Clayton Williams Energy Announces the Death of L. Paul Latham, Director, Executive Vice President, and Chief Operating Officer
December 14 2010 - 10:04AM
Business Wire
Clayton Williams Energy, Inc. (the “Company”) (NASDAQ:CWEI)
regretfully announced today that L. Paul Latham, the Company’s
Executive Vice President and Chief Operating Officer and a member
of the Company’s Board of Directors, died Saturday, December 11,
2010 after a courageous battle against cancer. Mr. Latham, age 58,
had served in this capacity since the Company’s inception in
1991.
“The loss of Paul’s life to this terrible disease has left a
huge hole in our hearts,” stated Clayton W. Williams, Jr.,
President and Chief Executive Officer. “Paul was a very talented
businessman, a strong corporate and community leader, and a loyal
friend. Modesta and I, as well as the entire Clayton Williams
Energy organization, will miss him immensely. We extend our deepest
sympathy to the Latham family.”
On December 13, 2010, the Board of Directors of the Company made
the following changes to its slate of executive officers:
- Mel G. Riggs was appointed Executive
Vice President and Chief Operating Officer of the Company. Mr.
Riggs, age 56, was previously Senior Vice President and Chief
Financial Officer of the Company, having served in that capacity
since 1991. Mr. Riggs is also a director of the Company and has
served on the board of directors since 1994.
- Michael L. Pollard, age 60, was
appointed Senior Vice President and Chief Financial Officer. Prior
to his appointment, Mr. Pollard held the position of Vice President
and Principal Accounting Officer of the Company, having served in
that capacity since 2003.
Mr. Latham’s Board position will remain vacant pending further
action by the Board of Directors.
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 natural gas and liquids
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 our control, incident to the exploration for and
development, production and marketing of oil and gas.
These risks include, but are not limited to, the possibility of
unsuccessful exploration and development drilling activities, our
ability to replace and sustain production, commodity price
volatility, domestic and worldwide economic conditions, the
availability of capital on economic terms to fund our capital
expenditures and acquisitions, our level of indebtedness, the
impact of the current economic recession on our business
operations, financial condition and ability to raise capital,
declines in the value of our oil and gas properties resulting in a
decrease in our borrowing base under our 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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