CLAYTON WILLIAMS ENERGY,INC. (NYSE:CWEI) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
On December19, 2016, Clayton Williams Energy,Inc. (the Company)
issued a press release announcing that it has closed its
previously announced transaction with a third party to sell
substantially all of the Companys assets in the Giddings Area of
East Central Texas for a sale price of $400 million, before
closing adjustments (the Giddings Asset Sale). A copy of the
press release is furnished as Exhibit99.1 to this Current Report
on Form8-K.
The information contained in this Item 7.01, including
Exhibit99.1, is being furnished to Item 7.01 of Form8-K and shall
not be deemed filed for purposes of Section18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to
liabilities of that section.
Item 8.01 Other Events.
On December19, 2016, the Company closed the Giddings Asset Sale
for a sale price of $400 million, before closing adjustments. The
Company expects to use the proceeds from the sale to fund
development in the Delaware Basin and to repay a portion of its
outstanding indebtedness.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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ExhibitNo. |
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Description |
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99.1 |
Press Release, dated as of December19, 2016. |
About CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI)
Clayton Williams Energy, Inc. is an oil and gas company engaged in the exploration for and production of oil and natural gas. The Company operates in Texas, Louisiana and New Mexico. Its segments include oil and gas exploration and production, and contract drilling services. It has holdings in approximately two oil shale plays in the United States, which include Wolfcamp Shale in the Southern Delaware Basin of West Texas and the Eagle Ford Shale in the Giddings Area of East Central Texas. It is also engaged in finding reserves through exploratory drilling. Its exploration program consists of generating exploratory prospects, leasing the acreage related to these prospects, drilling exploratory wells on these prospects to determine if recoverable oil and gas reserves exist, drilling developmental wells on these prospects and producing and selling any resulting oil and gas production. The Company’s estimated proved reserves are approximately 46,570 thousand barrels of oil equivalent. CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI) Recent Trading Information
CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI) closed its last trading session up +3.32 at 118.26 with 318,960 shares trading hands.