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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL -- Ignore unavailable to you. Want to Upgrade?

To: Patrick J. Saunders who wrote (991)	7/27/1999 12:27:00 AM
From: Patrick J. Saunders	Read Replies (1) \| Respond to of 1017

Subject: Re: Debt reduction and drilling status... Date: Mon, 26 Jul 1999 10:31:15 -0500 From: "Lajuanda Holder" <cwei@claytonwilliams.com> To: "Patrick J. Saunders" <psaunders@ixpres.com> References: 1 Hi! Good to hear from you! In March the banks established our borrowing base at $53 million and provided for an automatic reduction of the base to $43 million upon the sale of CWEI's Jalmat assets. In April CWEI repaid $11.5 million on the credit facility with the proceeds from the sale of the Jalmat Field. As of May 11th, the outstanding debt for CWEI was approximately $40 million. Starting this month (July) CWEI will make monthly reductions of $650,000. The borrowing base is set to be redetermined in November. Accounting is working on the number for 2nd quarter. We plan to release 2nd quarter earnings on Thursday, August 5th. Management will do a conference call with analysts and institutional investors at 1:30 pm CT on August 5th. The call may be heard live or on replay on the Internet. The last call, which was May 11th, is still posted if you'd like to listed to what Mr. Williams had to say. I believe there is also a written transcript of the call also. The #1 Fazzino is on line and has been selling gas production since May. They discuss in detail on the May conference call, but they discovered that with each side-track they got further away from the center of the reef. The #2 Fazzino should complete in the next 30 days. This is a new well bore into the center of the same reef as the #1. Several Cotton Valley well have more than one producing well. This doesn't appear to drain the reef more quickly. CWEI stopped curtailing production on Austin Chalk wells in December 1998 and we started doing some water fracs in the Chalk to help stimulate production on older wells in February. Management is looking at hedges. Let me know if you have any other questions. Lajuanda Holder Director of Investor Relations Clayton Williams Energy, Inc. ----- Original Message ----- From: Patrick J. Saunders <psaunders@ixpres.com> To: <cwei@claytonwilliams.com> Sent: Saturday, July 24, 1999 11:18 PM Subject: Debt reduction and drilling status... > IR, > I am a share holder CWEI to the tune of X,XXXK/shares. > Can you please share with me the status on your debt refinancing, your schedule for getting Fanzio's gas to market and when you expect completion > on your next reef effort. Also, have you opened your other marginal > wells in response to the recent rise of oil prices? Can you tell > me what percentage of your sales you may be hedging by selling > forward? Thanks! Look forward to a better year! > Patrick Saunders >