Carrizo Oil & Gas Announces Public Offering of Common Stock
June 28 2017 - 4:13PM
Carrizo Oil & Gas, Inc. (Nasdaq:CRZO)
announced today that it has commenced an underwritten public
offering of 15,600,000 shares of its common stock. Carrizo intends
to use the net proceeds from this offering to fund a portion of the
purchase price for the pending acquisition of approximately 16,488
net acres located in the Delaware Basin (the “Pending Acquisition”)
and for general corporate purposes. Pending the closing of the
Pending Acquisition, Carrizo intends to use the net proceeds from
this offering to reduce borrowings under its revolving credit
facility. Carrizo intends to use net proceeds from this offering
not used to pay the purchase price for the Pending Acquisition,
including in the event it does not consummate the Pending
Acquisition, for general corporate purposes, including to fund
future potential acquisitions or a portion of its 2017 and 2018
capital expenditure plans.
In connection with this offering, Goldman Sachs
& Co. LLC and Wells Fargo Securities, LLC are serving as the
joint book-running managers. The offering is being made pursuant to
an effective shelf registration statement filed with the Securities
and Exchange Commission on August 28, 2014. Copies of the
preliminary prospectus for the offering may be obtained from the
offices of Goldman Sachs & Co. LLC, Attention: Prospectus
Department, 200 West Street, New York, New York 10282, phone: (866)
471-2526, facsimile: (212) 902-9316, email:
prospectus-ny@ny.email.gs.com; or Wells Fargo Securities, LLC, 375
Park Avenue, New York, NY 10152, Attn: Equity Syndicate Dept.,
e-mail: cmclientsupport@wellsfargo.com, phone:
1-800-326-5897.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities nor
shall there be any sale of any securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Carrizo Oil & Gas, Inc. is a Houston-based
energy company actively engaged in the exploration, development,
and production of oil, NGLs, and gas from resource plays located in
the United States. Carrizo’s current operations are principally
focused in proven, producing oil and gas plays primarily in the
Eagle Ford Shale in South Texas, the Delaware Basin in West Texas,
the Niobrara Formation in Colorado, the Utica Shale in Ohio, and
the Marcellus Shale in Pennsylvania.
Statements in this news release that are not
historical facts, including but not limited to those relating to
the proposed public offering, the use of proceeds from the proposed
public offering and other matters relating to the public offering,
the consummation of the Pending Acquisition 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 satisfaction of
closing conditions of the Pending Acquisition, failure of the
Pending Acquisition to close, market conditions and other factors
affecting Carrizo’s ability to complete its senior notes offering
and the preferred stock and warrants issuance, integration and
other acquisition risks, other factors affecting Carrizo’s ability
to reach agreements or complete acquisitions or dispositions,
actions by the seller in the Pending Acquisition, results of
operations, market conditions, capital needs and uses and other
risks and uncertainties that are beyond Carrizo’s control,
including those described in the prospectus, Carrizo’s Form 10-K
for the year ended December 31, 2016 and its other filings with the
Securities and Exchange Commission. Any forward-looking statement
speaks only as of the date on which such statement is made and
Carrizo undertakes no obligation to correct or update
forward-looking information. Carrizo may not consummate the Pending
Acquisition and the closing of the offering is not conditioned upon
the consummation of the Pending Acquisition.
Source: Carrizo Oil & Gas
Contact: Jeffrey P. Hayden, CFA, VP - Investor Relations
(713) 328-1044
Kim Pinyopusarerk, Manager - Investor Relations
(713) 358-6430
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