Clayton Williams Energy, Inc. (stock symbol — CWEI) is an independent oil and gas company engaged in the exploration for and production of oil and natural gas primarily in Texas and New Mexico. At December 31, 2015, our estimated proved reserves were 46.6 MMBOE, of which 78% were proved developed. Our portfolio of oil and natural gas reserves is weighted in favor of oil, with approximately 83% of our proved reserves at December 31, 2015 consisting of oil and natural gas liquids and approximately 17% consisting of natural gas. During 2015, we added proved reserves of 3.5 MMBOE through the drill bit, resulting in a reserve replacement of 61%.

Clayton Williams Energy’s strategy is to grow oil and gas reserves and increase shareholder value. We are opportunity-driven, concentrating on developmental drilling in our core liquids-rich oil plays in the Permian Basin and Giddings Areas. Our large resource drilling inventory in these areas offers us exceptional production and reserve growth potential. We have a proven management team that is dedicated to tapping these resources in a controlled, cost-effective manner to create value for our shareholders.

Clayton Williams Energy drills primarily developmental oil wells in the liquids-rich areas of the Permian Basin and Giddings Area of Texas.  These oil-prone regions are known as two of the largest resource plays in the United States.  We have large contiguous acreage blocks in both areas and have over 1,000 locations identified for future drilling inventory.  We own and operate 8 drilling rigs that are key to our cost control and provide flexibility in our drilling operations.  Our operations program continues to improve through efficiencies in drilling and completion activities.  With infrastructures in place and a plentiful supply of fresh water, we are well positioned for future developmental drilling activities in both of our core areas.