Key Developments For Clayton Williams Energy, Inc.
Clayton Williams Energy, Inc. (CWEI.O) (Nasdaq)
Clayton Williams Energy, Inc. Agrees To Sell 2,000 HP Drilling Rigs For $22 Million
Clayton Williams Energy, Inc. announced that it had entered into a binding agreement to sell two 2,000 horsepower drilling rigs and related components for total cash consideration of $22 million. The Company's carrying value for these rigs is approximately $16.1 million. Net proceeds from the sale will be used to repay bank indebtedness. The Company expects to close this sale within 30 days.
Clayton Williams Energy, Inc. Announces Recent Sales Of Assets and Interest In Producing Wells
Clayton Williams Energy, Inc. announced that it had recently closed two asset sales. On April 25, 2008, the Company and its affiliates sold all of their interests in 16 producing wells in South Louisiana to EnergyQuest II, LLC, a Quantum Energy Partners IV, LP portfolio company, for approximately $95 million, based on an effective date of March 1, 2008 and subject to customary closing adjustments. The assets that were sold in this transaction represented about half of the Company's proved developed reserves in South Louisiana. The Company retained its interests in the Floyd, Alabama and Fleur prospects, as well as all of its holdings in other undeveloped prospects in South Louisiana. None of the Company's holdings in North Louisiana were included in this sale. Also, on April 23, 2008 the Company sold a surplus well servicing unit to an undisclosed buyer for $1.8 million.
Clayton Williams Energy, Inc. Announces Sale Of Assets In Pecos County
Clayton Williams Energy, Inc. announced it had closed the sale of all of its producing and no producing acreage in Pecos County, Texas to an undisclosed buyer for $21 million, subject to typical post-close adjustments. The Company expects to record a gain of approximately $13 million in the fourth quarter of 2007 in connection with this sale. Proceeds from the sale were used to repay indebtedness on the Company's revolving credit facility.
Clayton Williams Energy, Inc. Abandons Apache Louisiana Minerals 73-1
Clayton Williams Energy, Inc. announced that it has abandoned the Apache Louisiana Minerals 73-1 (Abigail), a 14,200-foot exploratory well in Terrebonne Parish after determining that the well was nonproductive. The Company will record a pre-tax charge of $8.1 million related to the abandonment of this well in the third quarter of 2006 and an additional pre-tax charge of approximately $3.2 million in the fourth quarter of 2006. The Company also announced that the start of its Bossier exploration program in East Texas has been delayed until the first quarter of 2007 due to rig scheduling.
Clayton Williams Energy, Inc. and GE Energy Financial Services Acquire California and Texas Oil and Gas Properties
Clayton Williams Energy, Inc. and GE Energy Financial Services announced that an affiliated partnership, West Coast Energy Properties, L.P., has acquired certain producing oil and gas assets in California and Texas for $58 million.
