Investors can obtain free copies of the Registration Statement and joint proxy statement/prospectus, as each
may be amended from time to time, and other relevant documents filed by Carrizo and Callon with the SEC (when they become available) through the website maintained by the SEC at https://www.sec.gov. Copies of documents filed with the SEC by Carrizo
will be available free of charge from Carrizos website at https://www.carrizo.com or by contacting Carrizos Investor Relations Department at 713-328-1055.
Copies of documents filed with the SEC by Callon will be available free of charge from Callons website at https://www.callon.com or by contacting Callons Investor Relations Department at 281-589-5200.
Participants in the Proxy Solicitation
Carrizo, Callon and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC
rules, to be participants in the solicitation of proxies from Carrizos and Callons shareholders in connection with the proposed transaction. Information regarding the executive officers and directors of Carrizo is included in its
definitive proxy statement for its 2019 annual meeting filed with the SEC on April 2, 2019. Information regarding the executive officers and directors of Callon is included in its definitive proxy statement for its 2019 annual meeting filed
with the SEC on March 27, 2019. Additional information regarding the persons who may be deemed participants and their direct and indirect interests, by security holdings or otherwise, will be set forth in the Registration Statement and joint
proxy statement/prospectus and other materials when they are filed with the SEC in connection with the proposed transaction. Free copies of these documents may be obtained as described in the paragraphs above.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this communication concerning the proposed business combination between Carrizo and Callon, including any statements regarding the
expected timetable for reconvening the shareholder meetings and completing the proposed transaction, the results, effects, benefits and synergies of the proposed transaction, future opportunities for the combined company, future financial
performance and condition, guidance and any other statements regarding Carrizos or Callons future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts
are forward-looking statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words anticipate, believe,
ensure, expect, if, intend, estimate, probable, project, forecasts, predict, outlook, aim, will,
could, should, would, potential, may, might, anticipate, likely plan, positioned, strategy, and similar expressions
or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of
1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements
involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, risk of litigation, including the results, uncertainties and costs of litigation, failure to
obtain the required votes of Carrizos shareholders or Callons shareholders to approve the transaction and related matters; whether any redemption of Carrizos preferred stock will be necessary or will occur prior to the closing of
the transaction; the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the proposed transaction might be delayed or not occur at all;
potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of the revised transaction or completion of the transaction; the diversion of management time on transaction-related
issues; the ultimate timing, outcome and results of integrating the operations of Carrizo and Callon; the effects of the business combination of Carrizo and Callon, including the combined companys future financial condition, results of
operations, strategy and plans; the ability of the combined company to realize anticipated synergies and other benefits in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in
the manner expected; regulatory approval of the transaction; the effects of commodity price changes; and the risks of oil and gas activities. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash
flow generation, strategies for our operations, oil and natural gas market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.
Additional factors that could cause results to differ materially from those described above can be found in Carrizos Annual Report on Form 10-K for the year ended December 31, 2018 and in its subsequent Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019,
June 30, 2019 and September 30, 2019, each of which is on file with the SEC and available from Carrizos website at https://www.carrizo.com and in other documents Carrizo files with the SEC, and in Callons Annual Report on Form 10-K for the year ended December 31, 2018 and in its subsequent Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019,
June 30, 2019 and September 30, 2019, each of which is on file with the SEC and available from Callons website at https://www.callon.com and in other documents Callon files with the SEC.