Just received this--CWEI had originally planned to spend all of 1997 doing the 3-D seismic survey and the analysis of data; they apparently have moved the schedule up--sounds as if they may start drilling the Cotton Valley Pinnacle Reef play in 1997:
CLAYTON WILLIAMS ENERGY ANNOUNCES COTTON VALLEY SEISMIC CONTRACT
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> Midland, Texas, November 7, 1996 -- Clayton Williams Energy, Inc. (NASDAQ- NMS:CWEI) announced today that it has signed a contract with Tidelands Geophysical Co., Inc. of Plano, Texas pursuant to which Tidelands will conduct a 3-D seismic survey over an approximate 20,000 acre Company-owned leasehold position in Robertson County, Texas. The seismic survey will evaluate the Company's acreage for the potential presence of Cotton Valley pinnacle reefs. Cost of the survey, including interpretation, is expected to be approximately $3.1 million and the survey is expected to commence, after the completion of preliminary work, in January 1997. The Company
anticipates that the survey will be completed during the first quarter of 1997 and that the resulting data will be interpreted during the second quarter of 1997.
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> Clayton Williams Energy, Inc. is an independent energy company located in Midland, Texas.
Also received a note from Lujuanda Holder, Director of Investor Relations at CWEI:
We're really excited about the news of the seismic shoot, too. Our new geologist, Ed Norwood, is a seasoned geologist. He knows more about the Cotton Valley than any other geologist in the States. He is very excited about CWEI's Cotton Valley potential after looking at the 2-D seismic date that we have. He loves CWEI already. Mr. Williams has Mr. Norwood on the "roadshow" so he can show Ed off. Ed told me he is so delighted to be with CWEI. Thanks for your interest.
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