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: Buzz Mills who wrote (236)	12/29/1996 1:49:00 AM
From: Miller Houghton	of 1017

I'm sure Kendell is straight with you answer and yes we are talking about the same acreage just different depths or zones. I concerns me a little, Buzz, when you reported a continuing slight drop in CWEI's oil & gas production #s. I was about to ask you if maybe they had about drilled up their leases. With your recent post stating they have 60 + producing wells with 70 undeveloped locations of which 7 have proven reserves the same thought comes back to me. Wonder if the drilling is about done. If so maybe that is what holds this stock back. It also could be that the stronger locations have been drilled and the other acreage looks like weak edge locations. Oil companys always take their best shots first. Locations are not always dirllsites as some turn out to be just goat pasture. With oil and gas prices up, on the other hand, weak edge locations become drillsites. So? They must think they have a good bit of Chalk yet to drill or they would not be adding another rig. I was talking with the energy loan officer of a Dallas bank friday and asked what he thought of CWEI going into the 3-D Cotton Valley play and he expressed concern over the expense to play it versus CWEI's size. He mentioned a operator, American Cometra, having spent somewhere around $20,000,000 on a problem hole that was suppose to cost $3 or $4 million. Scarry, but it obviously can happen. Claytie has the luck of the Irish so we can just not think about such things. My post sounds a little negative. In reality I'm not. Hoping we have a good run next week. Miller

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