Clayton Williams Energy Announces Well Completion in South Louisiana.Energy Editors/Business Editors MIDLAND, Texas--(BUSINESS WIRE)--Aug. 13, 2003 Clayton Williams Clayton Wheat Williams, Jr. (b. 1931), a businessman from Midland, Texas, was the unsuccessful Republican gubernatorial nominee in 1990 against the Democratic State Treasurer Dorothy Ann Willis Richards even though he initially led in opinion polls by twenty points. Energy Inc. (Nasdaq:CWEI CWEI Combat Warfare Electronic Intelligence ) today reported that the State Lease 3279 #1, an exploratory well drilled on the Floretta prospect in Plaquemines Parish, Louisiana Plaquemines Parish (Cajun French: Paroisse Plaquemine) is the parish with the most combined land and water area in the U.S. state of Louisiana. The parish seat is Pointe à la Hache. As of 2000, the parish's population was 26,757. , is in the process of being tested and completed. The well was drilled to a total depth of 14,330 feet to test a deep sand identified by 3-D seismic. This deep sand was nonproductive non·pro·duc·tive adj. 1. Not yielding or producing: nonproductive land. 2. Not engaged in the direct production of goods: nonproductive personnel. n. , and the well was plugged back to 12,800 feet. The well has been completed in one sand at this interval, and has been flow tested at a daily rate of 1,297 Mcf of gas and 940 Bbls of water on a 14/64 inch choke with 3,474 psi. Two additional sands, which the Company believes will be productive, remain behind pipe. Production equipment is currently being installed, and sales are expected to begin late in the third quarter. Beginning with first production, the Company will own a 70% working interest in this well. The Company plans to evaluate the production performance of this well before making any assessment of its potential reserves. The Company will take a pre-tax charge in the second quarter of approximately $900,000 associated with the abandonment of the deep sand. Clayton Williams Energy Inc. is an independent energy company located in Midland, Texas Midland is the county seat of Midland CountyGR6 located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. . Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. , 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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