UPDATE 1-Carrizo Oil 2009 reserves jump, shares up

Wed Mar 3, 2010 10:44am EST

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* 2009 reserves up 20 pct

* Reserve increase equates to 400 pct of 2009 production

* Shares up as much as 7 pct March 3 (Reuters) - Independent oil and gas company Carrizo Oil & Gas Inc (CRZO.O) reported a 20 percent increase in 2009 reserves, helped by strong drilling activity at its Barnett Shale in North Texas, sending shares up as much as 7 percent in early morning trade.

Proved reserves for 2009 was 601.9 billion cubic feet of natural gas equivalent (bcfe), compared with 502.6 bcfe last year.

The company said the reserve increase equates to the replacement of 400 percent of 2009 production.

Last month, Carrizo said its total production for the fourth quarter rose 20 percent year-over-year, helped by increased drilling activity.[ID:nSGE61A0H4]

Shares of the company were up 5 percent at $26.83 Wednesday morning on Nasdaq. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Jarshad Kakkrakandy)

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