Clayton Williams Adding TX Assets

Midland, TX-based Clayton Williams Energy Inc. will acquire morethan 65 Bcf of gas equivalent reserves in east Texas from SonatExploration Co. The company executed a purchase and sale agreementwith Sonat to acquire the assets for about $46.5 million. Thetransaction is effective April 1. The assets are concentrated inthree east Texas fields and consist mainly of long-life gasreserves with significant potential for behind-pipe re-completionsand developmental drilling. Clayton Williams will assume operationson substantially all of the acquired properties at closing,expected to occur by Nov. 20.

October 15, 1998
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