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: Buzz Mills who wrote (405)	2/18/1997 7:03:00 PM
From: Buzz Mills	of 1017

CWEI closed @ 15, +1, Bid 14 3/4 X Ask 15....Vol..107.7K With the News Release on probable earnings CWEI opened at 14 3/8 this morning and quickly moved up to 15 on the Ask, then sold off to 14 1/8, recovered, and moved back up to close at its high for the day on moderate volume. With respect to the news: based on the numbers, cash flow for the year should be over $5; CWEI is selling at 3X cash flow and at 8.x X earnings. A 3-D survey of 50K acres vs the previously proposed 20K acres for only .9M more sounds like a good deal. Completion of the 3-D survey in the 3rd quarter and drilling in the 4th quarter means the schedule has slipped a little. The fourth quarter numbers now appear to be pretty much a done deal--it is probably time to begin focusing on the 1st quarter '97 numbers. March Oil $22.57, up 0.16 (CWEI received $18.78 in Q1 1996) Natural Gas 2.22, even (CWEI received $2.29 in Q1 1996) CWEI receives a 0.40 premium for the liquids in its natural gas, on top of the stated priced. I will be out of town until Friday afternoon and would appreciate it if someone would post the closing numbers on Wednesday and Thursday--Thanks.

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