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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 (133)12/10/1996 3:10:00 PM
From: Buzz Mills   of 1017
 
Things are finally beginning to fall into place.............

I received this note from Lajuanda Holder, Director of Investor
relations at CWEI after I mailed her the excerpts from Zacks and
asked if we could find out when Paine Webber and Morgan Keegan
would have their new estimates:

Lajuanda Holder wrote:
>
> Hi!
>
> I spoke with one of the analysts at PaineWeber. He said they
have updated numbers on First Call but he didn't know about Zacks.
The numbers are:
>
> 4th Quarter '96 year ended 1996 1997
>
> EPS $0.56 $1.70 $1.29
> Cash Flow $1.31 $4.86 $4.15
>
> I have a call into Morgan Keegan. Both the analysts are out of
the office until Friday. Thanks for letting me know!
>
> Lajuanda
> ----------

This is great news--although I still don't know how analysts add
the 0.56 they estimated for the fourth quarter to the 0.96 already
earned and come up with $1.70 for the year. Actually I think they
are going to be very close with the their estimate for the year.

Buzz
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