To all, CWEI preannounce earning:$1.7-1.8/sh
Subj: Clayton Williams Energy Announces Preliminary 1996 Results, Reserves, and Explor
Date: 97-02-18 08:19:06 EST
From: AOLNewsProfiles@aol.net
MIDLAND, Texas, Feb. 18 /PRNewswire/ -- Clayton Williams Energy, Inc.
(Nasdaq-NMS: CWEI) announced today that it expects to report net income for
1996 of $13.2 million to $13.9 million, or $1.70 to $1.80 per share, compared
to a net loss of $8,079,000, or $1.31 per share, for 1995. Cash flow from
operating activities is expected to be approximately $40 million in 1996, up
substantially from $24.2 million in 1995.
Proved oil and gas reserves at December 31, 1996 were estimated by
independent engineers to be 8.5 million barrels of oil and 35.8 Bcf of natural
gas. Discounted future net revenues at December 31, 1996, computed in
accordance with Securities and Exchange Commission guidelines, were $160.7
million.
The Company currently has three rigs drilling in its 117,000 net acre
block in Burleson, Milam and Robertson Counties of east Texas and is
evaluating recent drilling results in the southern portion of this block. In
addition, the Company is evaluating opportunities for expanding its drilling
activities into other areas of Texas and Louisiana. Assuming continued
favorable product prices and drilling results, the Company has increased its
1997 capital expenditures approximately 10% to $46 million, excluding costs
associated with its Cotton Valley play.
The Company has been able to expand the acreage covered by its Cotton
Valley 3-D seismic survey from approximately 20,000 to 50,000 net acres while
increasing the estimated cost of the survey only $900,000 from $3.1 million to
approximately $4.0 million. The Company will continue to evaluate
opportunities to expand the area covered by the survey, which could increase
the cost of the survey. Due to the additional acreage included in the survey,
the Company anticipates completion during the third quarter of 1997, with any
drilling resulting from the survey beginning in the fourth quarter of 1997.
Clayton Williams Energy, Inc. is an independent energy company located in
Midland, Texas. Its website is marshill.com.
CO: Clayton Williams Energy, Inc.
ST: Texas
IN: OIL
SU: ERP
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Subject: Clayton Williams Energy Announces Preliminary 1996 Results, Reserves, and Exploration Updates |
