Carrizo Oil & Gas, Inc. Prices Registered Direct Offering of 1.8 million Shares of Common Stock
September 12 2007 - 7:00AM
PR Newswire (US)
HOUSTON, Sept. 12 /PRNewswire-FirstCall/ -- . Carrizo Oil &
Gas, Inc. (NASDAQ:CRZO) today reported that it has received
commitments to purchase 1.8 million shares of its common stock (or
approximately 6.8% of the fully diluted shares outstanding) from
certain qualified investors in a registered direct offering at a
price of $41.40 per share. The shares are being offered through a
prospectus supplement to the Company's effective shelf registration
statement. The net proceeds to Carrizo from the offering, after
placement agents' commissions and reimbursed expenses, will be
approximately $72.1 million. Carrizo intends to use substantially
all of the net proceeds to fund in part its capital expenditure
program, including its drilling and leasing programs in the Barnett
Shale, appraisal well drilling in the North Sea and for other
corporate purposes. Pending those uses, Carrizo intends to use a
portion of the net proceeds to repay the $50 million outstanding
borrowings under its revolving credit facility. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO) RBC Capital
Markets acted as lead placement agent for the offering. The other
placement agents in this offering were comprised of Capital One
Southcoast, Inc., Johnson Rice & Company L.L.C., BMO Capital
Markets Corp., KeyBanc Capital Markets Inc., Pritchard Capital
Partners LLC, Tudor, Pickering & Co. Securities, Inc., Howard
Weil Incorporated, Coker & Palmer, Phillips & Mullen, Inc.,
SunTrust Robinson Humphrey, Inc., FIG Partners, LLC, and Natixis
Bleichroeder Inc. A copy of the final prospectus supplement and
accompanying base prospectus relating to the offering can be
obtained from RBC Capital Markets at 165 Broadway, New York, NY
10006. This press release does not constitute an offer to sell or a
solicitation of an offer to buy the common stock described in this
press release, nor shall there be any sale of the common stock in
any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to qualification under the securities
laws of any such jurisdiction. The offer is being made only through
the prospectus as supplemented, which is part of a shelf
registration statement that became effective on April 23, 2007.
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 proven onshore
trends along the Texas and Louisiana Gulf Coast regions and the
Barnett Shale area in North Texas. Carrizo controls significant
prospective acreage blocks and utilizes advanced 3-D seismic
techniques to identify potential oil and gas reserves and drilling
opportunities. Statements in this news release, including but not
limited to the amount of and use of proceeds from the offering and
the closing of the offering and other statements that are not
historical facts are forward looking statements that are based on
current expectations. Although the Company 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 satisfaction of
closing conditions to the offering and completion of the closing of
the offering, the results and dependence on exploratory drilling
activities, results of any drilling operations, operating risks,
oil and gas price levels, and other risks described in the
Company's Form 10-K for the year ended December 31, 2006 and its
other filings with the Securities and Exchange Commission. Contact:
Carrizo Oil & Gas, Inc. B. Allen Connell, Director of Investor
Relations Paul F. Boling, Chief Financial Officer (713) 328-1000
http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO
http://photoarchive.ap.org/ DATASOURCE: Carrizo Oil & Gas, Inc.
CONTACT: B. Allen Connell, Director of Investor Relations, or Paul
F. Boling, Chief Financial Officer, both of Carrizo Oil & Gas,
Inc., +1-713-328-1000
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