Clayton Williams Energy CWEI today
announced that it had entered into a transaction with a financial
investor to monetize 95% of its Wolfberry oil and gas reserves,
leasehold interests and facilities located in Andrews County, Texas (the
“Assets”) for $214 million, subject to customary closing adjustments.
The Company will use the proceeds from the transaction to reduce the
amount outstanding on its revolving bank credit facility. At closing of
the transaction, the borrowing base under the facility will be reduced
from $585 million to $470 million to account for the release of
collateral, providing the Company with approximately $99 million of
additional availability under the facility. Closing is expected to occur
on April 24, 2013.
See full press release
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