BRIEF-Clayton Williams Energy - agrees to sell $150 mln common stock

July 25 (Reuters) - Clayton Williams Energy Inc

* Clayton Williams Energy announces agreement to sell $150 million of common stock

* Proceeds from sale will provide liquidity for potential debt reduction transactions related to 2019 senior notes among others

* Ares will have right to nominate one of two new directors, subject to approval by board’s nominating and governance committee

* Sale for cash proceeds of $150 million, or approximately $29.70 per share

* Transaction was approved by board of directors

* Sale of 5.1 million shares of common stock to funds managed by Ares Management, L.P.

* Lenders under co’s term loan credit facility waived certain restrictions to enable co to use proceeds from equity issuances

* Board of directors will be expanded from seven to nine directors

* Is seeking a successor to Michael Pollard, chief financial officer, who has announced his desire to step down as CFO Source text for Eikon: Further company coverage: