Clayton Williams Energy Inc.

Sold about 5 million common shares priced at about $29.70 each to funds managed by Ares Management LP. Proceeds will provide additional liquidity for potential debt reduction transactions related to 2019 senior notes and will support developmental drilling on company’s southern Delaware Basin acreage. Common share transaction approved by the board, and is scheduled to close during the third quarter. Vinson & Elkins LLP was CWEI’s legal adviser, and Kirkland & Ellis LLP was Ares’ legal adviser. Advisers to the board of directors’ transaction committee were Goldman Sachs & Co. was financial adviser to the board of directors’ transaction committee, and Potter Anderson & Corroon LLP was its legal adviser.