Profile: Carrizo Oil & Gas, Inc. (CRZO.O)

CRZO.O on Nasdaq

42.99USD
26 Jan 2015
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Carrizo Oil & Gas, Inc. (Carrizo) is an independent energy company. Carrizo together with its subsidiaries is engaged in the exploration, development, and production of oil and gas in the United States and the United Kingdom. Its operations are focused in proven, producing oil and gas plays primarily in the Barnett Shale in North Texas, the Marcellus Shale in Appalachia, the Eagle Ford Shale in South Texas, the Niobrara Formation in the Denver-Julesberg Basin (the Niobrara) in Colorado and the United Kingdom North Sea where its Huntington field discovery was under development during the year ended December 31, 2011. It controls acreage blocks and utilizes advanced drilling and completion technology along with three dimensional (3-D) seismic techniques to identify potential oil and gas drilling opportunities and to optimize reserve recovery. During 2011, it added, net of production, 140 billions of cubic feet equivalents to proved reserves, for a reserve replacement ratio of 311%. As of December 31, 2011, it operated 349 gross (288.8 net) producing oil and gas wells.

During 2011, the Company’s proved reserves of 936 billions of cubic feet equivalent were approximately 78% natural gas and approximately 22% crude oil, condensate and natural gas liquids. During 2011, its crude oil and liquids proved reserves were 34.7 million barrels of oil equivalent. As of December 31, 2011, the Company operated four rigs in the Eagle Ford Shale. In September 2011, it completed the sale of 20% of its interests in certain oil and gas properties in the Eagle Ford Shale. In May 2011, the Company sold a substantial portion of its non-core area Barnett Shale properties to KKR Natural Resources.

Crude Oil and Liquids Plays and Projects

As of December 31, 2011, its crude oil and liquids proved reserves were 34.7 million barrels of oil equivalent. During 2011, the Eagle Ford Shale and the Niobrara Formation, collectively added 14.4 million barrels of oil equivalent of crude oil and liquids to its proved reserves (14.2 million barrels of oil equivalent including associated gas). As of December 31, 2011, it held interests in approximately 98,127 gross (41,044 net) acres, 23 gross (19.5 net) producing wells and 12 gross (9.2 net) wells. The Company operated 23 gross (19.5 net) producing wells and 12 gross (9.2 net) wells drilled and waiting on completion and/or pipeline connection. During 2011, it drilled 30 gross wells (23 net). Total proved reserves for the Eagle Ford Shale were 28 million barrels of oil equivalent as of December 31, 2011, approximately 86%, or 24 million barrels of oil equivalent, of which was crude oil and liquids. As of December 31, 2011, it operated four rigs in the Eagle Ford Shale.

During 2011, it drilled eight gross wells (4.7 net), of which it operated seven gross wells (4.4 net) in the Niobrara Formation. As of December 31, 2011, it held interests in approximately 107,552 gross (58,255 net) acres, nine gross (7.6 net) producing wells and one gross (0.6 net) wells that were drilled but waiting on completion and/or pipeline connection. Total proved reserves for the Niobrara were one million barrels of oil equivalent at December 31, 2011, approximately 88%, or 884 million barrels of oil equivalent, of which was crude oil and liquids. During 2011, the Company commenced acquiring acreage in the Utica Shale located in eastern Ohio and northwestern Pennsylvania. In September 2011, its wholly owned subsidiary, Carrizo (Utica) LLC, entered into a joint venture with ACP II Marcellus LLC. Under the joint venture, the Company and Avista have the right to contribute cash and properties to acquire and develop acreage in the Utica Shale play. As of December 31, 2011, its Utica joint venture with Avista held approximately 20,406 net acres in Ohio and Pennsylvania. As of December 31, 2011, its proved reserves in the Huntington Forties reservoir were approximately six million barrels of oil equivalent, approximately 87% of which was crude oil.

Natural Gas Plays

At December 31, 2011, its natural gas proved reserves were 728 billions of cubic feet, approximately 90% of which was located in the Barnett Shale. During 2011, the production in the Barnett Shale was 36 billions of cubic feet equivalents. Total proved reserves for the Barnett Shale were 658 billions of cubic feet equivalents at December 31, 2011, approximately 99%, or 654 billions of cubic feet equivalents, of which was natural gas. As of December 31, 2011, it owned interests in 291,167 gross (109,782 net) acres in the Marcellus Shale, principally in Pennsylvania, West Virginia and New York. During 2011, it drilled 34 gross wells (10.5 net), of which it operated 31 gross wells (10.4 net).

Other Project Areas in the United States

The Company has additional wells, acreage positions and limited reserves in the onshore Gulf Coast area, the Camp Hill Field in Texas and certain other resource plays. The Company’s total proved reserves in these other areas are 26 equivalents, or less than 3% of its total proved reserves.

Company Address

Carrizo Oil & Gas, Inc.

Suite 2300, 500 Dallas Street
HOUSTON   TX   77002
P: +1713.3281000
F: +1713.3586437

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