Carrizo Oil & Gas, Inc. Announces Third Quarter Production Up 9% Over Third Quarter 2002 and Updates Drilling Results
November 04 2003 - 7:15AM
PR Newswire (US)
Carrizo Oil & Gas, Inc. Announces Third Quarter Production Up
9% Over Third Quarter 2002 and Updates Drilling Results HOUSTON,
Nov. 4 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas, Inc. today
announced the operating results for the third quarter of 2003. In
Texas and Louisiana, the Company participated in the drilling of
six gross exploratory wells, five of which were successful,
resulting in an 83 percent apparent success rate for the quarter.
Two of these successful wells have been completed and three wells
are in the process of being completed. Drilling operations are
currently underway on seven additional wells. Since the beginning
of the year, Carrizo has now drilled 22 wells, 19 of which have
been successful for an apparent 86% success rate. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO ) Production
during the third quarter of 2003 was estimated to be 1.99 Bcfe, or
nine percent above the 1.82 Bcfe of production in the third quarter
of 2002. Third quarter 2003 production was up 20 percent from the
previous quarter. Estimated production during the nine months of
2003 has reached a record level of 5.6 Bcfe, or ten percent above
the 5.1 Bcfe of production in the nine months of 2002. Natural gas
comprised 68 percent of total third quarter 2003 production
equivalent. The Company estimates that third quarter 2003 sales
prices averaged approximately $5.21 per Mcf and $29.15 per barrel.
These prices include the effects of hedging activities, which
resulted in a reduction of the realized price of natural gas sold
by $0.08 per Mcf and increased the price of oil sold by less than
$0.01 per barrel. The oil sales price reflects the large volume of
condensate production relative to total oil production. Operating
highlights during the third quarter of 2003 and recent activity
included the following: -- On October 23, 2003 Carrizo spud the
Beachhouse #2, a 12,350 foot follow-up exploratory well near the
Company's successful Beachhouse #1 well in Chambers County, Texas.
Carrizo is the operator and owns a 25 percent working interest in
this well. The "Beachhouse #1" well commenced production on August
15, 2003 at a rate of 10,655 Mcf of natural gas and 1,375 barrels
of oil (18,905 Mcfe) per day. Carrizo is the operator of the well
and owns a 28.79 percent working interest. -- The "Pauline Huebner
A-382 #2" well ("Huebner #2") in the Company's Providence Field in
Matagorda County, Texas, was dually completed on August 29, 2003.
The estimated combined production of the two zones reached a rate
of 1,000 barrels of oil and 2,300 Mcf of natural gas (8,300 Mcfe)
per day. The well is currently producing at a rate of 2,450 Mcfe
per day. Carrizo operates the well and has an average of
approximately 50 percent working interest. Carrizo is evaluating
plans to drill two additional wells in the Providence Field. The La
Terre 33 #1 well in Terrebonne Parish, Louisiana, one of Carrizo's
potential high impact wells, reached a total depth ("TD") of 15,000
feet. Logs indicate that the potential pay intervals are too tight
for commercial production and accordingly, the well will be plugged
and abandoned. Carrizo currently has seven rigs drilling, six in
Texas and one well in southeast Louisiana, the Shady Side #1 well
in St. Mary Parish, Louisiana (expected to reach TD and be logged
within a week). All of these wells are expected to reach TD during
the fourth quarter of 2003. We expect to spud two additional wells
shortly. Carrizo Oil & Gas, Inc., is a Houston-based energy
company engaged in the exploration, development, exploitation and
production of oil and natural gas in proven onshore trends
primarily along the Texas and Louisiana Gulf Coast regions. 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 those relating to the
Company's or management's intentions, beliefs, expectations, hopes,
projections, assessment of risks, estimations, plans or predictions
for the future including potential effects or timing, timing of
completion and drilling of wells 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, operating risks, 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, 2002 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 (281) 496-1352
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., +1-281-496-1352 Company News On-Call:
http://www.prnewswire.com/comp/123525.html
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