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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 (233)12/27/1996 2:13:00 AM
From: Miller Houghton   of 1017
 
Hi Buzz, I want to apologize for my last post, as somehow I deleted a few paragraphs. Not sure how I did that.
Earlier I suggested the possibility of CWEI using their present rigs to start the pinnacle reef wells and finishing with a deeper rated heavier rig but I really think this is unlikely. The first 7 or 8k ft can go down in two weeks or so but from there on down it it is hard diggin and slow and expensive.
I certaily hope there is Cotton Valley below their Austin Chalk but keep in mind that the closest Cotton Valley production is 24 miles to the north. It is on trend but no guarantee that it will be under them.
The decision to go it alone is encouraging, but also keep in mind that it has always been Clayton's style to swing for the fences. It has stood him in good stead as he obviously uses good judgment.
The Texas banks are using $1.85 to $2.10 per mcf on their engineering for natural gas asset sales recently. Do you think when the recent high, high gas prices settle back to the $2 area (soon)it will cause any problems with the novice & nervous investors in CWEI?
As always, thanks for your great information. Miller
P S You have very correctly pointed out that Cotton Valley pinnacle reef production would in all likelyhood be far superior to the Austin Chalk.
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