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UPDATE 1-Carrizo Q4 production up 20 pct
February 11, 2010 / 12:53 PM / 8 years ago

UPDATE 1-Carrizo Q4 production up 20 pct

* Says Q4 average production was 94.4 mmcfe/day

* Sees FY 2010 capex of $170 mln

* Sees production of 130-140 mmcfe/day by end-2010

Feb 11 (Reuters) - Independent oil and gas company Carrizo Oil & Gas Inc (CRZO.O) said its total production for the fourth quarter rose 20 percent year-over-year, helped by increased drilling activity.

For the quarter, the company’s production was 8.7 billion cubic feet equivalent (bcfe) or an average of 94.4 million cubic feet equivalent per day (mmcfed).

“A shorter lag between well completion and connection to pipelines was largely responsible for the higher than expected production,” Carrizo said in a statement.

Carrizo also said it expects 2010 capital expenditures of $170 million, of which $130 million will be spent on the Barnett shale.

“The planned capital expenditure budget lets us reduce the backlog to 11 to 15 wells by year end,” the company said.

Carrizo also forecast production of 130 mmcfed to 140 mmcfed by 2010 year-end.

Shares of the company closed at $22.28 Wednesday on Nasdaq.

For the alerts, please double click [ID:nWNAB6091] (Reporting by Arup Roychoudhury in Bangalore; Editing by Ratul Ray Chaudhuri)

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