We have acreage where Clayton Williams recently sold around 4 thousand acres to an unkown buyer. Anyone have an idea who it might be? See the news release below
Clayton Williams Energy Sells Undeveloped Eagle Ford Rights and Resumes Drilling Operations at a Two-Rig Pace |
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Clayton Williams Energy, Inc. (the "Company") (NYSE:CWEI) today announced that it had sold approximately 3,700 net acres in Burleson County, Texas (the "Acreage") for cash consideration of $22.1 million. The Acreage, located east of the Company's contiguous acreage block, was sold under a term assignment that terminates on October 27, 2015 unless the buyer commences a 90-day continuous development program on the Acreage. The Company retained its rights to all depths and formations other than the Eagle Ford formation and also retained its interest in acreage and production associated with the Porter E Unit #1, the Company's only Eagle Ford well situated on the Acreage. Proceeds from the sale were used to reduce outstanding borrowings on the Company's bank credit facility. |