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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: Jeffrey Beckman who wrote (418)2/20/1997 11:49:00 PM
From: Buzz Mills   of 1017
 
Jeff/All,

CWEI was down 13/16 on very light volume. Oil was down 0.81 today. I went to Colorado and heard CWEI's presentation at the Hanifen Conference. CWEI's earnings will be announced in the first week of March and should be $1.77. Debt is down to $18.1M. Preliminary work has been done on the 3-D seismic survey, the actual shoot is to start on Monday; estimated start of drilling is October. Clayton Williams said that one pinnacle reef well, based on the average of 40Bcf gas, would enlarge CWEI by 2/3. Another company is drilling a reef well just 9 miles north of CWEI and everyone is anxiously awaiting the results; the well is directly on trend between CWEI and Marathon to the north. Ed Norwood, CWEI's Cotton Valley geologist, found 127 leads on CWEI's stretch of property; this is more leads than Ed found on the Marathon Oil property when he worked for them as their Cotton Valley geologist; Marathon has been highly successful in the pinnacle reef well area.

March Oil $21.98, down 0.81 (CWEI received $18.78 in Q1 1996)
Natural Gas-don't have a price- (CWEI received $2.29 in Q1 1996)

CWEI receives a premium for the liquids in its natural gas, on top of the stated priced.
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