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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: Patrick J. Saunders who wrote (387)2/12/1997 1:01:00 AM
From: Buzz Mills   of 1017
 
Patrick,

Keep checking the weather forecasts--cold weather will help oil prices.

It is simply a matter of when to hedge, I am sure CWEI had their reasons for not doing it. I know this past year they lost some money as they had some production hedged and oil prices moved up. Lajuanda Holder, in a later Email, said they haven't yet hedged any this quarter, but they do constantly look at it as a possibility. I would be surprised if oil sustained very high prices beyond the winter weather but it will command a markedly higher price on average throughout this year and I think it is predicted to be over $20 even during the lowest months.

After this quarter the earnings will be very positive and then maybe CWEI will make sure they have their financial information distributed across the web. CWEI keeps a very low profile and they don't blow their own horn. I believe there are reasons for things being the way they are. If CWEI regains the support (recommendation) of Paine Webber and/or Morgan Keegan, things will change dramatically. I have to believe that where CWEI is currently priced, and knowing their earnings for the year, the odds have definitely improved on the possibility that CWEI could receive an upgrade from either one, or both of these brokerages in the not too distant future. That is pure speculation on my part, and part of the equation has to be the potential of the pinnacle reef play, which isn't fully known yet.

Buzz
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