Clayton Williams Energy Moves Forward with Floyd Prospect
Clayton Williams Energy said Tuesday that seven of the eight wells drilled on its Floyd prospect in Plaquemines Parish are currently producing at combined rates of approximately 1,023 gross (598 net) barrels of oil and 23,576 gross (13,683 net) Mcf of gas per day. The eighth well is expected to begin production in January 2007 at rates of approximately 48 gross (27 net) barrels of oil per day and 2,300 gross (1,725 net) Mcf of gas per day, based on available well test data. The Company plans to drill at least one additional well on this acreage.
The Company also reported that it had abandoned the Kyle Peterman Management Corp #1 (Pigeon), a 15,000-foot exploratory well in Iberia Parish after determining that the well was nonproductive. The Company will record a pre-tax charge of approximately $7.5 million related to the abandonment of this well in the fourth quarter of 2006.
Clayton Williams Energy, Inc. is an independent energy company located in Midland, Texas.
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