While drilling at a depth of approximately 12,500 feet, the Company encountered a strong water flow, which it was unable to drill through without excessive risks and problems. As a result, the Company temporarily abandoned the well without testing the "pressured" portion of the Bossier formation. The Company is currently reevaluating how best to test the target section of the Bossier formation in this area. Other options may include obtaining and evaluating additional 2-D or 3-D seismic data and/or seeking industry partners to participate in future exploration activities in this area.
The Company owns a 100% working interest in the David Barton #1 well and has incurred approximately $8.5 million in drilling costs to date. Until a final evaluation is made regarding the productive status of this well, all accumulated costs will remain capitalized. The Company currently has approximately 188,000 acres leased for Bossier drilling in North Louisiana.
Clayton Williams Energy, Inc. is an independent energy company located in Midland, Texas.
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