Carrizo Oil & Gas, Inc. Announces Sale of Carrizo UK Huntington Limited And Interest in Huntington Field in UK North Sea for $184 Million to subsidiary of Iona Energy Inc

Carrizo Oil & Gas, Inc. announced that it has entered into a definitive agreement to sell its wholly owned subsidiary Carrizo UK Huntington Limited, and all of its interest in the Huntington Field in the UK North Sea to a subsidiary of Iona Energy Inc. for a cash consideration of $184 million. Carrizo expects to net approximately $116 million, after payment of approximately $70 million to retire and close our UK credit facility, working capital adjustments and transaction related costs. This transaction is expected to close on or before the end of January, and is subject to customary closing conditions and purchase price adjustments.