Operational Updates | Capital Markets | Private Equity Activity
Clayton Williams Energy, Inc. Provides Wolfberry Operations Update
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Clayton Williams Energy, Inc. (the "Company") (NASDAQ:CWEI) today provided an operations update on its drilling activities, by area:
Wolfbone Oil Play (Reeves County, Texas)
The Company is in the early stages of a major oil play in Reeves County targeting the Bone Springs and Wolfcamp formations (Wolfbone). The Company has leased 20,000 acres and will add significantly more acreage through a drill to earn farm-out agreement with Chesapeake Exploration. CWEI earns a 75% interest in 640 net acres for each well that it carries Chesapeake to the tanks for a quarter interest.
The Company is making significant front-end investments in this play: to acquire the acreage, the Chesapeake Carry, and to build pipelines and other infrastructure. The amount and timing of these investments will depend…
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