Clayton Williams Energy Inc. closed its sale of about 5.05 million common shares to funds managed by Ares Management LP for $150 million in cash proceeds, or about $29.70 per share.

The company also said Aug. 30 that Ronald D. Scott was appointed to the board of directors, effective Aug. 29.

Scott was nominated to the board by Ares pursuant to a stockholder agreement that Clayton Williams and Ares entered in connection with the closing of the equity transaction.

The board has approved Scott’s appointment.

Clayton Williams Energy Inc. is based in Midland, Texas.