MIDLAND, Texas--(BUSINESS WIRE)--Clayton Williams Energy, Inc. (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.

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.