- Current report filing (8-K)
December 09 2008 - 4:02PM
Edgar (US Regulatory)
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UNITED
STATES
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SECURITIES
AND EXCHANGE COMMISSION
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WASHINGTON,
D.C. 20549
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CURRENT
REPORT
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Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
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Date
of Report (Date of earliest event reported):
December 8,
2008
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CLAYTON
WILLIAMS ENERGY, INC.
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(Exact
name of Registrant as specified in its
charter)
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Delaware
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001-10924
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75-2396863
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(State
or other jurisdiction of
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(Commission
File
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(I.R.S.
Employer
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incorporation
or organization)
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Number)
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Identification
Number)
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6
Desta Drive, Suite 6500, Midland, Texas
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79705-5510
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(Address
of principal executive offices)
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(Zip
code)
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Registrant's
Telephone Number, including area code:
(432)
682-6324
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Not
applicable
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(
Former name, former address and
former fiscal year, if changed since last
report
)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
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¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
Pre-commencement
communications pursuant to Rule 14d-2 (b) under the Exchange Act
(17 CFR 240.14d-2 (b))
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¨
Pre-commencement
communications pursuant to Rule 13e-4 (c) under the Exchange Act
(17 CFR 240.13e-4 (c))
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Item 7.01
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Regulation FD
Disclosure
On
December 8, 2008, the Company issued a news release to announce that it had
terminated substantially all of its existing oil and gas derivative contracts
for cash proceeds of $99.3 million. A copy of the news release is
furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The
Company is hereby updating its financial guidance disclosures to report that the
Company will realize a gain during the fourth quarter of 2008 equal to the
amount of cash proceeds from the termination of these derivative
contracts. Since this gain will be included in taxable income for
2008, the Company is also revising its estimated effective income tax rates for
the fourth quarter of 2008, as follows:
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Fourth
Quarter 2008
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Original
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Revised
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Estimated
effective income tax rate:
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Estimate
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Estimate
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Current
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1
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%
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15
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%
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Deferred
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35
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%
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21
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%
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Total
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36
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%
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36
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%
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Item 9.01
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Financial Statements and
Exhibits
(d) Exhibits
The
following exhibit is provided as part of the information furnished under Item
7.01 of this report.
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Exhibit
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Number
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Description
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99.1
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News
release dated December 8, 2008 reporting termination of derivative
contracts for cash proceeds of $99
million
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereto
duly authorized.
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CLAYTON
WILLIAMS ENERGY, INC.
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Date:
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December
9, 2008
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By:
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/s/
L. Paul Latham
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L.
Paul Latham
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Executive
Vice President and Chief
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Operating
Officer
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Date:
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December
9, 2008
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By:
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/s/
Mel G. Riggs
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Mel
G. Riggs
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Senior
Vice President and Chief Financial
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Officer
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