Clayton Williams Energy Inc. (Nasdaq: CWEI) has closed on the sale of its Wolfberry oil and gas reserves, leasehold interests and facilities in Andrews County, Texas to an undisclosed buyer for $215.2 million.

The transaction, which closed April 24, was with an unidentified financial investor who bought a 95% limited partnership interest in the assets.

Proceeds will be used to reduce the amount outstanding on its revolving bank credit facility. The company’s borrowing base under the facility was reduced from $585 million to $470 million to account for the release of collateral, providing the company with $100 million of additional availability under the facility.

Under the terms of the agreement, Clayton Williams Energy will contribute 5% of the assets to a newly-formed limited partnership in exchange for a 5% general partner interest, and the partnership will purchase the remaining 95% of the assets from the company. The partnership will obtain the proceeds from the investor in exchange for a 95% limited partner interest.

The assets accounted for 21% of the company's total proved reserves at Dec. 31, and 16% of its total oil and gas production for the quarter ended Dec. 31.

Clayton Williams Energy, Inc. is an independent energy company based in Midland, Texas with assets primarily in Texas, Louisiana, and New Mexico. The company is headquartered in Midland, Texas. Clayton Williams Energy Inc. is an independent energy company engaged in the exploration for and production of oil and natural gas primarily in Texas, Louisiana, and New Mexico.