Clayton Williams Energy updates guidance for effects of Hurricane Katrina
  by: OilOnline
  Tuesday, September 27, 2005

Clayton Williams Energy, Inc. has updated its financial guidance for the effects of Hurricane Katrina on its Louisiana oil and gas production. As previously announced, substantially all of its Louisiana production was in the path of Katrina and has been shut-in since late August. Early damage assessments indicate that all of the Company's facilities could be repaired within 3 to 8 weeks if field services and supplies continue to be available. The Company's current estimate for repairs is $1.5 million, the majority of which will be covered by insurance. However, most of the Company's production flows through pipeline and plant facilities operated by others. Estimates of time needed to repair the various facilities generally range from three to seven months.