Clayton Williams Energy, Inc. http://www.alacrastore.com/company-snapshot/Clayton_Williams_Energy_Inc-1074786 Sunday, November 23, 2008 3:28:58 PM 1074786 Clayton Williams Energy, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/ccbn/T1747928ccbn/T1747928norm...Good day, ladies and gentlemen, and welcome to the Q# #### Clayton Williams Energy, Inc. earnings conference call. (OPERATOR INSTRUCTIONS)I would now like to turn the call over to Mr. Clayton Williams. Please proceed, sir. ... 11/5/2008 3:07:00 PMClayton Williams Energy, Inc.54.0000FinalClayton Williams Energy, Inc. Q3 2008 Earnings Conference Call TranscriptCWEI2:00pm ETTranscriptT1747928Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/670526spcred/670526normThe latest Full Report from S&Pglobal9/10/2008 6:27:19 PM400Full Report670526United StatesOil & Gas Exploration & ProductionUnited StatesGlobal IssuersCorporationsConsumer ProductsFull ReportPermian Basin reserves that could provide more stable production and development opportunities; A moderate reserve life of about eight years and; Improved liquidity. A small reserve base; An aggressive growth and exploration program strategy; High drilling costs that could limit profitability at midcycle price levels; and Elevated debt leverage. The ratings on Clayton Williams Energy Inc. reflect its aggressive growth and exploration strategy, high debt leverage, elevated cost structure, and small reserve base. The ratings also incorporate the company's moderate reserve life, high property operatorship, improving operating performance, and significant ownership by management and the Clayton Williams family. The business risk profile is considered vulnerable, highlighted by Clayton Williams' position as a small, independent exploration and production (E&P) company withUSA96949010102020 101020 1010 10Clayton Williams Energy Inc.390813USACWEIFULLGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/670527spcred/670527normThe latest Summary from S&Pglobal9/10/2008 6:27:19 PM175Summary670527United StatesOil & Gas Exploration & ProductionUnited StatesGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on Clayton Williams Energy Inc. reflect its aggressive growth and exploration strategy, high debt leverage, elevated cost structure, and small reserve base. The ratings also incorporate the company's moderate reserve life, high property operatorship, improving operating performance, and significant ownership by management and the Clayton Williams family. The business risk profile is considered vulnerable, highlighted by Clayton Williams' position as a small, independent exploration and production (E&P) company with proved reserves of 291 billion cubic feet equivalent (bcfe) as of Dec. 31, 2007 (58% crude oil, 57.5% production natural gas), and an eight-year reserve life. Clayton Williams' reserves are somewhat concentrated, with nearly 58% of year-end 2007 reserves in the Permian Basin and around 17% in Louisiana. TheUSA96949010102020 101020 1010 10Clayton Williams Energy Inc.390813USACWEISUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1747926ccbn/T1747926norm...Good day, ladies and gentlemen. Welcome to the second quarter #### Clayton Williams Energy Incorporated earnings conference call. My name is Heather, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be pausing periodically throughout the presentation to take any questions you may have. (OPERATOR INSTRUCTIONS). As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's conference, Mr. Clayton Williams Jr., President and CEO. Please proceed, sir. ... 8/6/2008 4:06:00 PMClayton Williams Energy, Inc.54.0000FinalClayton Williams Energy, Inc. Q2 2008 Earnings Conference Call TranscriptCWEI2:30pm ETTranscriptT1747926Credit & Investment ResearchThomson StreetEventsUS - Clayton Williams Energy Inc agreed to divest its two drilling rigs, oil and gas exploration and production assets, to an undisclosed acquiror, for $## mil in cash.5/29/2008 4:21:11 PM90449I96956R90449I969490Undisclosed AcquirorClayton Williams Energy Inc- Drilling Rigs(2)Undisclosed AcquirorClayton Williams Energy Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Undisclosed_Acquiror_acquires_Clayton_Williams_Energy_Inc_Ri_from_Clayton_Williams_Energy_Inc-1981539020sdc/19815390201981539020Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necOil and Gas; Petroleum RefiningUnited StatesCrude petroleum and natural gas1311TXTexasSubsidiary12752001UnknownOil,gas expl,prodn coCashCash OnlyAssets1012962001May 29 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000UnknownUnknownUnknown1.000002.000003.000004.00000Drilling rigs of ClaytonWilliams Energy Inc are assetsused in the exploration andproduction of oil and gas.Drilling rigs of Clayton Williams Energy Inc are assets usedin the exploration and production of oil and gas.Drilling rigs of Clayton Williams Energy Inc are assets used in the exploration and production of oil and gas.0.000000.000000.000000.00000NU.S. Dollar27 May 08Tue, 27 May 2008 00:00:00 ESTDate Announced: 05/27/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000022 U.S. Dollar22.000000.0000022 U.S. Dollar22.000000.000000.000000.000000.0000022.0000022 U.S. Dollar1.00000N11.142000.000000.000000.000000.000000.0000022.0000022.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000US - Clayton Williams EnergyInc agreed to divest its twodrilling rigs, oil and gasexploration and productionassets, to an undisclosedacquiror, for $22 mil in cash.US - Clayton Williams Energy Inc agreed to divest its two drilling rigs, oil and gas exploration and production assets, to an undisclosed acquiror, for $22 mil in cash.US - Clayton Williams Energy Inc agreed to divest its two drilling rigs, oil and gasexploration and production assets, to an undisclosed acquiror, for $22 mil in cash.US - Clayton Williams Energy Inc agreed to divest its two drilling rigs, oil and gas exploration and production assets, to an undisclosed acquiror, for $22 mil in cash.US - Clayton Williams Energy Inc agreed to divest its two drilling rigs, oil and gas exploration and production assets, to an undisclosedacquiror, for $22 mil in cash.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services12752001Unknown6799UnknownPrivate1311:Crude petroleum and natural gas176814001NasdaqUnited States1311TexasPublicCWEI22.0000022.0000022.0000011.14200Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/ccbn/T1747921ccbn/T1747921norm...Good day and welcome to the Clayton Williams Energy Incorporated first quarter #### results conference call. My name is Shawn, and I will be your coordinator for today. (OPERATOR INSTRUCTIONS) I would now like to turn the presentation over to your host for today's call, Mr. Clayton Williams Jr., President and CEO. Please proceed.... 5/6/2008 4:06:00 PMClayton Williams Energy, Inc.54.0000FinalClayton Williams Energy, Inc. Q1 2008 Results Conference Call TranscriptCWEI2:30pm ETTranscriptT1747921Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1782324ccbn/T1782324norm...Good day, ladies and gentlemen, and welcome to the Clayton Williams Energy, Incorporated year-end and fourth quarter #### results conference call. My name is Eric, I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will facilitate the question-and-answer session right after the conference. I would now like to turn your presentation over to your host for today's call, Mr. Clayton Williams. Please proceed, sir. ... 3/12/2008 4:06:00 PMClayton Williams Energy, Inc.54.0000FinalClayton Williams Energy, Inc. YE and Q4 2007 Results Conference Call TranscriptCWEI2:30pm ETTranscriptT1782324Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/moodys/PR_145019_808360823moodys/PR_145019_808360823htmlRating Action12/1/2007 12:18:18 AMGlobal Credit Research Rating Action ## NOV #### Rating Action: Clayton Williams Energy, Inc. Moody's Changes Clayton Williams Energy's Rating Outlook to Negative Approximately $### Million of Debt Securities Affected. New York, November...Clayton Williams Energy, Inc.808360823150.0000NewshtmlClayton Williams Energy, Inc.PR_145019_808360823Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_808360823moodys/COP_808360823htmlCredit Opinion11/30/2007 4:12:17 PMGlobal Credit Research Credit Opinion ## NOV #### Credit Opinion: Clayton Williams Energy, Inc. Clayton Williams Energy, Inc. Midland, Texas, United States Ratings Category Moody's Rating Outlook Negative Corporate Family Rating B#...Clayton Williams Energy, Inc.808360823150.0000NewshtmlClayton Williams Energy, Inc.COP_808360823Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616439spcred/616439normThe latest Summary from S&P11/30/2007 1:25:13 PMSummary175global616439United StatesOil & Gas Exploration & ProductionUnited StatesGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on Clayton Williams Energy Inc. reflect its aggressive growth and exploration strategy, recent mediocre operating performance, high debt leverage, elevated cost structure, and small reserve base. The ratings also incorporate the company's moderate reserve life, high property operatorship, and significant ownership by management and the Clayton Williams family. The business risk profile is considered vulnerable, highlighted by Clayton Williams' position as a small, independent exploration and production company with proved reserves of 272 billion cubic feet equivalent (bcfe) as of Dec. 31, 2006 (56% crude oil, 52% production natural gas), , and a nine-year reserve life. Clayton Williams' reserves are somewhat concentrated, with nearly 60% of year-end 2006 reserves in the Permian Basin and around 20% in Louisiana.USA96949010102020 101020 1010 10Clayton Williams Energy Inc390813USACWEISUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616430spcred/616430normThe latest Full Report from S&P11/30/2007 1:25:12 PMFull Report400global616430United StatesOil & Gas Exploration & ProductionUnited StatesGlobal IssuersCorporationsConsumer ProductsFull ReportOnshore reserves that could provide more stable production and development opportunities; and Proved developed reserve life of about seven years, providing some cushion against higher exploration risk. Small reserve base and a preference for hyperbolic production (very high initial production that drops off quickly and then produces at a much lower level); Aggressive exploration program yielding mixed results; High drilling costs that could limit profitability at midcycle price levels; and Elevated debt leverage. The ratings on Clayton Williams Energy Inc. reflect its aggressive growth and exploration strategy, recent mediocre operating performance, high debt leverage, elevated cost structure, and small reserve base. The ratings also incorporate the company's moderate reserve life, high property operatorship, and significant ownership by management and theUSA96949010102020 101020 1010 10Clayton Williams Energy Inc390813USACWEIFULLGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Research