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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 (283)1/11/1997 12:44:00 PM
From: Buzz Mills   of 1017
 
Breakdown of Hanifen's and Paine Webber's estimates.

I just received the complete breakdown for each of the above fourth
quarter estimates from CWEI. Following is a summary of those
estimates. I believe the prices received for oil and gas, as well as
the production numbers (per day), are subjects for great speculative
debate. I also thought the breakdowns were interesting for their
differences on some items which you would think they would have the
same numbers for; specifically number of shares outstanding.

Hanifen Paine
Production Oil 6065 5800
Gas 14.1 14.6

Avge Crude Price $22.50 $22.90
Gas Price $3.15 $2.85

Revenues $17.6M $17.0M

Expenses $12.5M $12.2M

Net Income $5.1M $4.83M

Aver Shares 8.5M 8.35M

Earnings Per Share 0.60 0.58
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