Clayton Williams Energy has provided an update on its exploration and development activities by area.
The Company today announced that it will drill an 18,500-foot exploratory test well in the Bayou Sale field on its Liger Prospect in St. Mary Parish, Louisiana. The Company expects to spud the well in the first quarter of 2009 targeting the lower Miocene sands. The cost to drill the well to total depth is estimated to be approximately $12 million (net to the Company's interest). The Company and BP Americas, Inc. will each own a 50% working interest in any production established by this well.
East Texas Bossier
The Company is currently completing the Sunny Unit #1, a 17,300-foot exploratory well in Burleson County, Texas. The well was successfully drilled to the Deep Bossier formation, and completion is being attempted in the middle Bossier sands. Should the middle Bossier sands prove unproductive, additional potential sands have been identified in uphole zones.
The Sunny Unit #1 was drilled on a 3D-defined prospect that is on trend to and 20 miles southwest of the Company's Lee Fazzino #2 well which has produced 34.6 Bcf of natural gas since first production in 2001. To date, the Company has incurred drilling and completion costs of approximately $13.3 million on this well (100% working interest).
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