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CWEI > SEC Filings for CWEI > Form 8-K on 22-Apr-2013All Recent SEC Filings

Show all filings for CLAYTON WILLIAMS ENERGY INC /DE | Request a Trial to NEW EDGAR Online Pro

Form 8-K for CLAYTON WILLIAMS ENERGY INC /DE


22-Apr-2013

Regulation FD Disclosure


Item 7.01 - Regulation FD Disclosure

On April 18, 2013, we announced that we had entered into a transaction with a financial investor to monetize 95% of our Wolfberry oil and gas reserves, leasehold interests and facilities located in Andrews County, Texas. A copy of the press release announcing the transaction is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 8.01 - Other Events.

On April 18, 2013, we entered into a transaction with a financial investor to monetize 95% of our Wolfberry oil and gas reserves, leasehold interests and facilities located in Andrews County, Texas (the "Assets") for $214 million, subject to customary closing adjustments. We will use the proceeds from the transaction to reduce the amount outstanding on our 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 us with approximately $99 million of additional availability under the facility. Closing of the transaction, which is subject to customary conditions, is expected to occur on April 24, 2013.
In connection with the transaction, we will contribute 5% of the Assets to a newly formed limited partnership in exchange for a 5% general partner interest, and the partnership will purchase the remaining 95% of the Assets from us. The partnership will obtain the proceeds from the investor in exchange for a 95% limited partner interest in the partnership.
The Assets accounted for approximately 21% of our total proved reserves at December 31, 2012 and approximately 16% of our total oil and gas production for the quarter ended December 31, 2012.
Item 9.01 - Financial Statements and Exhibits

(d) Exhibits.

Exhibit
Number                                  Description

            Press release dated April 19, 2013- Clayton Williams Energy, Inc.
99.1        Agrees to Monetize Andrews County Wolfberry Assets


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