CRZO Carrizo Oil and Gas Inc

HOUSTON, Jan. 3 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) announced today that its four New Dawn horizontal Barnett Shale wells located in SE Tarrant Co., Tx. have finished fracture stimulation and begun sales at a combined 17.0 MMCF/D gross (12.75 MMCF/D net). These wells, in addition to three new horizontal Tier 1 wells in Parker County, helped bring Carrizo's year-end production rate in the Barnett Shale to 47.0 MMCFE/D, 135% higher than the year-end 2006 rate of 20 MMCFE/D. (Logo: http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO ) Pipeline work is now complete for the five Taylor wells in the same SE Tarrant area. Fracture stimulation of 36 stages should start January 7, 2008 and is expected to take about 30 days to complete and begin sales. Carrizo has four operated rigs drilling horizontal wells in the Barnett Shale. One of these rigs is dedicated to drilling on The University of Texas - Arlington campus where drilling of the first well is complete, and a second well was spud on January 2, 2008. Once five wells have been drilled, all five will be fracture stimulated and begin sales before additional drilling begins. Statements in this news release, including but not limited to those relating to Carrizo's or management's intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, including testing, evaluation, potential effects or timing, cash flow, the expected timing of drilling or fracture stimulation, production rates, future drilling and completion of current drilling of wells, timing of production, 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 the results and dependence on exploratory drilling activities, results of testing, evaluation, timing, results of any drilling operations, amount of actual production, final production rate information, final test results, operating risks, risks of foreign operation, risks of offshore operations, oil and gas price levels, land issues, availability of equipment, weather 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, +1-713-328-1000, both of Carrizo Oil & Gas, Inc.

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