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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: Buzz Mills who wrote (194)12/19/1996 1:08:00 AM
From: Miller Houghton   of 1017
 
Buzz,
My "generous comments" toward you are very well deserved. On Prodigy I see you referred to as the "oil guy" and those following CWEI there are not nearly as well versed on the stock as you are and certainly don't have the industry expertise you possess.
You encouraged my input and I can basicly only regurgitate what I have learned from you and your crew here.
Cotton Valley is highly interesting and especially so since it represents only the icing on this very fine cake. Double desert anyone?
I do concur with your estimate that normally it would take 3 months to shoot and 3 to interpret and assuming they find reason to drill it would be in the third quarter of '97, however, with prices so high you can bet they will do all they can to speed things up IF and where possible.
Once again, all I know about their rigs, I learned here. It may be that the 3 rigs you mentioned being used in the Chalk are not stout enough to drill to 15 or 16,000 feet. If that is the case, they may use them to drill to medium depth and then put on a rig capable of greater depths. If prices stay up rigs will be hard to come by.
One of my main operators, American Cometra is busy selling it's west and south Texas holdings by year end (hundred of millions of $)
in order to play harder in the Cotton Valley. Such great reserves and now 3-D technology to find it with. Many that can afford the ante are headed into the Cotton Valley play.
Thank you kindly for the education and happy hunting.

Miller
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