This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Clayton Williams Energy, Inc. Provides Operations Update

Clayton Williams Energy, Inc. (the “Company”) (NASDAQ:CWEI) today provided an update on its Permian Basin and Austin Chalk/Eagle Ford operations.

The Company is currently running seven rigs – five rigs in the Delaware Basin, with four drilling vertical Wolfbone wells and one drilling horizontal Wolfcamp wells, and two in Andrews County drilling vertical Wolfberry wells. The Company currently plans to continue this program for the remainder of 2012.

The Company’s primary focus is the Delaware Basin in Reeves, Ward, Winkler and Loving Counties, Texas. Since its entry into this emerging, oil-rich resource play in 2010, the Company has accumulated leases covering approximately 65,000 net acres.

To date, the Company has conducted drilling operations on 67 wells in Reeves County: 59 vertical Wolfbone wells and eight horizontal wells targeting multiple Bone Springs/Wolfcamp intervals. The peak 30-day production for all vertical wells spud in 2012 has averaged 158 barrels of oil. Excluding two wells that were not adequately stimulated due to mechanical constraints, the peak 30-day production for three of the five horizontal wells has averaged 307 barrels of oil per day.

The Company has made significant progress toward construction of mid-stream facilities in Reeves County. Currently, more than half of the Company’s wells in Reeves County are connected to gas pipeline facilities, and the Company expects to have most of its producing wells connected to pipelines by the end of the third quarter. In addition, the Company is nearing completion of an oil pipeline and a salt water disposal system for the area.

The Company drilled and completed the Balcar Unit #1, a horizontal Eagle Ford well in Lee County, Texas. Although initial flow rates from the well are encouraging, more production data is needed before the Company can determine if the well is commercially viable. The Company has a significant acreage position in the Giddings Field that may be prospective for Eagle Ford production if the Balcar Unit #1 is successful.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs