Clayton Williams Energy Reports Louisiana Drilling Update.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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CWEI CWEI Combat Warfare Electronic Intelligence ) today reported the following update on drilling operations in Louisiana: The Company is preparing to plug and abandon the LL&E #1 (Andrea), a 16,800-foot exploratory well in Terrebonne Parish targeting the Hollywood formation. The Company will record a pre-tax charge of approximately $5.8 million related to the abandonment of this well, of which $4.8 million will be recorded in the third quarter of 2005 and $1 million will be recorded in the fourth quarter of 2005. The Company is also preparing to plug and abandon the SL 17636 #1 (Natalie), a 13,268-foot exploratory well in Cameron Parish targeting the Planulina formation. The Company will record a pre-tax charge of approximately $3.1 million related to the abandonment of this well, of which $2.5 million will be recorded in the third quarter of 2005 and $600,000 will be recorded in the fourth quarter of 2005. The Company is continuing its drilling operations on the Ransom ransom, price of redemption demanded by the captor of a person, vessel, or city. In ancient times cities frequently paid ransom to prevent their plundering by captors. The custom of ransoming was formerly sanctioned by law. #1 (Keck v. i. 1. To heave or to retch, as in an effort to vomit. [ imp. & p. p. os> r>; p. pr. & vb. n. os> n. 1. An effort to vomit; queasiness. ), a 14,000-foot exploratory well in Acadia Parish targeting the Nod A sand formation. To date, the Company has incurred approximately $2.2 million in drilling costs net to its interest. 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 The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality 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, 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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