Carrizo Oil & Gas Responds to Lion Point 13D Filing
May 06 2019 - 12:00PM
Business Wire
Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today provided
the following statement in response to the schedule 13D filed by
Lion Point Capital.
Carrizo welcomes regular and thoughtful engagement with its
shareholders and seriously considers all suggestions that may
enhance shareholder value. While the Company has a history of
robust shareholder communications, Carrizo does not comment on
specific discussions with shareholders.
Carrizo’s Board and management team are focused on creating
shareholder value by executing on the Company’s strategy of driving
free cash flow by generating prudent, high-return production growth
and reducing leverage. While the Company believes that its
significant drilling inventory in two of the highest-return plays
in North America positions it to deliver on these goals in the
current pricing environment, its Board and management team will
continue to evaluate any and all opportunities, including
transactions with other companies, that could generate superior
returns for shareholders.
Carrizo Oil & Gas, Inc. is a Houston-based energy company
actively engaged in the exploration, development and production of
oil and gas from resource plays located in the United States. Our
current operations are principally focused in proven, producing oil
and gas plays primarily in the Eagle Ford Shale in South Texas and
the Permian Basin in West Texas.
Statements in this news release, including but not limited to
those relating to the response to 13D filing, corporate strategy,
goals, growth, reducing leverage, evaluating opportunities,
returns, strengthening balance sheet, expectation of continuing
communication, shareholder value, 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 actions and
responses by shareholders and potential transaction parties,
results of operations, market conditions, capital needs and uses
well costs, results of wells and testing, failure of actual
production to meet expectations, performance of rig operators,
availability of gathering systems, costs of oilfield services,
actions by governmental authorities, joint venture partners,
industry partners, lenders and other third parties, actions by
purchasers or sellers of properties, integration and other risks
and effects of acquisitions and dispositions, risks regarding
financing, commodity price changes, effects of the global economy
on exploration activity, results of and dependence on exploratory
drilling activities, operating risks, right-of-way and other land
issues, availability of capital and equipment, weather and other
risks and uncertainties, some of which are beyond Carrizo's
control, including those described in Carrizo's Form 10-K for the
year ended December 31, 2017 and in 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190506005535/en/
Carrizo Oil & Gas, Inc.Jeffrey P. Hayden,
CFAVP – Financial Planning and Analysis(713)
328-1044orKim PinyopusarerkManager - Investor
Relations(713) 358-6430
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