Carrizo Oil & Gas Provides Operations Update and Announces Earnings Release Date
October 22 2009 - 9:06AM
PR Newswire (US)
HOUSTON, Oct. 22 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas,
Inc. (NASDAQ:CRZO) Carrizo Oil & Gas today released an update
to its exploration, development and production activities. The
Company's average production rate for the third quarter of 2009 is
estimated to have been 89.2 MMcfe/day, an increase of over 35% from
the same quarter last year. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO) In the
Barnett Shale, Carrizo drilled 8 wells, frac'ed and completed 12
wells, and brought 15 wells on production since the end of the
second quarter of 2009. A backlog of 33 wells are waiting on
completion with an additional 6 wells waiting on connection to
sales pipelines. The Carrizo/Avista JV continues to ramp its
drilling activity in the Marcellus Shale. Since the end of the
second quarter of 2009, the JV participated with Stone Energy to
drill and case the Stang #1 (12% CRZO WI) and initiated drilling
the Loomis #1 (12% CRZO WI), both in Susquehanna County,
Pennsylvania. After the interpretation of newly acquired seismic
data, the JV anticipates participating in its first horizontal
Marcellus well when Stone spuds the Loomis #4H (12% CRZO WI). On
the JV's northern West Virginia leasehold, Carrizo is in the
process of drilling the Geary #1 and has a second rig on location
to spud the Lee #1. Carrizo plans to release its earnings for the
third quarter of 2009 prior to the market opening on November 9,
2009. A conference call to discuss the financial results will be
held the same day at 3:00 PM Central Time. Conference call details
will be announced at a later date. Carrizo Oil & Gas, Inc. is a
Houston-based energy company actively engaged in the exploration,
development, exploitation, and production of oil and natural gas
primarily in the Barnett Shale in North Texas, the Marcellus Shale
in Appalachia, and in proven onshore trends 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. Carrizo also controls large acreage positions in
other productive shale resource plays. Statements in this news
release that are not historical facts, including but not limited to
those related to increases in production and new production,
expected reporting of production and drilling activity of the
Carrizo/Avista JV, 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 review of quarterly
results, market and other conditions, capital needs and uses,
commodity price changes, effects of the global financial crisis on
exploration activity, results of and dependence on exploratory
drilling activities, operating risks, land issues, weather, and
other risks described in Carrizo's Form 10-K/A for the year ended
December 31, 2008 and its other filings with the Securities and
Exchange Commission. Contact: Carrizo Oil & Gas, Inc. Richard
Hunter, Vice President of Investor Relations Paul F. Boling, Chief
Financial Officer (713) 328-1000
http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO
http://photoarchive.ap.org/ DATASOURCE: Carrizo Oil & Gas, Inc.
CONTACT: Richard Hunter, Vice President of Investor Relations, and
Paul F. Boling, Chief Financial Officer, both of Carrizo Oil &
Gas, Inc., +1-713-328-1000
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