Exhibit 99.1

Clayton Williams Energy Announces 2009 Financial Results and Year-End Reserves

MIDLAND, Texas--(BUSINESS WIRE)--March 10, 2010--Clayton Williams Energy, Inc. (the “Company”) (NASDAQ: CWEI) today reported its financial results for the quarter and year ended December 31, 2009, along with information about its proved oil and gas reserves as of December 31, 2009.

Financial Results for the Fiscal Year 2009

Net loss attributable to Company stockholders for fiscal 2009 was $117.4 million, or $9.67 per share, as compared to net income of $140.5 million, or $11.67 per share, for fiscal 2008. Cash flow from operations for 2009 was $104.7 million as compared to $382 million for 2008. The key factors affecting the comparability of the two years were:

  • Oil and gas sales declined $221.6 million in 2009 versus 2008. Price variances accounted for $195.4 million of the decrease and production variances accounted for a decrease of $26.2 million. Average realized commodity prices in 2009 were significantly lower than the record-high prices realized by the Company in 2008. Average realized oil prices were $57.37 per barrel in 2009 versus $97.35 per barrel in 2008, and average realized gas prices were $4.35 per Mcf in 2009 versus $9.02 per Mcf in 2008. Most of the 7% decline in oil and gas production on barrel of oil equivalent (“BOE”) basis resulted from the sale of certain South Louisiana properties in April 2008.
  • Loss on derivatives for 2009 was $17.4 million ($15.9 million realized loss on settled contracts and $1.5 million non-cash mark-to-market loss) versus a gain in 2008 of $74.7 million ($25 million realized gain on settled contracts and $49.7 million non-cash mark-to-market gain). Sharp declines in commodity prices late in 2008 caused the fair value of the Company’s derivative positions to escalate significantly. In December 2008, the Company elected to terminate all of its then-existing derivative positions for cash proceeds of $99.3 million. See accompanying tables for additional information about the Company’s accounting for derivatives.

The following information was filed by Clayton Williams Energy Inc De (CWEI) on Wednesday, March 10, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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