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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 (1007)9/30/2000 9:00:45 AM
From: David Alan Cook  Read Replies (2) of 1017
 
CWEI - STOCK UP 3 Points + See last news comments on increase in oil production from recent drilling

DC

Clayton Williams Energy Announces Results of Its New Mexico Development Project

MIDLAND, Texas, Sep 20, 2000 /PRNewswire via COMTEX/ -- Clayton Williams Energy, Inc. (Nasdaq: CWEI chart, msgs) has successfully completed its 12th development well in the Loco Hills area of Eddy County, New Mexico. Total lease production is expected to be 800 BO and 1500 MCF per day after having produced 78,500 BO and 152 MMCF since February. CWEI developed this acreage on 20-acre spacing.

The Company has begun an additional development program in the area with 2 wells recently completed producing 285 BOPD, a 3rd well being completed and a 4th well drilling. The Company owns a 43% net revenue interest in this program and if successful could drill up to 58 wells in this area.

Clayton W. Williams, President and CEO said, "These are long life reserves. We believe the wells drilled to date have increased our current oil production by about 10 percent. We are excited about these results and believe we have further exploitation potential."

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.

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
/Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 147163
URL: claytonwilliams.com

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All Headlines

Additional Headlines

09/20 07:45 PR Newswire
Clayton Williams Energy Announces Results of Its New Mexico Development Project
09/18 13:27 CBS MarketWatch.com
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09/11 16:44 PR Newswire
Clayton Williams Energy - Fourth Pinnacle Reef Well Tests Gas

08/24 15:31 Business Wire
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