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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: Kendell Phillips who wrote (10)11/6/1996 7:53:00 PM
From: Buzz Mills   of 1017
 
The Road Show is scheduled to end on Nov. 13. Rodman & Renshaw and Hanifen & Imhoff are meeting with up to 4 Groups of Brokerage /Investment Groups/Analysts per day in the major cities in the US. CWEI has planned expenditures of 42M in 1997 which includes the third drilling rig coming on in January. The more wells the more oil gets pumped out; after the first quarter I see the earnings being proportional to the number of rigs. There is also a planned expenditure of 5M which will cover the 3D seismic survey of their Cotton Valley Pinnacle Reef Play; the actual drilling of the Pinnacle Reef wells won't begin until 1998. If you aren't familiar with the Pinnacle Reef discoveries, should CWEI be successful, the stock will become very expensive. We shouldn't see any charges for the 1997 expenditures until the end of the first quarter, late April 1997. This quarter's estimate in IBD is 0.29 (First Call). First Call was 0.25 last quarter and CWEI came in at 0.45. After the Secondary Offering is concluded in late November we should see an earnings estimate upgrade; I think we are going to see 0.50, or better, for the 1996 fourth quarter actuals; $1.50 for the year; a P/E of 9 at today's price of 13 1/4.
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