|Exchange:||NASDAQ national market|
|Stock:||Clayton Williams Energy Inc.|
|Industry:||Oil & Gas E&P|
|Clayton Williams Energy, Inc., incorporated in Delaware in 1991, is an independent oil and gas company engaged in the exploration for and production of oil and natural gas primarily in Texas, Louisiana and New Mexico. On December 31, 2012, its estimated proved reserves were 75,357 MBOE, of which 58% were proved developed. Its portfolio of oil and natural gas reserves is weighted in favor of oil, with approximately 77% of its proved reserves at December 31, 2012 consisting of oil and natural gas liquids (“NGLs”) and approximately 23% consisting of natural gas. During 2012, it added proved reserves of 20,443 MBOE through extensions and discoveries, had downward revisions of 6,615MBOE, and had sales of minerals-in-place of 3,504 MBOE. It also had average net production of 15.3 MBOE per day in 2012, which implies a reserve life of approximately 13.5 years. CWEI held interests in 3031 gross (1,749 net) producing oil and gas wells and owned leasehold interests in approximately 951,000 gross (471,000 net) undeveloped acres at December 31, 2012. It conducts all of its drilling, exploration and production activities in the United States. All of its oil and gas assets are located in the United States, and all of its revenues are derived from sales to customers within the United States. Its current focus is on developmental drilling. A developmental well is a well drilled within the proved area of an oil and gas reservoir to a horizon known to be productive. The company has an inventory of developmental projects available for drilling in the future, most of which are located in the oil-prone regions of the Permian Basin and the Giddings Area. On March 14, 2012, Southwest Royalties, Inc. (“SWR”), a wholly owned subsidiary of CWEI, completed the mergers of each of the 24 limited partnerships of which SWR was the general partner (“SWR Partnerships”), into SWR, with SWR continuing as the surviving entity in the mergers. Its oil and gas exploration, production and related operations and activities are subject to extensive rules and regulations promulgated by federal, state and local governmental agencies.|
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