Ronald D. Scott Appointed to Board of Directors
MIDLAND, Texas–(BUSINESS WIRE)–Clayton Williams Energy, Inc. (the “Company”) (NYSE:CWEI) announced today that it has closed its previously announced sale of 5,051,100 shares of common stock to funds managed by Ares Management, L.P. (“Ares”) (NYSE: ARES) for cash proceeds of $150 million, or approximately $29.70 per share.
In addition, the Company announced that Ronald D. Scott was appointed to the Board of Directors, effective August 29, 2016. Mr. Scott was nominated to the Board by Ares pursuant to a Stockholder Agreement between the Company and Ares that was entered into in connection with the closing of the equity transaction. The Board’s Nominating and Governance Committee recommended, and the Board approved, Mr. Scott’s appointment to the Board.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Clayton Williams Energy, Inc. nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The securities to be sold in the private placement have not been registered under the Securities Act of 1933 or applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock sold in the private placement.
About Clayton Williams Energy, Inc.
Clayton Williams Energy, Inc. is an independent energy company located in Midland, Texas.
About Ares Management
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $95 billion of assets under management as of June 30, 2016 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com.