Clayton Williams Energy (CWEI) OIL Message Board

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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL

CWEI 131.90

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Apr 25 5:00 PM EST

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To: E Schmidt who wrote (452)	3/5/1997 10:49:00 AM
From: Buzz Mills	of 1017

Earl, Appreciate your input--I didn't know about the Oil and Gas Journal article and I don't know why CWEI wasn't included in it. Which companies besides Marathon and Sonat did the article mention? The closest operating pinnacle reef well, to CWEI, is one of Marathon's wells 24 miles north, and slightly east of CWEI. Broughton is drilling the Zackson Rachui well 9 miles north of CWEI--and I have been told by CWEI they may have results on that one within two or three weeks. The pinnacle reef wells are very deep--in between 14K and 19K feet--and are expensive to drill--CWEI is presently estimating $4.5M per completed well/$2.5M for a dry hole. Odds of success on any drilled well, having used 3-D technology, has constantly improved and is now almost 50%. CWEI is currently planning to begin drilling in October--the time in between now and then will be spent on their 50K acre 3-D seismic shoot and analysis of that data. Any additional information you can provide about the article on the Cotton Valley play will be greatly appreciated. Buzz Mills

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