Carrizo Oil & Gas, Inc. Announces Sale of its Mansfield Gas Pipeline and Gathering System
October 20 2009 - 4:35PM
PR Newswire (US)
HOUSTON, Oct. 20 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas,
Inc. (NASDAQ:CRZO) announced today the closing of the sale of its
Mansfield pipeline and gathering system in Tarrant County, Texas to
Delphi Midstream Partners, LLC for net proceeds of $34.7 million,
including a working capital adjustment of approximately $1.2
million. Net proceeds from the sale will be used to reduce the debt
outstanding under Carrizo's Senior Credit Facility. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO) The
Mansfield pipeline system, constructed by Carrizo to gather and
transport natural gas from the Company's Southeast Tarrant County
operating area, consists of 19 miles of 6, 8 and 10 inch diameter
pipe with a current maximum takeaway capacity of 70 Mmcf/day. The
system also includes an associated compression/dehydration facility
that was included in the transaction. Over the 30 days preceding
the date of sale, the pipeline transported an average of 55
Mmcf/day. Carrizo has also entered into an agreement to continue to
operate the Mansfield pipeline system on Delphi Midstream's behalf.
SMH Capital was Carrizo's financial advisor for this transaction.
About Carrizo: 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
the Barnett Shale in North Texas, the Marcellus Shale in
Appalachia, and in proven onshore trends along the Texas and
Louisiana Gulf Coast regions. Carrizo controls significant
prospective acreage blocks and utilizes advanced drilling and
completion technology along with sophisticated 3-D seismic
techniques to identify potential oil and gas drilling opportunities
and to optimize reserve recovery. Statements in this news release
relating to use of proceeds, net proceeds and other statements that
are not historical facts are forward-looking statements that are
based on current expectations. Although Carrizo 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 post-closing
working capital requirements, market and other conditions, capital
needs and uses and other risks described in Carrizo's Form 10-KA
for the year ended December 31, 2008 and its other filings with the
Securities and Exchange Commission. Contact: Carrizo Oil & Gas,
Inc. Richard Hunter, Vice President 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: Richard Hunter, Vice President of Investor Relations, or
Paul F. Boling, Chief Financial Officer, both of Carrizo Oil &
Gas, Inc., +1-713-328-1000
Copyright
Carrizo Oil and Gas (NASDAQ:CRZO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Carrizo Oil and Gas (NASDAQ:CRZO)
Historical Stock Chart
From Oct 2023 to Oct 2024