To date, the Company has incurred drilling costs of approximately $13 million and expects to spend an additional $1.5 million to attempt completion in the upper Bossier formation. The Company will record a pretax charge to exploration expense of approximately $3 million in the third quarter of 2007 related to the partial abandonment of the Margarita #1 below the interval identified for the completion attempt. Depending on the results of the planned completion attempt in the upper Bossier formation, additional charges to exploration expense may be necessary.
Clayton Williams Energy, Inc. is an independent energy company located in Midland, Texas.
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