Key Developments: Carrizo Oil & Gas, Inc. (CRZO.O)
28.85USD
18 Jun 2013
$0.70 (+2.49%)
$28.15
$28.45
$29.22
$28.14
740,636
798,808
$29.50
$19.03
Latest Key Developments (Source: Significant Developments)
Carrizo Oil & Gas, Inc. Issues Q1 2013 Production Guidance-Conference Call
Carrizo Oil & Gas, Inc. announced that for the first quarter of 2013, it expects total Company guidance to range between 92 to 96 net MMcfd, and 8,800 to 9,200 net BOPD, or 22,133 to 25,200 BOE per day. Full Article
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. Full Article
Carrizo Oil & Gas, Inc. Issues Q4 2012 Production Guidance-Conference Call
Carrizo Oil & Gas, Inc. announced that total Company guidance for fourth quarter of 2012 is expected to range between 88 to 99 net million cubic feet per day, and 8,100 to 8,700 net BOPD or 22,766 to 25,200 BOE per day. Full Article
Carrizo Oil & Gas, Inc. Announces Entry Into New $27.5 Million Niobrara Joint Venture
Carrizo Oil & Gas, Inc. announced that it has entered into an agreement to form a new joint venture in the Niobrara play with Haimo Oil & Gas LLC (Haimo), a subsidiary of Lanzhou Haimo Technologies Co. Ltd., a company formed under the laws of the People's Republic of China. Pursuant to the agreement, Haimo will acquire an undivided interest in approximately 6,000 net acres located primarily in Weld and Adams Counties, Colorado along with associated infrastructure and production of approximately 185 Boe/day for an all-cash payment of $27.5 million, subject to customary closing conditions (including Chinese government approvals), and purchase price adjustments. The sale of the property will be effective as of October 1, 2012, the same effective date as in Carrizo's separate Niobrara joint venture agreement with OIL India (USA) Inc. and IOCL (USA) Inc, subsidiaries of OIL India Ltd. and Indian Oil Corporation Ltd., respectively. Following the closing of this transaction late in the fourth quarter of 2012, the joint venture interest ownership participations in Carrizo's Niobrara development activities will stand collectively at 60% Carrizo, 30% OIL/IOCL, and 10% Haimo. Full Article
Carrizo Oil & Gas, Inc. To Get $82.5 Million In JV With Oil India Ltd And Indian Oil Corporation Limited-DJ
Dow Jones reported that Oil India Ltd and Indian Oil Corporation Limited have agreed to pay $82.5 million in cash and a drilling carry to Carrizo Oil & Gas, Inc. to form a joint venture (JV). Under the deal's terms, Oil India and Indian Oil Corp., both based in Delhi-have together acquired a 30% stake in substantially all of Carrizo's assets and operations prospective for Niobrara Formation oil development located primarily in Weld and Adams Counties, Colorado. Included in the transaction is the sale of about 18,100 net mineral acres and about 555 barrels of oil equivalents a day of production from 24 gross currently producing Carrizo-operated wells. Under the terms of the joint venture, Carrizo is receiving $41.25 million in cash and an additional $41.25 million in the form of a drilling carry that will be applied to fund a portion of Carrizo's share of future Niobrara development costs. The carry is anticipated to be fully utilized by early 2014. Full Article
Carrizo Oil & Gas, Inc. Announces Entry Into $82.5 Million Niobrara Joint Venture And Completion Of Gulf Coast Sale
Carrizo Oil & Gas, Inc. announced that it has entered into a joint venture agreement with subsidiaries of OIL India Ltd. and Indian Oil Corporation Ltd., both international energy companies based in Delhi, India. Pursuant to the agreement, OIL and Indian Oil Corp. have together acquired an undivided 30% non-operated interest in substantially all of Carrizo's assets and operations prospective for Niobrara Formation oil development located primarily in Weld and Adams Counties, Colorado for approximately $82.5 million. Included in the transaction is the sale of approximately 18,100 net mineral acres and approximately 555 Boe/day (75% oil) of production from 24 gross currently producing Carrizo operated wells. The Company also announced that it has completed the divestiture of substantially all of its legacy producing properties along the onshore Gulf of Mexico located primarily in Texas and Louisiana for approximately $19.5 million cash consideration, subject to customary post-closing adjustments, consents and indemnities. Effective date for the transaction was July 1, 2012. Net production from the sold properties is approximately 120 bbls/day of oil/condensate and 5,000 mcf/day of high BTU gas. Full Article
Carrizo Oil & Gas, Inc. Prices Upsized Offering of $300 Million of Senior Notes
Carrizo Oil & Gas, Inc. announced it has priced an underwritten public offering of $300 million aggregate principal amount of its senior notes due 2020 under its existing shelf registration statement. The offering is expected to close on September 10, 2012. Carrizo intends to use the net proceeds from the proposed offering to repay borrowings outstanding under Company's senior secured revolving credit facility and for general corporate purposes. The notes will bear interest at a rate of 7.50% per annum and will mature on September 15, 2020. Company may redeem all or a portion of the notes at any time on or after September 15, 2016 at the redemption prices set forth in the prospectus supplement related to the offering. Before September 15, 2016, Company may, at its option, redeem all or a portion of the notes at 100% of the principal amount plus a make-whole premium. Holders of the notes may require Carrizo to repurchase some or all of their notes for cash in the event of certain fundamental changes, at 101% of the amount plus accrued and unpaid interest. In connection with the notes offering, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, and Credit Suisse Securities (USA) LLC are acting as joint book-running managers; SG Americas Securities, LLC, Capital One Southcoast, Inc. and Credit Agricole Securities (USA) Inc. are acting as senior co-managers; and Global Hunter Securities, LLC and Mitsubishi UFJ Securities (USA), Inc. are acting as co-managers. Full Article
Carrizo Oil & Gas, Inc. Announces Offering Of $250 Million Of Senior Notes
Carrizo Oil & Gas, Inc. announced that it has commenced an underwritten public offering, subject to market and other conditions, of $250 million aggregate principal amount of senior notes due 2020 under its existing shelf registration statement. Carrizo intends to use the net proceeds from the proposed offering to repay borrowings outstanding under the Company's senior secured revolving credit facility and for general corporate purposes. In connection with the notes offering, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, and Credit Suisse Securities (USA) LLC are acting Full Article
Carrizo Oil & Gas, Inc. Issues Q3 2012 Production Guidance; Raises FY 2012 Production Guidance
Carrizo Oil & Gas, Inc. announced that based on current well completion plans, guidance for the third quarter of 2012 oil production to range from 7,800 to 8,200 barrels per day (a sequential quarterly increase of over 5% from the midpoint) and gas and NGL production to range from 92,000 to 96,000 mcfe per day. The Company has increased guidance for fiscal 2012 annual gas and NGL production to range from 103,500 to 106,500 mcfe per day. Full Article
Carrizo Oil & Gas, Inc. Issues Q2 2012 Production Guidance
Carrizo Oil & Gas, Inc. announced that its second quarter 2012 guidance is for oil production to range between 6,800 and 7,200 barrels per day and for its gas and NGL production to range from 97,000 to 101,000 mcf per day, for a Company total of 23,500 Boe per day at the midpoint. Full Article
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