Clayton Williams Energy sell shale wells and acreage

Clayton Williams Energy Inc.

Clayton Williams Energy Inc. (NYSE:CWEI) has closed the sale of selected wells and leases in Wilson, Brazos, La Salle, Frio, and Robertson counties, Texas, for $71 million. The sold properties, which are situated outside the company’s core block of Austin Chalk and Eagle Ford acreage, accounted for approximately 5% of the company’s oil and gas production for the quarter ended Dec. 31, 2013 and approximately 2% of its total proved reserves at Dec. 31, 2013.

Net proceeds from the sale will be used to repay the outstanding balance on the company’s revolving bank credit facility and to fund a portion of its planned capital expenditures for 2014. The current borrowing base under the credit facility is unchanged at $415 million pending a scheduled redetermination to take effect on or prior to May 1, 2014.

 

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