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: Craig Gantner who wrote (311)	1/21/1997 2:00:00 AM
From: Buzz Mills	of 1017

Craig, The 3-D seismic survey has not yet begun. The Tidelands crew was finishing up another project and earlier in the month CWEI let it be known that the 3-D survey wouldn't begin until later in the month, possibly as late as the end of the month. We were going to be notified when the 3-D survey commenced and there hasn't been any notification. The information that CWEI has on the North Giddings Block is the result of previous 2-D seismic surveys. Information that we have been given indicates it will be at least well into the second quarter before the data from the 3-D seismic survey is analyzed. I don't see anything out of the ordinary in the current situation--CWEI's incorporation was in 1993--stock buybacks with unneeded cash is not unusual. We can only hope it will raise the stock price. I did receive this from Zack's this evening and I only wish I understood the reasoning of Paine Webber's analyst: CWEI: PAINE WEBBER decreased estimate for quarter ending 12/96 from $0.56 to $0.50 on 01/17/97. I'll pulse CWEI to see if they have any idea as to what caused PW's reduction in earnings estimate. Buzz

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