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Player Avatar Dublin063 (88.15) Submitted: 4/28/2008 11:37:01 AM : Outperform Start Price: $47.15 CWEI Score: +45.58

Clayton Williams Energy, Inc. (CWEI) is an independent oil and gas company engaged in the exploration for and production of oil and natural gas primarily in Texas, Louisiana and New Mexico. During the year ended December 31, 2007, CWEI had a portfolio of oil and natural gas reserves, with approximately 42% of the proved reserves consisting of natural gas and approximately 58% consisting of oil and natural gas liquids. In 2007, CWEI held interests in 6,694 gross (918 net) producing oil and gas wells and owned leasehold interests in approximately 1.3 million gross (784,000 net) undeveloped acres. During 2007, the Company added proved reserves of 34.9 billions of cubic feet equivalent (Bcfe) through extensions and discoveries, had upward revisions of 20.9 Bcfe and had sales of minerals-in-place of 0.6 Bcfe. CWEI has an average net production of 98.3 millions of cubic feet equivalent (MMcfe) per day in 2007, which implies a reserve life of approximately 8.1 years.

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