Clayton Williams Energy, Inc. (the “Company”) (NYSE:CWEI) today
announced that its Board of Directors has initiated a review of
strategic alternatives to enhance shareholder value and has engaged
Goldman, Sachs & Co. to serve as its exclusive financial adviser in that
process. Potential strategic alternatives to be considered during the
review may include the sale of certain of the Company’s core assets, a
recapitalization transaction or a merger.
There can be no assurance that this review process will result in any
transaction in the future, and no decision has been made to enter into
any transaction at this time. The Company does not intend to make any
additional comments on this matter other than as required by applicable
law.
Clayton Williams Energy, Inc. is an independent energy company located
in Midland, Texas.
This release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements, other than statements
of historical or current facts, that address activities, events,
outcomes and other matters that we plan, expect, intend, assume,
believe, budget, predict, forecast, project, estimate or anticipate (and
other similar expressions) will, should or may occur in the future are
forward-looking statements. These forward-looking statements are based
on management's current belief, based on currently available
information, as to the outcome and timing of future events. The Company
cautions that its future oil and natural gas production, revenues, cash
flows, liquidity, plans for future operations, expenses, outlook for oil
and natural gas prices, timing of capital expenditures and other
forward-looking statements are subject to all of the risks and
uncertainties, many of which are beyond the Company’s control, incident
to the exploration for and development, production and marketing of oil
and gas.
These risks include, but are not limited to, any inability of the
Company to realize strategic alternatives, the terms, timing or
structure of any such transaction or alternative (or whether any such
transaction or alternative will take place at all), the performance of
the Company if any such transaction or alternative is completed, the
possibility of unsuccessful exploration and development drilling
activities, the Company’s ability to replace and sustain production,
commodity price volatility, domestic and worldwide economic conditions,
the availability of capital on economic terms to fund its capital
expenditures and acquisitions, the Company’s level of indebtedness, the
impact of the current economic environment on its business operations,
financial condition and ability to raise capital, declines in the value
of its oil and gas properties resulting in a decrease in the Company’s
borrowing base under its credit facility and impairments, the ability of
financial counterparties to perform or fulfill their obligations under
existing agreements, the uncertainty inherent in estimating proved oil
and gas reserves and in projecting future rates of production and timing
of development expenditures, drilling and other operating risks, lack of
availability of goods and services, regulatory and environmental risks
associated with drilling and production activities, the adverse effects
of changes in applicable tax, environmental and other regulatory
legislation, and other risks and uncertainties are described in the
Company's filings with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements.
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