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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 (1011)6/10/2004 2:31:13 PM
From: David Alan Cook   of 1017
CWEI News - Increase in Oil Supply - Prices still high. News below:

Press Release Source: Clayton Williams Energy Inc.

Clayton Williams Energy Inc. Announces Completion of Fleur No. 1 and Spuds Fleur No. 2
Monday June 7, 9:00 am ET

MIDLAND, Texas--(BUSINESS WIRE)--June 7, 2004--Clayton Williams Energy Inc. (Nasdaq:CWEI - News) announced today that it had successfully completed the State Lease 17378 No. 1 (Fleur) in Plaquemines Parish, La., in a middle Miocene sand in intervals between 14,326 feet and 14,344 feet.
The well was completed as an oil well and tested at an average of 307 bopd and 400 mcfpd with a flowing tubing pressure of 1,831 psi. The Company expects the well to be on line in the fourth quarter of 2004 after completion of production facilities. More production history is needed before the Company can make an informed estimate of this well's ultimate production and reserves.

The Company also announced that it had spudded the State Lease 17376 No. 1 (2nd Fleur) to test for middle Miocene sands that had hydrocarbon log shows in Fleur No. 1. The Company believes that Fleur No. 2 will encounter these sands in a more favorable structural position. The bottom hole of this well is projected to be 1,700 feet from Fleur No. 1. Drilling operations should be completed during the third quarter of 2004.

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

Except for historical information, statements made in this release are forward-looking statements as defined by the Securities and Exchange Commission. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, production variance from expectations, volatility or oil and gas prices, the need to develop and replace reserves, the substantial capital expenditures required to fund operations, exploration risks, uncertainties about estimates of reserves, competition, government regulation, costs and results of drilling new projects, mechanical and other inherent risks associated with oil and gas production. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in the Company's filling with the Securities and Exchange Commission, which are incorporated by reference.

Clayton Williams Energy Inc., Midland
Mel G. Riggs, 432-688-3431
Lajuanda Holder, 432-688-3419
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