Key Developments: Clayton Williams Energy Inc (CWEI.O)
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Latest Key Developments (Source: Significant Developments)
Clayton Williams Energy, Inc. Announces Completion of Mergers of Southwest Royalties Limited Partnerships
Clayton Williams Energy, Inc. announced that on March 14, 2012, its wholly owned subsidiary, Southwest Royalties, Inc. (SWR), completed the previously announced mergers of each of the 24 limited partnerships of which SWR is the general partner (SWR Partnerships) into SWR, with SWR continuing as the surviving entity in the mergers. At the effective time of the mergers, all of the units representing limited partnership interests in the SWR Partnerships, other than those held by SWR, were converted into the right to receive cash. SWR did not receive any cash payment for its partnership interests in the SWR Partnerships. However, as a result of the mergers, SWR acquired 100% of the assets and liabilities of the SWR Partnerships. SWR paid aggregate merger consideration of $38.6 million. SWR obtained the funds to finance the aggregate merger consideration by conveying a volumetric production payment in the form of a term overriding royalty interest to a third party covering approximately 752,000 barrels of oil equivalents from specified properties acquired in the mergers. Full Article
Clayton Williams Energy, Inc.'s Southwest Royalties, Inc. Proposes Mergers To Acquire Southwest Royalties Partnerships
Clayton Williams Energy, Inc. announced that its wholly owned subsidiary, Southwest Royalties, Inc. (SWR), has filed preliminary proxy statements with the Securities and Exchange Commission (SEC) related to proposed mergers between SWR and six partnerships of which SWR is the general partner (Public Partnerships). As currently proposed, each Public Partnership that approves the merger would merge into SWR, and the partnership interests of such Public Partnership, other than those interests owned by SWR, would be converted into the right to receive cash. SWR would not receive any cash payment for its partnership interests in the Public Partnerships; however, as a result of each merger, SWR would acquire 100% of the assets and liabilities of the Public Partnerships. Clayton Williams Energy and SWR also intend to propose mergers between SWR and 18 additional partnerships of which SWR is the general partner. As currently proposed, the amount that SWR would pay for the limited partnership interests in the mergers would be based on each partnership’s reserves value, net working capital and net asset retirement obligations as of June 30, 2011. Full Article
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