Replies to post #13 on Clayton Williams Energy, Inc. (CWEI)

[Timothy Smith]

CWEI is inventory-rich so selling $400MM-$500MM of assets will not have a material impact on the company's drilling inventory.

As noted by the CEO Clayton Williams, there are 1,500 proven or nearly proven drilling locations which equates to about $7.5B in future capital spending.

Even at a pace of $450MM capital spend per year, it would take more than 16 years to drill the inventory.

Of that inventory, 750-800 wells are in the Giddings area, about 200 are in the Wolfberry formation, about 200 are in the Cline Shale, and about 200 are in the Delaware Basin (Wolfcamp/Bone Springs formations).