Last qtr - the company hedged about 40% of its oil sales. Since
the prices were rising, they lost over
900,000 in this operation. ( about .12 cents ) This qtr - they only
hedged 60,000 bbls or 9 days of supply
4. Last qtr - the company took a .16 charge and reduced its debt. The
charge lowers the depletion rate.
This qtr I am expecting no charge and some savings ( .02 ) for paying
off some interest and reducing the
company's depletion charge.

* In the company's S-2 report, they stated they were considering
increasing the number of rigs to three if oil
prices and drilling results were good. H& I had an internal estimate
of 6500 bbls a day. My estimate
assumes only 6500 bbls a day. Last qtr, H&I underestimated the
company's daily production.
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