Clayton Williams Energy Provides Update on South Louisiana Operations.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. -- 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-NMS:CWEI CWEI Combat Warfare Electronic Intelligence ) today provided an update on its exploration and development activities in South Louisiana. The Company reported that seven of the eight wells drilled on its Floyd prospect in Plaquemines Parish are currently producing at combined rates of approximately 1,023 gross (598 net) barrels of oil and 23,576 gross (13,683 net) Mcf of gas per day. The eighth well is expected to begin production in January 2007 at rates of approximately 48 gross (27 net) barrels of oil per day and 2,300 gross (1,725 net) Mcf of gas per day, based on available well test data. The Company plans to drill at least one additional well on this acreage. The Company also reported that it had abandoned the Kyle Peterman Pe´ter`man n. 1. A fisherman; - so called after the apostle Peter. Management Corp #1 (Pigeon pigeon, common name for members of the large family Columbidae, land birds, cosmopolitan in temperate and tropical regions, characterized by stout bodies, short necks, small heads, and thick, heavy plumage. ), a 15,000-foot exploratory well in Iberia Parish after determining that the well 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. . The Company will record a pre-tax charge of approximately $7.5 million related to the abandonment of this well in the fourth quarter of 2006. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 of 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, and mechanical and other inherent risks associated with oil and gas production. These risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements. |
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