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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL
CWEI 131.900.0%Apr 25 4:00 PM EDT

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To: David Alan Cook who wrote (995)6/6/2000 8:08:00 PM
From: David Alan Cook  Read Replies (1) of 1017
 
More good news for CWEI - Stock continues to perform well given higher rates of production and higher oil and natural gas prices.

DC

Clayton Williams Energy Announces Status of Fourth Pinnacle Reef Well

MIDLAND, Texas, June 6 /PRNewswire/ -- Clayton Williams Energy, Inc. (Nasdaq: CWEI) announced that its McGrew Unit #1 pinnacle reef test in Robertson County, Texas has successfully drilled into a reef complex with encouraging gas shows to a total depth of 15,900 feet. The Company has logged and is preparing to complete the well.

The completion plan will last 6 to 8 weeks. The Company does not expect to release any production information from the well until a complete and full evaluation of its potential is performed.

The McGrew Unit #1 was drilled on a 3-D seismically defined pinnacle reef approximately 3 miles north of the Varisco Estate #1. The McGrew Unit #1 has been drilled pursuant to vendor financing arrangements. The Company owns 100 percent of this well subject to the right of a third party to back-in at payout for 20 percent and subject to the satisfaction of the Company's obligations to the vendor group.

The Company plans to move the current drilling rig to the Muse #1, a 3-D seismically-defined pinnacle reef about 4,000 feet southwest of the J. C. Fazzino Unit #2. The Company owns a 100 percent working interest in the Muse #1 and anticipates spudding the well during early July.

Clayton Williams Energy, Inc. is an independent energy company located in Midland, Texas.

Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: the volatility of oil and gas prices, the Company's drilling results, the Company's ability to replace short-lived reserves, the availability of capital resources, the reliance upon estimates of proved reserves, operating hazards and uninsured risks, competition, government regulation, the ability of the Company to implement its business strategy, and other factors referenced in the Company's public filings with the Securities and Exchange Commission.

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SOURCE: Clayton Williams Energy, Inc.
CONTACT: Lajuanda Holder, Director of Investor Relations, 915-688-3419, or Mel G. Riggs, Chief Financial Officer, 915-688-3431, both of Clayton Williams Energy, Inc., email, cwei@claytonwilliams.com
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