Clayton Williams Energy, Inc. (CWEI) is an independent oil and gas company. The Company is engaged in the exploration for and production of oil and natural gas in Texas, Louisiana and New Mexico. Its estimated proved reserves were approximately 70,015, thousands of barrels of oil equivalent of which 55% were proved developed. The Company’s portfolio of oil and natural gas reserves weighted in favor of oil, with approximately 82% of its proved reserves consisting of oil and natural gas liquids (NGL) and approximately 18% consisting of natural gas. The Company added proved reserves of 27,666 thousands of barrels of oil equivalent through extensions and discoveries, had downward revisions of 901 thousands of barrels of oil equivalent and had sales of minerals-in-place of 26,852 thousands of barrels of oil equivalent. The Company’s areas of operations include Permian Basin, Giddings Area and others, which include South Louisiana, Oklahoma and California.