HOUSTON, Oct. 22 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas, Inc. (Nasdaq:
CRZO) Carrizo Oil & Gas today released an update to its exploration,
development and production activities. The Company's average production rate
for the third quarter of 2009 is estimated to have been 89.2 MMcfe/day, an
increase of over 35% from the same quarter last year.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO)
In the Barnett Shale, Carrizo drilled 8 wells, frac'ed and completed 12 wells,
and brought 15 wells on production since the end of the second quarter of
2009. A backlog of 33 wells are waiting on completion with an additional 6
wells waiting on connection to sales pipelines.
The Carrizo/Avista JV continues to ramp its drilling activity in the Marcellus
Shale. Since the end of the second quarter of 2009, the JV participated with
Stone Energy to drill and case the Stang #1 (12% CRZO WI) and initiated
drilling the Loomis #1 (12% CRZO WI), both in Susquehanna County,
Pennsylvania. After the interpretation of newly acquired seismic data, the JV
anticipates participating in its first horizontal Marcellus well when Stone
spuds the Loomis #4H (12% CRZO WI). On the JV's northern West Virginia
leasehold, Carrizo is in the process of drilling the Geary #1 and has a second
rig on location to spud the Lee #1.
Carrizo plans to release its earnings for the third quarter of 2009 prior to
the market opening on November 9, 2009. A conference call to discuss the
financial results will be held the same day at 3:00 PM Central Time.
Conference call details will be announced at a later date.
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in
the exploration, development, exploitation, and production of oil and natural
gas primarily in the Barnett Shale in North Texas, the Marcellus Shale in
Appalachia, and in proven onshore trends along the Texas and Louisiana Gulf
Coast regions. Carrizo controls significant prospective acreage blocks and
utilizes advanced 3-D seismic techniques to identify potential oil and gas
reserves and drilling opportunities. Carrizo also controls large acreage
positions in other productive shale resource plays.
Statements in this news release that are not historical facts, including but
not limited to those related to increases in production and new production,
expected reporting of production and drilling activity of the Carrizo/Avista
JV, are forward-looking statements that are based on current expectations.
Although Carrizo believes that its expectations are based on reasonable
assumptions, it can give no assurance that these expectations will prove
correct. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include review of
quarterly results, market and other conditions, capital needs and uses,
commodity price changes, effects of the global financial crisis on exploration
activity, results of and dependence on exploratory drilling activities,
operating risks, land issues, weather, and other risks described in Carrizo's
Form 10-K/A for the year ended December 31, 2008 and its other filings with
the Securities and Exchange Commission.
Contact: Carrizo Oil & Gas, Inc.
Richard Hunter, Vice President of Investor Relations
Paul F. Boling, Chief Financial Officer
(713) 328-1000
SOURCE Carrizo Oil & Gas, Inc.
Richard Hunter, Vice President of Investor Relations, and Paul F. Boling,
Chief Financial Officer, both of Carrizo Oil & Gas, Inc., +1-713-328-1000
