Carrizo Oil & Gas, Inc. Announces Acquisition of Barnett Shale Interests
March 03 2004 - 6:15AM
PR Newswire (US)
Carrizo Oil & Gas, Inc. Announces Acquisition of Barnett Shale
Interests HOUSTON, March 3 /PRNewswire-FirstCall/ -- Carrizo Oil
& Gas, Inc. announced the $8.2 million purchase of wells and
leases in the Barnett Shale trend in Denton County, Texas from a
private company. These non-operated properties have an average 39
percent working interest. The acquisition includes 21 existing
gross wells (6.7 net) and interests in approximately 1,500 net
acres, which we expect to provide another twenty-seven gross
drillsites. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO ) Current net
production from the acquired properties is approximately 1.4
MMCFE/D and net proved reserves are internally estimated at 9.7
BCFE. Probable reserves are internally estimated to be 8.1 BCFE.
The effective date of the purchase is March 1, 2004. "This
acquisition in the Barnett Shale 'core area' will enhance our
existing acreage position and production in Parker and Tarrant
counties where we had acquired approximately 5,000 net leasehold
acres prior to this acquisition," commented S.P. Johnson, IV,
Carrizo's President and Chief Executive Officer. "We will also get
immediate experience with horizontal well performance, since two of
the existing wells arehorizontal and several more are planned.
While the Texas and Louisiana onshore Gulf Coast remains our
primary area of operations, we feel that adding longer life
reserves in the Barnett Shale trend will provide a good balance to
our primarily high rate -- shorter life reserves." 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. Statements in this news release,
including but not limited to those relating to acquired assets,
their effect and results, drill sites, reserves and planned wells
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 results and dependence on drilling activities, operating
risks, oil and gas price levels, land issues, availability of
equipment and weather and other risks described in Carrizo's Form
10-K for the year ended December 31, 2002 and its other filings
with the Securities and Exchange Commission. Cautionary Note to
U.S. Investors -- The United States Securities and Exchange
Commission permits oil and gas companies, in their filings with the
SEC, to disclose only proved reserves that a company has
demonstrated by actual production or conclusive formation tests to
be economically and legally producible under existing economic and
operating conditions. We use certain terms in this press release,
such as "probable reserves", that the SEC's guidelines strictly
prohibit us from including in filings with the SEC and which have
less certainty than proved reserves. U.S. Investors are urged to
consider closely the disclosure in our Form10-K for the fiscal year
ending December 31, 2002 and our subsequent filings with the SEC,
File No. 000-22915, available from us at 14701 St. Mary's Lane,
Suite 800, Houston, TX 77079. You can also obtain these filings
from the SEC by calling 1-800-SEC-0330. 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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