must have read the wrong report, page-13

Gary,

IMO a very well thought out post.

What I'm taking out to post is that its possible the real jewel is Birch. I say this only because there really is no comparision between the Niobrara and EFS in terms of value and production at present (don't believe me, believe Mark Papa).

Got 100% of Birch at 5,000 acres. That could as you highlight be POTENTIALLY the MC of the company - but as usual it will need RESERVES and not resources to back is up with PDP/PUD and formal NPV of the asset. Doesn't look like they want a JV partner though having just bought out the previous operator.

FYI

Here's what Clayton Williams said in their last Qtrly to the SEC - I wont even highlight the not so good pieces so as not to be downramping - its just another data point to cross reference to Slide 17 of Oct AKK presentation.

http://b2i.api.edgar-online.com/EFX_dll/EdgarPro.dll?FetchFilingConvPDF1?SessionID=9yRHFfDaN9V8o-9&ID=8897375

page 29 (or 33 if you count the cover sheets).

Eagle Ford Shale
The Eagle Ford Shale is a formation immediately beneath the Austin Chalk formation. In 2010, we drilled and completed four producing wells in Burleson and Lee Counties, Texas using various low-cost fracturing techniques. Production from these wells did not meet our expectations for a successful developmental drilling program. We then drilled and completed two wells in Wilson County, the Hosek #1 in the fourth quarter of 2011 and the Ortmann Unit #1 in the second quarter of 2012. We completed the Wilson County wells utilizing a cemented liner and a large, multi-stage fracturing technique and achieved significantly improved results. In the third quarter of 2012, we completed the Balcar Unit #1 in Lee County in a similar manner to the Wilson County wells. We are currently evaluating the production rates from the Balcar Unit #1 to assess the economic viability of a multiple well Eagle Ford Shale
drilling program across our significant acreage position in Robertson, Burleson and Lee Counties.

Clayton Williams also released the following statement
http://www.claytonwilliams.com/newsroom.html

"The Company drilled and completed the Balcar Unit #1, a horizontal Eagle Ford well in Lee County, Texas. Although initial flow rates from the well are encouraging, more production data is needed before the Company can determine if the well is commercially viable. The Company has a significant acreage position in the Giddings Field that may be prospective for Eagle Ford production if the Balcar Unit #1 is successful."

At present it seems Clayton Williams is more focused on the Austin Chalk than EFS - which is fine as Giddings field is well known for kicking off this area.