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Clayton Williams sells Austin Chalk and Eagle Ford Shale wells and acreage for $71 Million


Published Mar 17, 2014
Clayton Williams Energy Inc.

Clayton Williams Energy, Inc. has closed the sale of selected wells and leases in Wilson, Brazos, La Salle, Frio and Robertson Counties, Texas for $71 million, subject to customary closing adjustments. 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 December 31, 2013 and approximately 2% of its total proved reserves at December 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.

Tags: Clayton Williams Energy Inc.




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