Clayton Williams Updates South Louisiana Operations

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Plaquemnes Project, Louisiana
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Clayton Williams is continuing completion operations on the State Lease 17378 No. 1 (Fleur) in Plaquemines Parish, but results to date have been unsuccessful. The Company first attempted completion in an interval at a vertical depth of 19,550 feet and found the sand to be wet. A second interval at a vertical depth of 19,380 feet was also wet and has been abandoned. The Company is currently attempting to perforate a third interval at a vertical depth of 18,230 feet, and expects to flow test this interval within two weeks. If this interval is not productive, the Company may abandon the lower zones and attempt completion in up to six intervals between 13,170 feet and 15,900 feet. The Company owns a 75% working interest in this well and has incurred drilling and completion costs to date totaling approximately $10 million, net to its interest.

The Company successfully completed the Allen Gautreaux No. 1 (King), an exploratory well in Acadia Parish. This well was completed in the Homeseeker E-3 sand at a vertical depth of 13,320 feet and tested at a flow rate of 1.48 MMcf of gas and 14 barrels condensate per day at a flowing tubing pressure of 4,579 psi (8/64th choke). Production is expected to begin in late April after the necessary pipeline and production facilities are constructed. The Company owns 100% of the working interest in this well.

The Company has run production casing on the Louisiana Fruit Co. No. 1 (Tiger Pass), an exploratory well in Plaquemines Parish, and plans to perforate and test four intervals between 8,780 feet and 11,930 feet. Completion operations were delayed in order to utilize the drilling rig on another location. The Company has spudded the Louisiana Fruit Co. No. 2 on this same prospect and plans to begin completion operations on one or both wells once the No. 2 well reaches total depth. The Company owns 100% of the working interests in these wells.

Also, the Company is currently drilling the Mervine Jankower No. 1 (Helen Gayle), an exploratory well in Acadia Parish, at a vertical depth of 11,500 feet. The Company expects to reach the target depth of 13,600 feet within 30 days. The Company owns 100% working interest in this well.

The Company also reported that one well drilled in March, the SL 17341 No. 1 (Brandi), was nonproductive. The Company will expense all costs associated with the drilling of this well, which will result in an additional pre-tax charge of approximately $1.2 million in the first quarter of 2004.

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