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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 (327)1/28/1997 6:57:00 AM
From: Buzz Mills   of 1017
 
CWEI closed @ 17, -1/4, Bid 16 3/4 X Ask 17 1/4....Vol..41.2K

There appears to be support at 17--there were a few large buys of 5K.
Zacks has compiled the "what we believe to be erroneous" numbers
into their database. They compile the updates once a week and they
did it today (Monday 01/27), although it shows as 01/25. Using those
numbers dropped the estimate for the year by 0.10 and the estimate
for the fourth quarter by 0.02. I didn't hear anything back from
Lajuanda Holder today, but hopefully she has gotten in touch with
Paine Webber, and they have begun addressing the problem with Zacks.
In the meantime, we can hope the onslaught against the stock is
comimg to an end. CWEI is selling at 9X estimated earnings if the
$1.83 is correct. I am still curious if the same "erroneous Paine
Webber numbers" got turned into First Call--if anyone has access to
First Call I would apppreciate the information.

WILLIAMS(C)ENGY 1/25/97

MEAN HIGH LOW NUMBER MEAN CHG
EST LAST MNTH
($)
FISC YR END 12/97 1.23 1.74 0.80 4 0.11
FISC YR END 12/96 1.42 1.66 1.15 4 -0.10
VS ACTUAL 12/95 -1.59

QUARTER END 12/96 0.54 0.58 0.50 3 -0.02
VS ACTUAL 12/95 -0.88

March Oil $23.94, down 0.11 (CWEI received $18.78 in Q1 1996)
Feb Gas $2.99, up 0.16 (CWEI received $2.29 in Q1 1996)
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