CRZO Carrizo Oil and Gas Inc

Carrizo Oil & Gas, Inc. Announces 2004 Capital Expenditures Budget; Shady Side #1 Is Online to Sales HOUSTON, April 1 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas, Inc. today announced that its 2004 Capital Expenditures Budget is$45 million, excluding the recently announced $8.2 million acquisition in the Barnett Shale trend which we expect will be financed by a mezzanine project facility currently under negotiation. This 2004 Budget is comprised of $40 million for drilling and $5 million for land and seismic. The $40 million drilling budget is 68 percent higher than the Company's 2003 drilling expenditures. This marked increase in the drilling budget will allow Carrizo to retain substantially larger working interests in a number of wells it plans to drill in its onshore Gulf Coast prospects in Texas and Louisiana. The Company will fund the 2004 Capital Expenditures Budget from operating cash flows and partially from the net proceeds of the Company's recently completedcommon stock offering. (Logo: http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO ) Carrizo also announced that the Shady Side #1 well in St. Mary Parish, Louisiana has been put online and has produced at estimated rates up to 13,052 Mcf of natural gas and 256 barrels of oil (14,590 Mcfe) per day with a flowing tubing pressure of 7,975 psi. Prior to these rates, an additional five feet of perforations were added for a total of thirteen feet in the MA sands. The Shady Side #1 well is currently producing to sales at a planned rate of approximately 10,480 Mcf of natural gas and 170 barrels of oil (11,500 Mcfe) per day with a flowing tubing pressure of 8,050 psi. Carrizo is the operator of the well and owns an approximate 35 percent working interest. The Company is planning to spud a follow-up well during the second quarter of 2004. 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 results, reserves, sales, potential and other effects of the Shady Side #1 well, the expected mezzanine project facility, the Company's or management's intentions, beliefs, expectations, hopes, projections, drilling budgets, capital expenditures, funding for capital expenditures, assessment of risks, estimations, plans or predictions for the future including potential effects or timing, timing of completion and drilling ofwells, including the follow-up to the Shady Side #1 well, 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 of follow-up operations, 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, 2003 and its otherfilings 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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