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: Kendell Phillips who wrote (51)	11/22/1996 9:30:00 AM
From: Buzz Mills	of 1017

Kendell, Found the answer to your question: from page 29 of the Prospectus; "The posted price applicable to most of the Company's oil production is generally $1 to $2 per barrel lower than the price quoted on the NYMEX for spot West Texas Intermediate ("WTI") contracts since the oil purchaser must bear the cost to physically gather, transport, and store the purchased crude oil." Again, I haven't noticed the discount having an affect on the price CWEI receives. In the IBD, it shows WTI as having the highest spot price vs. Saudi, North Sea, and Alaska, probably because of the transport cost of the others--spot price for WTI was $23.98 yesterday. Have you found any statistics on the average price of gas during the third quarter? I can remember seeing some numbers that impressed me about the premium that CWEI receives for it's natural gas. I think it may have been the graph of the natural gas price in the newspaper that I used to determine an average--anyway CWEI's received price was markedly higher than the average I came up with. The IBD hasn't yet changed the 0.85 annual earnings estimate--time for another Email. Buzz

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