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Carrizo Oil & Gas - unconventional Gas Producer


WKN: 908620 | Symbol: CRZO
26,84
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19.05.18
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11.05.2009 12:31
Carrizo Oil & Gas, Inc. Announces Record Production in First Quarter Financial Results

HOUSTON, May 11 /PRNewswire-FirstCall/ -- Carrizo Oil&Gas, Inc. today reported the Company's financial results for the first quarter of 2009, which included the following highlights:

Results for the First Quarter 2009 -- -- Record Production of 8.26 Bcfe, or 91,761 Mcfe/d -- Revenue of $30.7 million, before the benefit from settled hedges -- Net Loss of $148.3 million, or Adjusted Net Income of $13.1 million before non-cash net charges noted below -- EBITDA, as defined below, of $41.0 million (Logo: http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO)

Production volumes during the three months ended March 31, 2009 were a record 8.26 Bcfe, 30 percent higher than the first quarter of 2008 and 14% higher than fourth quarter 2008. The increase was largely due to new production contributions from the Barnett Shale wells. Revenues for the three months ended March 31, 2009 were $30.7 million, as compared to $53.6 million during the quarter ended March 31, 2008. The decrease in revenues was primarily driven by lower realized natural gas prices, partially offset by increased production. Excluding the effect from settled hedges, Carrizo's average gas sales price decreased 55 percent to $3.63 per Mcf compared to $8.06 per Mcf for the first quarter of 2008 and the average oil sales price decreased 59 percent to $39.38 per barrel compared to $96.10 per barrel for the first quarter of 2008. Realized prices, including the effect of settled hedges, are presented in the table below.

For the quarter ended March 31, 2009, the Company reported adjusted net income of $13.1 million, or $0.43 and $0.42 per basic and diluted share, respectively, excluding a net $161.4 million non-cash, after-tax charge, comprised of a non-cash impairment of oil and natural gas properties of $163.9 million, stock compensation expense of $2.2 million, and $0.1 million of bad debt expense, that was partially offset by a marked-to-market unrealized gain of $4.8 million on derivatives. The Company reported a net loss of $148.3 million, or $(4.80) per basic and diluted share, for the quarter ended March 31, 2009, as compared to net loss of $5.3 million, or $(0.18) per basic and diluted share, for the same quarter during 2008.

EBITDA (earnings before interest, income tax, depreciation, amortization expenses, impairment of oil and natural gas properties and certain other items) during the first quarter of 2009 was $41.0 million, or $1.33 and $1.32 per basic and diluted share, respectively, as compared to $38.4 million, or $1.32 and $1.30 per basic and diluted share, respectively, during the first quarter of 2008.

Lease operating expenses (excluding production taxes and transportation costs) were $6.1 million (or $0.74 per Mcfe) during the three months ended March 31, 2009 as compared to $4.9 million (or $0.77 per Mcfe) for the first quarter of 2008. The increase is largely attributable to the increased production and well count.

Transportation costs were $3.3 million (or $0.40 per Mcfe) during the three months ended March 31, 2009 as compared to $2.3 million (or $0.36 per Mcfe) for the first quarter of 2008.

Production taxes were a net benefit of $1.3 million, comprised of $0.6 million in production tax expenses on the production for the quarter and offset by a $1.9 million severance tax refund on certain wells that qualified for a tight-gas sands tax credit for prior production periods.

Depreciation, depletion and amortization expenses ("DD&A") were $16.5 million during the three months ended March 31, 2009 ($2.00 per Mcfe) as compared to $14.1 million ($2.22 per Mcfe) during the first quarter of 2008. The increase in DD&A expense was due primarily to increased production partially offset by a lower depletion rate primarily attributable to the fourth quarter 2009 ceiling test impairment.

General and administrative expenses ("G&A") decreased to $4.3 million during the three months ended March 31, 2009 from $5.1 million during the same quarter of 2008 primarily due to the absence of a 2008 annual cash bonus. Alternatively, the Company issued common stock, in lieu of cash, to pay 2008 discretionary bonuses to non-executive employees, discussed below.

Non-cash, stock-based compensation expense was $3.4 million ($2.2 million after tax) for the three months ended March 31, 2009 compared to $1.5 million ($0.9 million after tax) for the same period in 2008. The increase was due primarily to the issuance of common stock, in lieu of cash, to pay 2008 discretionary bonuses to non-executive employees.

The significant decline in oil and natural gas prices, indicated by average prices of $3.17 per Mcf for natural gas and $51.76 per Bbl for oil on May 6, 2009, caused the discounted present value (discounted at 10 percent) of future net cash flows from proved oil and gas reserves to fall below the net book basis of the Company's proved oil and gas properties. This resulted in a non-cash ceiling test write-down at the end of the first quarter of 2009 of $252.2 million ($163.9 million after tax).

A $30.1 million net gain on derivatives was recorded for the first quarter of 2009 comprised of $7.5 million ($4.8 million after tax) for the unrealized marked-to-market, non-cash gain on oil and natural gas derivatives and a $22.6 million gain for settled oil and natural gas derivatives.

Interest expense and capitalized interest for the three months ended March 31, 2009 were $9.1 million and $(5.0) million, respectively, as compared to $6.5 million and $(3.7) million for the same period in 2008. The three months ended March 31, 2009 includes approximately $3.0 million in non-cash interest expense associated with the debt discount on the Company's senior convertible notes as prescribed by APB 14-1. The increases are also attributable in part to higher debt balances due to the issuance of the senior convertible notes subsequent to the three months ended March 31, 2008, and partially offset by lower interest rates in the first quarter of 2009.

S.P. "Chip" Johnson IV, Carrizo's President and Chief Executive Officer, commented, "Production and operating results for the first quarter were in-line with our expectations as we are maintaining tight spending controls on all of our activities in this low commodity price environment. Although the significant financial impact of the current, low commodity prices are reflected in our results, we are pleased to be able to maintain profitability and look forward to the market returning to healthier pricing levels in the future. With a very high percentage of our 2009 production hedged at prices well above the current market, Carrizo should be able to generate sufficient cash flow to maintain our announced capital spending program. The highlights for this quarter included the increase in our borrowing base to $290 million and the drilling and logging of our first Marcellus well, the Cowfer #1, located in Centre County, PA. We are currently evaluating the logs and rock data collected to design the fracture stimulation. This well represents the initial phase of our vertical well Marcellus program designed to evaluate the prospectivity of our extensive land position. In the Barnett Shale, we have three rigs running in Tarrant County, including one on the University of Texas at Arlington campus and one drilling in the town of Pantego."

The company will host a conference call to discuss 2009 first quarter financial results on Monday, May 11, 2009 at 10:00 AM Central Daylight Time. To participate in the call, please dial (800) 936-4761 ten minutes before the call is scheduled to begin. A replay of the call will be available through Monday, May 18, 2009 at (800) 633-8284. The conference ID for the replay is 21424609.

A simultaneous webcast of the call may be accessed over the internet at http://www.investorcalendar.com/IC/CEPage.asp?ID=144877 or by visiting our website at http://www.crzo.net/ clicking on "Links" and then clicking on "2009 First Quarter Earnings Conference Call Webcast." To listen, please go to either website in time to register and install any necessary software. The webcast will be archived for replay on the Carrizo website for 15 days.

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 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 including the Fayetteville and Marcellus.

Statements in this news release, including but not limited to those relating to reserves, the Company's or management's intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, including, future pricing levels, cash flows and maintenance of announced capital spending program 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 market and other conditions, capital needs and uses, commodity price changes, effects of the global financial crisis on exploration activity, dependence on exploratory drilling activities, operating risks, land issues, compliance with covenants, future ceiling test write-downs, the availability of debt and other financing, availability of capital and equipment, weather and other risks described in the Company's Form 10-K for the year ended December 31, 2008, and its other filings with the Securities and Exchange Commission.

(Financial Highlights to Follow) CARRIZO OIL&GAS, INC. STATEMENTS OF OPERATIONS (unaudited) THREE MONTHS ENDED MARCH 31, --------- 2009 2008 ---- ---- (Restated) Oil and natural gas revenues 30,653,785 $53,560,406 ---------------------------- ---------- ----------- Costs and expenses: Lease operating expenses 6,080,306 4,894,718 Transportation expenses 3,279,400 2,305,561 Production tax expense (benefit) (1,322,444) 1,191,962 Depreciation, depletion and amortization 16,543,104 14,086,621 General and administrative expenses 4,252,132 5,108,676 Accretion expense related to asset retirement obligations 71,413 57,938 Bad debt expense 221,682 (70,401) Stock-based compensation expense 3,425,964 1,479,996 Impairment of oil and natural gas properties (1) 252,194,923 - -------------------------------- ----------- --- Total costs and expenses 284,746,480 29,055,071 ------------------------ ----------- ---------- Operating income (loss) (254,092,695) 24,505,335 ----------------------- ------------ ---------- Mark-to-market gain (loss) on derivatives, net 7,488,827 (28,071,685) Realized gain (loss) on derivatives, net 22,600,701 (1,743,892) Other income and expenses, net 45,464 67,493 Interest income 5,191 148,287 Interest expense cash (5,599,871) (5,876,813) Interest expense non-cash (3,460,362) (578,066) Capitalized Interest 4,951,781 3,718,446 --------------------- --------- --------- Loss before income taxes (228,060,964) (7,830,895) ------------------------ ------------ ---------- Income tax benefit (79,778,697) (2,535,293) ------------------ ----------- ---------- Net loss (148,282,267) $(5,295,602) ======== ============ =========== ADJUSTED net income (2) (3) 13,147,665 $13,867,230 =========================== ========== =========== EBITDA (see table below) 41,010,556 $38,383,090 ======================== ========== =========== Basic and Diluted net loss per common share (4) (4.80) $(0.18) ============================== ===== ====== ADJUSTED basic net income per common share (2) (3) (4) 0.43 $0.48 ============================= ==== ===== ADJUSTED diluted net income per common share (2) (3) (4) 0.42 $0.47 =============================== ==== ===== Basic weighted average common shares outstanding (4) 30,882,571 29,151,833 ----------------------------- ---------- ---------- Diluted weighted average common shares outstanding (4) 31,176,452 29,627,665 ------------------------------- ---------- ---------- (1) Based on subsequent pricing on May 6, 2009 as permitted under current SEC guidelines. This option will no longer be permitted effective December 31, 2009 upon adoption of new oil and gas reporting requirements. (2) Adjusted net income of $13.1 million ($0.43 and $0.42 per basic and diluted share) for the quarter ended March 31, 2009 excludes the $161.4 million of non-cash, after-tax expenses, comprised of (1) a non-cash impairment of oil and natural gas properties of $163.9 million and (2) stock-based compensation expense of $2.2 million and (3) $0.1 million of bad debt expense, partially offset by (4) a marked-to-market unrealized gain of $4.8 million on derivatives. (3) Adjusted net income of $13.9 million ($0.48 and $0.47 per basic and diluted share ) for the quarter ended March 31, 2008 excludes the $19.1 million of non-cash, after-tax expenses, comprised of a marked-to-market unrealized loss of $18.2 million on derivatives and stock-based compensation expense of $0.9 million. (4) In January 2009, the Company adopted Financial Accounting Standards Board's Staff Position Emerging Issues Task Force 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities." It required retrospective presentation of all periods presented in financial statements. See the Company's Form 10-Q for the quarter ended March 31, 2009 for further explanation. CARRIZO OIL&GAS, INC. CONDENSED BALANCE SHEETS -------- ---------- 03/31/09 12/31/2008 -------- ---------- (unaudited) (Restated) (1) ASSETS: Cash and cash equivalents $3,111,460 $5,183,466 Fair value of derivative financial instruments 45,466,666 22,790,505 Other current assets 31,708,759 28,346,777 Property and equipment, net 816,175,697 1,026,508,059 Deferred income taxes 38,006,199 - Other assets 9,818,879 25,478,104 Investments 3,181,607 3,273,910 ------------ ------------ -------------- TOTAL ASSETS $947,469,267 $1,111,580,821 ============ ============ ============== LIABILITIES AND EQUITY: Accounts payable and accrued liabilities $101,925,159 $101,664,523 Current maturities of long-term debt 172,694 172,694 Other current liabilities 15,913,334 12,085,425 Long-term debt, net of current maturities 499,786,995 475,788,267 Deferred income taxes - 48,735,603 Other liabilities 10,187,914 7,128,050 Equity 319,483,171 466,006,259 ---------------------------- ------------ -------------- TOTAL LIABILITIES AND EQUITY $947,469,267 $1,111,580,821 ============================ ============ ============== (1) In January 2009, the Company adopted Financial Accounting Standard Board's Staff Position, APB 14-1, "Accounting for Certain Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement)". This pronouncement required retrospective application for all periods in financial statement presentations. See the Company's Form 10-Q for the quarter ended March 31, 2009 for further explanation. Income tax benefit for the three months ended March 31, 2009 and 2008 includes a $79,844,297 and $2,740,813, respectively, provision for deferred income taxes and a $65,600 and $200,539, respectively, provision for currently payable franchise taxes. CARRIZO OIL&GAS, INC. NON-GAAP DISCLOSURES (unaudited) THREE MONTHS ENDED Reconciliation of Net Loss to EBITDA MARCH 31, ------------------------------------ --------- 2009 2008 ---- ---- (Restated) Net loss $(148,282,267) $(5,295,602) -------- ------------- ----------- Adjustments: Depreciation, depletion and amortization 16,543,104 14,086,621 Unrealized mark-to-market (gain) loss on derivatives (7,488,827) 28,071,685 Interest expense cash 5,599,871 5,876,813 Interest expense non-cash 3,460,362 578,066 Capitalized Interest (4,951,781) (3,718,446) Interest income (5,191) (148,287) Income tax benefit (79,778,697) (2,535,293) Stock-based compensation expense 3,425,964 1,479,996 Bad debt expense 221,682 (70,401) Accretion expense related to asset retirement obligations 71,413 57,938 Impairment of oil and natural gas properties 252,194,923 - EBITDA, as defined $41,010,556 $38,383,090 ================== =========== =========== EBITDA per basic common share $1.33 $1.32 ============================= ===== ===== EBITDA per diluted common share $1.32 $1.30 =============================== ===== ===== CARRIZO OIL&GAS, INC. PRODUCTION VOLUMES AND PRICES (unaudited) Production volumes- Oil and condensate (Bbls) 44,049 53,020 Natural gas (Mcf) 7,994,231 6,014,465 Natural gas equivalent (Mcfe) 8,258,525 6,332,585 90 90 91,761 70,362 Average sales prices- Oil and condensate (per Bbl) $39.38 $96.10 Oil and condensate (per Bbl) - with hedge impact $102.42 $88.63 Natural gas (per Mcf) $3.63 $8.06 Natural gas (per Mcf) - with hedge impact $6.11 $8.05 Natural gas equivalent (per Mcfe) $3.72 $8.46 Contact: Carrizo Oil&Gas, Inc. Richard Hunter, Vice President of Investor Relations Paul F. Boling, Chief Financial Officer (713) 328-1000
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Carrizo Oil&Gas, Inc.

CONTACT: Richard Hunter, Vice President of Investor Relations, or Paul
F. Boling, Chief Financial Officer, both of Carrizo Oil&Gas, Inc.,
+1-713-328-1000

Web Site: http://www.crzo.net/
10.08.2009 12:36
Carrizo Oil & Gas, Inc. Announces Second Quarter Financial Results

HOUSTON, Aug. 10 /PRNewswire-FirstCall/ -- Carrizo Oil&Gas, Inc. today reported the Company's financial results for the second quarter and first half of 2009 (including a revision to the first quarter 2009 ceiling test impairment as further described in the Company's Form 8-K filed August 10, 2009), which included the following highlights:

(Logo: http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO) Results for the Second Quarter 2009 -- -- Production of 7.9 Bcfe, or 86,739 Mcfe/d -- Revenue of $25.9 million or Adjusted Revenue of $48.8 million, including the impact of cash-settled hedges -- Net Loss of $6.0 million, or Adjusted Net Income of $12.9 million before non-cash net charges noted below -- EBITDA, as defined below, of $35.3 million

Production volumes during the three months ended June 30, 2009 were 7.89 Bcfe, 29 percent higher compared to 6.10 Bcfe during the second quarter of 2008. The increase was largely due to new production contributions from Barnett Shale development. Adjusted revenues from the sale of oil and natural gas production, which includes oil and gas revenues of $25.9 million and realized hedge settlements of $23.0 million, for the three months ended June 30, 2009 were $48.8 million, as compared to $56.0 million during the quarter ended June 30, 2008. The decrease in adjusted revenues was primarily driven by significantly lower realized oil and natural gas prices, partially offset by increased production. Carrizo's average oil sales price decreased 50 percent to $56.95 per barrel compared to $113.90 per barrel for the second quarter of 2008 and the average natural gas sales price decreased 30 percent to $6.08 per Mcf compared to $8.68 per Mcf for the second quarter of 2008. The above prices include the impact of cash-settled hedges. Results excluding the impact from cash-settled hedges are presented in the table below. For the quarter ended June 30, 2009, the Company reported adjusted net income of $12.9 million, or $0.42 and $0.41 per basic and diluted share, respectively, excluding a net $19.0 million non-cash, after-tax expense, comprised of (1) a marked-to-market unrealized loss of $16.4 million on derivatives due in large part to the open positions that cash settled during the quarter and in part to the increase in commodity spot prices at June 30, 2009 compared to March 31, 2009, (2) stock compensation expense of $1.5 million, (3) non-cash interest expense of $1.0 million associated with the amortization of a portion of the equity premium on the Company's convertible notes and (4) $0.1 million of bad debt expense. The Company reported a net loss of $6.0 million, or $0.19 per basic and diluted share, for the quarter ended June 30, 2009, as compared to a net loss of $12.8 million, or $0.42 per basic and diluted share, for the same quarter during 2008.

EBITDA (earnings before interest, income tax, depreciation, amortization expenses, and certain other items) during the second quarter of 2009 was $35.3 million, or $1.14 and $1.13 per basic and diluted share, respectively, as compared to $35.0 million, or $1.14 and $1.12 per basic and diluted share, respectively, during the second quarter of 2008.

Lease operating expenses (excluding production taxes) were $6.3 million (or $0.79 per Mcfe) during the three months ended June 30, 2009 as compared to $5.8 million (or $0.95 per Mcfe) for the second quarter of 2008. The increase in costs was largely attributable to the 29% increase in production volumes from 6.1 Bcfe in the second quarter of 2008 to 7.9 Bcfe in the second quarter of 2009.

Transportation costs were $3.0 million (or $0.38 per Mcfe) during the three months ended June 30, 2009 as compared to $1.8 million (or $0.30 per Mcfe) during the second quarter of 2008. The increase in transportation costs of $0.08 per Mcfe was largely due to the greater proportion of the Company's total production volume attributable to the Barnett Shale Tarrant County area, which has a higher weighted-average transportation cost per Mcfe.

Production taxes were $0.3 million during the three months ended June 30, 2009 as compared to $1.6 million for the second quarter of 2008. The decline was primarily due to the decline in oil and gas revenues and in part to a $0.2 million severance tax refund from certain non-operated producing properties that qualified for a tight-gas sands tax credit for prior production periods.

Depreciation, depletion and amortization expenses ("DD&A") were $12.2 million during the three months ended June 30, 2009 ($1.55 per Mcfe) as compared to $13.9 million ($2.27 per Mcfe) during the second quarter of 2008. The lower DD&A expense was due primarily to a lower depletion rate resulting from the impairment charges which reduced the depletable full cost pool in the fourth quarter of 2008 and the first quarter of 2009, partially offset by increased production.

General and administrative expenses ("G&A") was $4.0 million during the three months ended June 30, 2009, comparable to the $4.2 million during the second quarter of 2008.

Non-cash, stock-based compensation expense was $2.3 million ($1.5 million after tax) for the three months ended June 30, 2009 compared to $1.5 million ($1.0 million after tax) for the same period in 2008. The increase was due primarily to additional deferred compensation awards and in part to the payment of quarterly bonuses with common stock, in lieu of cash.

A $2.3 million net loss on derivatives was recorded for the second quarter 2009 comprised of (1) a $25.3 million ($16.4 million after tax) unrealized marked-to-market, non-cash loss on natural gas derivatives and (2) a $23.0 million ($14.9 million after tax) gain for cash-settled natural gas derivatives.

Cash interest expense, net of amounts capitalized, was $3.1 million for the three months ended June 30, 2009 compared to $1.3 million for the three months ended June 30, 2008. The increase was primarily attributable to interest expense associated with the higher debt levels on the revolver facility.

Interest expense (non-cash), net of amounts capitalized increased to $1.4 million from $0.3 million primarily due to the amortization of the equity premium (in accordance with APB 14-1) associated with the Company's convertible notes.

Results for the Six Months Ended -- -- Record Production of 16.2 Bcfe, or 89,237 Mcfe/d -- Revenue of $56.5 million or Adjusted Revenue of $102.1 million, including the impact of cash-settled hedges -- Net Loss of $130.2 million, or Adjusted Net Income of $27.7 million before non-cash net charges noted below -- EBITDA, as defined below, of $76.3 million

Production volumes during the six months ended June 30, 2009 were a record 16.15 Bcfe, 30 percent higher compared to 12.43 Bcfe during the same period in 2008. The increase was largely due to new production contributions from Barnett Shale development. Adjusted revenues from the sale of oil and natural gas production, which includes oil and gas revenues of $56.5 million and realized hedge settlements of $45.6 million, for the six months ended June 30, 2009 were $102.1 million, as compared to $108.1 million during the six months ended June 30, 2008. The decrease in adjusted revenues was primarily driven by significantly lower realized oil and natural gas prices, partially offset by increased production. Carrizo's average oil sales price decreased 20 percent to $80.52 per barrel compared to $100.57 per barrel for the first half of 2008 and the average natural gas sales price decreased 26 percent to $6.10 per Mcf compared to $8.27 per Mcf for the six months ended June 30, 2008. The above prices include the impact from cash-settled hedges. Results excluding the impact from cash-settled hedges are presented in the table below.

For the six months ended June 30, 2009, the Company reported adjusted net income of $27.7 million, or $0.90 and $0.89 per basic and diluted share, respectively, excluding a net $157.9 million non-cash, after-tax expense, comprised of (1) a non-cash impairment of oil and natural gas properties of $140.6 million (which reflects the impact of a correction for certain computational errors as discussed in the Company's Form 8-K filed on August 10, 2009), (2) a marked-to-market unrealized loss of $11.6 million on derivatives due in large part to the open positions that cash settled during the six months ended June 30, 2009 and partially offset by the decrease in commodity spot prices at June 30, 2009 compared to December 31, 2008, (3) stock compensation expense of $3.7 million, (4) non-cash interest expense of $1.8 million primarily associated with the amortization of a portion of the equity premium on the Company's convertible notes and (5) $0.2 million of bad debt expense. The Company reported a net loss of $130.2 million, or $4.21 per basic and diluted share, for the six months ended June 30, 2009, as compared to a net loss of $18.1 million, or $0.61 per basic and diluted share, for the same period during 2008.

EBITDA (earnings before interest, income tax, depreciation, amortization expenses, impairment of oil and natural gas properties and certain other items) during the first half of 2009 was $76.3 million, or $2.47 and $2.44 per basic and diluted share, respectively, as compared to $80.0 million, or $2.69 and $2.67 per basic and diluted share, respectively, during the first half of 2008.

Lease operating expenses (excluding production taxes and transportation costs) were $12.3 million (or $0.76 per Mcfe) during the six months ended June 30, 2009 as compared to $10.8 million (or $0.87 per Mcfe) for the same period of 2008. The increased costs are largely attributable to the 30% increase in production from 12.4 Bcfe for the six months ended June 30, 2008 to 16.2 Bcfe for the six months ended June 30, 2009.

Transportation costs were $6.3 million (or $0.39 per Mcfe) during the six months ended June 30, 2009 as compared to $4.1 million (or $0.33 per Mcfe) during the same period in 2008. The increase in transportation costs of $0.06 per Mcfe was largely due to the greater proportion of the Company's total production volume attributable to the Barnett Shale Tarrant County area, which has a higher weighted-average transportation cost per Mcfe.

Production taxes were a net benefit of $1.0 million during the six months ended June 30, 2009 due to a $1.9 million severance tax refund from certain wells that qualified for a tight-gas sands tax credit for prior production periods.

DD&A was $27.5 million during the six months ended June 30, 2009 ($1.70 per Mcfe) as compared to $28.0 million ($2.25 per Mcfe) during the second quarter of 2008. The decrease in DD&A expense was due primarily to the impairment charges in the fourth quarter of 2008 and the first quarter of 2009 which reduced the depletable full cost pool, partially offset by increased production.

G&A decreased to $8.2 million during the six months ended June 30, 2009 from $9.3 million during the same period in 2008 primarily due to lower employee-related costs, decreased insurance costs and lower legal and professional fees.

Non-cash, stock-based compensation expense was $5.7 million ($3.7 million after tax) for the six months ended June 30, 2009 as compared to $3.0 million ($1.9 million after tax) for the same period in 2008. The increase was due primarily to the issuance of common stock, in lieu of cash, to pay 2008 discretionary bonuses and quarterly bonuses to non-executive employees.

The significant decline in oil and natural gas prices during 2009 caused the discounted present value (discounted at 10 percent) of future net cash flows from proved oil and natural gas reserves to fall below the net book basis of the Company's proved oil and gas properties. This resulted in a non-cash, ceiling test write-down at the end of the first quarter of 2009 of $216.4 million ($140.6 million after tax), which includes the impact of a $35.8 million credit adjustment to correct for certain computational errors in the Company's originally reported first quarter 2009 impairment of $252.2 million. Refer to the Company's Form 8-K filed on August 10, 2009 for a more detailed explanation of this correction. Also refer to the Summary of Adjustment Impact to First Quarter 2009 Statement of Operations on the last page of this earnings release.

A $27.8 million net gain on derivatives was recorded for the first half of 2009 comprised of (1) a $17.8 million ($11.6 million after tax) unrealized marked-to-market, non-cash loss on oil and natural gas derivatives and (2) a $45.6 million ($29.6 million after tax) gain for cash settled oil and natural gas derivatives.

Cash interest expense, net of amounts capitalized, was $5.9 million for the six months ended June 30, 2009 compared to $4.0 million for the six months ended June 30, 2008. The increase was largely attributable to the higher debt levels on the revolver facility.

Interest expense (non-cash) increased to $2.8 million for the six months ended June 30, 2009 from $0.3 million for the six months ended June 30, 2008 primarily due to the partial amortization of the equity premium associated with the Company's convertible notes in accordance with the adoption of APB 14-1 on January 1, 2009.

S.P. "Chip" Johnson IV, Carrizo's President and Chief Executive Officer, commented, "We were pleased to achieve production for the quarter near the top of the range of our prior guidance. We had above average initial performance from some of the Barnett wells we put on production and our Gulf Coast production benefitted from a recompletion in South Louisiana. Our plans for the rest of the year remain unchanged as we continue to maintain tight controls on our spending levels in light of the current low price of natural gas. Our Barnett drilling remains on a pace to operate three rigs drilling mainly in the core area. Due to the large difference between current and forecasted 2010 gas prices, we continue to hold a large backlog of uncompleted Barnett Shale wells, representing an estimated net 87 Mmcfe per day of initial rate. We fracture stimulated and completed our first vertical Marcellus shale well, the Cowfer #1, in Centre County, PA., after the quarter's end and it has started flowing back frac water and natural gas.

The company will host a conference call to discuss 2009 second quarter financial results on Monday, August 10, 2009 at 10:00 AM Central Daylight Time. To participate in the call, please dial (800)920-0677 ten minutes before the call is scheduled to begin. A replay of the call will be available through Monday, August 17, 2009 at (800)633-8284. The conference ID for the replay is 21433554.

A simultaneous webcast of the call may be accessed over the internet at http://www.investorcalendar.com/IC/CEPage.asp?ID=148330 or by visiting our website at http://www.crzo.net/ clicking on "Investor Relations" and then clicking on "2009 Second Quarter Earnings Conference Call Webcast." To listen, please go to either website in time to register and install any necessary software. The webcast will be archived for replay on the Carrizo website for 15 days.

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, including but not limited to those relating to reserves, the Company's or management's intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, including, future pricing levels, rates (including initial rates of production) and results of drilling, production commencement dates for wells, cash flows and maintenance of announced capital spending program 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 market and other conditions, capital needs and uses, commodity price changes, effects of the global financial crisis on exploration activity, dependence on exploratory drilling activities, operating risks, land issues, compliance with covenants, future ceiling test write-downs, the availability of debt and other financing, availability of capital and equipment, weather, actual rates of production and other risks described in the Company's Form 10-K for the year ended December 31, 2008, and its other filings with the Securities and Exchange Commission.

(Financial Highlights to Follow)
Dec 29, 2009 06:30 ET
Carrizo Oil & Gas to Make Presentation at Pritchard Capital Markets Energize 2010 Conference

HOUSTON, TX--(Marketwire - December 29, 2009) - Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) will make a presentation at Pritchard Capital Markets Energize 2010 Conference on Wednesday, January 6, 2010 at 2:50 PM PST.

An audio webcast of the presentation can be accessed at http://www.wsw.com/webcast/pritch2/crzo/ or by visiting the company website at http://www.crzo.net/, clicking on "Investor Relations" and then clicking on "Pritchard 2010 Conference." The presentation will be webcast live beginning at 2:50 PM PST Wednesday, January 6, 2010. The presentation slide book will be available on the Carrizo website coincident with the conference presentation.
Carrizo Shifts Focus to Marcellus Shale for 2010
by: Investopedia January 15, 2010 | about: EOG / CHK / XTO / DVN / CRZO


Carrizo Oil & Gas (Nasdaq: CRZO) will use 2010 to continue to drill out its core Barnett Shale properties, while demonstrating to investors that it can replicate the same success on its new development program in the Marcellus Shale.

Barnett Shale
In its core Barnett Shale properties, Carrizo will continue to convert its probable reserves to the proved category. The company had 432 Bcfe of proved reserves at the end of 2008, and it believes it has 1.1 Tcfe (trillions of cubic feet equivalent) of potential reserves in the Barnett Shale. Carrizo has 600 additional well locations left on its 60,000 acres under net lease in the Barnett Shale.

Historically, Carrizo has been successful at this. In 2008, 92% of the company's additions to the proved reserve category came from the probable category.

However, if the price of natural gas falls sharply in 2010, this may cause Carrizo to reduce its capital spending in the Barnett Shale. This is a higher-cost basin than other shale plays in North America, and if natural gas prices drop suddenly, the area may see reduced drilling. The Barnett Shale needs a natural gas price of $4.04 for operators to break even, according to Bentek Energy, a research firm.

The independent exploration and production industry dominates the Barnett Shale. The top producers from the Barnett Shale in 2008 were:

Devon Energy (NYSE: DVN) - 438 Bcf
Chesapeake Energy (NYSE: CHK) - 253 Bcf
EOG Resources (NYSE: EOG) - 230 Bcf
XTO Energy (NYSE: XTO) - 195 Bcf
Source: Texas Railroad Commission

Marcellus Shale
Carrizo will start to develop its large Marcellus Shale position in 2010. The company has 106,000 net acres under lease and spent 2009 drilling vertical test wells here. The company's acreage is in Pennsylvania, New York and West Virginia.

The company will start a full-scale horizontal development program in the Marcellus Shale in 2010, and it is budgeting $65 million gross in total capital to develop this area. The company plans to focus mostly on its Pennsylvania acreage in areas that other exploration and production companies have already started to de-risk with successful wells. Carrizo has a joint venture with a private company and pays 50% of the capital expenditures required. Carrizo plans seven horizontal and five vertical wells in 2010.

Transferring Success To The Marcellus Shale
Carrizo has been successful in developing its acreage position in the Barnett Shale over the last few years, and now it must transfer that success to the Marcellus Shale. This task will be made easier as the industry continues to drill successfully in the Pennsylvania core area.
Carrizo Oil & Gas Provides Operational Update

11 February 2010

Carrizo Oil & Gas, Inc. reports the company's total production for the fourth quarter of 2009 was a better than expected 8.7 Bcfe or an average of 94.4 MMcfe/day, representing the highest quarterly rate in the company's history. This rate is a 20% increase over the same period in 2008 and a 6% increase over the third quarter of 2009 rate of 89.2 MMcfe/day. A shorter lag between well completion and connection to pipelines was largely responsible for the higher than expected production. During the fourth quarter, the company drilled 9.2 net Barnett Shale wells, frac'd 15.9 net wells, and put 7.8 net wells on production. Carrizo finished the year with a backlog of 32.7 net horizontal Barnett Shale wells drilled but waiting on completion or pipeline connection.

As of the date of this release, Carrizo has drilled three of the five vertical wells scheduled to be drilled on its West Virginia Marcellus Shale leasehold, with the fourth currently drilling and the fifth waiting on permitting. These evaluation wells have been logged and cased for future completion.

Carrizo also provided an update to its capital expenditure and production guidance for 2010. The company currently plans to invest approximately $170 million in capital expenditures during the course of the year. This will include the frac'ing and completion of 20 additional wells out of its inventory of uncompleted wells in the Barnett Shale.

CEO S.P. "Chip" Johnson commented:
"Our 2010 capital expenditures plan provides for:
- three operated horizontal drilling rigs in the Barnett Shale all year;
- a continuing pilot well drilling program in targeted areas of the Marcellus Shale; and
- development drilling with a horizontal rig in the Susquehanna County area of the Marcellus Shale, starting in the second half of 2010.

"We have a substantial volume of gas currently waiting on completion in the Barnett Shale, amounting to an estimated aggregate initial production rate of over 73 MMcfe/day. We are currently frac'ing this backlog inventory and putting the wells on line. The planned capital expenditure budget lets us reduce the backlog to 11 to 15 wells by year end. Due to these additional well completions, we now project our daily production rate to range between 130 and 140 MMcfe/day by the end of the year with the majority of the incremental production being added in the second half.

"We are pleased with the initial drilling results from our Marcellus Shale appraisal wells in all three major acreage areas. The company has gathered valuable rock quality and other geotechnical data from our West Virginia acreage which we will incorporate into our future development plans. We look forward to production testing these wells later in the year. Carrizo will soon be participating in its first Marcellus horizontal well, currently planned to spud in April. The Stone Energy operated Loomis #4 (CRZO 12% WI) will be drilled near the western border of Susquehanna County, PA in proximity to some impressive competitor wells. We continue to lease acreage in the Marcellus Shale. We and our partner, Avista Capital, each control 50% of 218,000 prospective acres."

The 2010 capital expenditure plan is currently comprised as follows: $130 million dedicated to Barnett Shale drilling and completion activities, $31 million to be spent on the Marcellus Shale, including the drilling of nine horizontal wells, and the remaining $9 million to be invested in activities in other areas.
March 3, 2010, 7:51 a.m. EST · Recommend · Post:
Carrizo Oil & Co. fourth-quarter production up 20

NEW YORK (MarketWatch) -- Carrizo Oil & Gas /quotes/comstock/15*!crzo/quotes/nls/crzo (CRZO 26.47, +0.87, +3.40%) said Wednesday its fourth-quarter production rose to 20% to a record 8.68 billion cubic feet equivalent. The figure is also 5.8% above its third-quarter production. "We had an excellent operational year in net reserve additions despite our reduced drilling program and the impact of lower prices," said Brad Fisher, chief operating officer.
08.04.2010 22:31
BRIEF-Carrizo Oil & Gas announces new growth strategy; launches stock offering
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April 8 (Reuters) - Carrizo Oil&Gas Inc:

* Carrizo Oil&Gas announces new growth strategy in crude oil

and liquids-rich plays and launches common stock offering

* Announces new growth strategy in crude oil and liquids-rich plays and

launches common stock offering

* Says approved an increase in the company's 2010 capital expenditure plan from

$170 million to $225 million

* Says commenced an underwritten public offering of 2,500,000 shares of its

common stock

* Says pursuing land acquisitions in an unconventional oil play located in the

niobrara formation
May 06, 2010 06:30 ET
Carrizo Oil & Gas, Inc. Announces First Quarter Financial Results and an Increase in the Borrowing Base to $375 Million, Raising Available Liquidity to $212 Million

HOUSTON, TX--(Marketwire - May 6, 2010) - Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today reported the Company's financial results for the first quarter of 2010, which included the following highlights:

Results for the First Quarter 2010 --

*

Production of 8.3 Bcfe, or 91,855 Mcfe/d
*

Revenue of $39.0 million or Adjusted Revenue of $43.9 million, including the impact of realized hedges
*

Net Income of $19.7 million, or Adjusted Net Income of $11.2 million before the net non-cash items noted below
*

EBITDA, as defined below, of $32.3 million

Production volumes during the three months ended March 31, 2010 were the same as in the first quarter of 2009 at 8.3 Bcfe and lower by 0.4 Bcfe from fourth quarter 2009 production of 8.7 Bcfe. The change in production was primarily due to new Barnett Shale wells offset by a sale of an interest in a portion of Barnett Shale acreage to Sumitomo Corporation in December of 2009 and by normal production declines. Adjusted revenues from the sale of oil and natural gas production were $43.9 million for the first quarter of 2010, which includes oil and gas revenues of $39.0 million and realized hedge gains of $4.9 million, compared to $49.5 million for the first quarter of 2009, which includes oil and gas revenues of $30.7 million and realized hedge gains of $18.8 million. The decrease in adjusted revenues was primarily driven by lower realized oil and gas prices. Carrizo's average natural gas sales price decreased ten percent to $5.10 per Mcf for the first quarter of 2010 compared to $5.63 per Mcf for the first quarter of 2009 and the average oil sales price decreased 26% to $76.13 per barrel for the first quarter of 2010 compared to $102.42 per barrel for the first quarter of 2009. The above prices include the impact of realized hedges. Results excluding the impact of realized hedges are presented in the table below.

For the quarter ended March 31, 2010, the Company reported adjusted net income of $11.2 million, or $0.36 per basic and diluted share, excluding an aggregate net $8.5 million non-cash, after-tax gain, comprised of (1) an unrealized mark-to-market gain of $11.3 million on derivatives, (2) stock-based compensation expense of $1.4 million, (3) non-cash interest expense of $1.3 million associated with the amortization of the equity premium on the Company's convertible notes, and (4) bad debt expense of $0.1 million. For the quarter ended December 31, 2009, the Company reported adjusted net income of $12.5 million, or $0.41 and $0.40 per basic and diluted share, respectively, excluding an aggregate net $138.0 million non-cash, after-tax charge, comprised of (1) the impairment of oil and natural gas properties of $140.7 million, (2) an unrealized mark-to-market gain of $7.3 million on derivatives, (3) stock-based compensation expense of $2.2 million, (4) an impairment of investment of $1.3 million, (5) non-cash interest expense of $1.0 million associated with the amortization of the equity premium on the Company's convertible notes, and (6) bad debt expense of $0.1 million. The Company reported net income of $19.7 million, or $0.64 and $0.63 per basic and diluted share, respectively, for the quarter ended March 31, 2010, as compared to net loss of $125.5 million, or $4.07 per basic and diluted share, for the same quarter during 2009.

EBITDA (earnings before interest, income tax, depreciation, depletion and amortization expenses, impairment of oil and natural gas properties and certain other items described in the table below) during the first quarter of 2010 was $32.3 million, or $1.04 and $1.03 per basic and diluted share, respectively, as compared to $37.2 million, or $1.21 and $1.19 per basic and diluted share, respectively, during the first quarter of 2009.

Lease operating expenses (excluding production taxes, ad valorem taxes and transportation costs) were $3.7 million (or $0.45 per Mcfe) during the three months ended March 31, 2010 as compared to $5.2 million (or $0.63 per Mcfe) for the first quarter of 2009. The decrease in lease operating expenses was due to a decrease in service costs. The decline in service costs per Mcfe was driven primarily by the increase in production from our Tarrant County Barnett Shale area, which has comparatively less associated salt water production that must be disposed of than production from other areas.

Transportation costs were $1.3 million (or $0.16 per Mcfe) during the first quarter of 2010 as compared to $3.3 million (or $0.40 per Mcfe) during the first quarter of 2009. The decrease in transportation costs per Mcfe was largely due to a change in contracting strategy effective July 1, 2009 whereby natural gas production is now sold at the wellhead.

Production taxes were $0.9 million during the first quarter of 2010 as compared to a net benefit of $1.3 million during the first quarter of 2009. The increase is largely attributable to a $1.9 million severance tax refund in the first quarter of 2009 on certain wells that qualified for a tight-gas sands tax credit for prior production periods.

Depreciation, depletion and amortization expenses ("DD&A") were $9.8 million during the first quarter of 2010 ($1.19 per Mcfe) as compared to $15.3 million ($1.85 per Mcfe) during the first quarter of 2009. The lower DD&A expenses were due primarily to a lower depletion rate resulting from the impairment charges in the first and fourth quarters 2009, and due to lower overall finding costs of new reserves added in the fourth quarter of 2009.

Low oil and gas prices during 2009 caused the discounted present value (discounted at 10 percent) of future net cash flows from proved oil and gas reserves to fall below the net book basis of the proved oil and gas properties. This resulted in a pre-tax non-cash ceiling test write-down of $216.4 million at the end of the first quarter of 2009. There was no such write-down at the end of the first quarter of 2010.

General and administrative expenses ("G&A") were $4.4 million during the three months ended March 31, 2010 as compared to $4.3 million during the three months ended March 31, 2009.

Non-cash, stock-based compensation expense was $2.2 million for the three months ended March 31, 2010 compared to $3.4 million for the same period in 2009. The decrease was primarily due to additional deferred compensation awards that vested in the first quarter of 2009 related to the payment of 2008 discretionary stock-based bonuses to non-executive employees.

A $22.5 million net gain on derivatives was recorded for the first quarter of 2010 compared to a net gain of $30.1 million for the first quarter of 2009. The first quarter 2010 gain consisted of (1) the unrealized mark-to-market gain on natural gas derivatives of $17.6 million and (2) the realized gain on natural gas derivatives of $4.9 million. The first quarter 2009 gain consisted of (1) the unrealized mark-to-market gain on natural gas derivatives of $11.3 million, and (2) the realized gain on natural gas derivatives of $18.8 million.

Cash interest expense, net of amounts capitalized, was $3.2 million for the first quarter of 2010 compared to $2.5 million for the first quarter of 2009. The increase was primarily attributable to lower levels of capitalized interest and increased interest expense associated with the higher debt levels on the revolving credit facility.

Interest expense (non-cash), net of amounts capitalized increased to $2.1 million for the first quarter of 2010 from $1.6 million for the first quarter of 2009, due to lower levels of capitalized interest.

Effective May 5, 2010, the Company's banking syndicate, led by Wells Fargo as administrative agent, agreed to increase the borrowing base under the Company's senior credit facility to $375 million from $350 million, representing an increase of $25 million. As of April 30, 2010, the outstanding balance under the senior credit facility was approximately $163 million (or 43% of the $375 million borrowing base), representing available liquidity of $212 million.

Carrizo President and CEO S.P. "Chip" Johnson IV commented, "Our Barnett Shale development continues to proceed according to plan, with new wells performing at or above our expectations. Our fracing and completion program at our project on the University of Texas at Arlington campus is ahead of schedule. Though we had to shut in the six producing wells for varying periods during the frac process, they are currently all back on line. Eight of the sixteen new wells on the pad were completed in April, recently began flowback, and are now selling gas at expected rates and flowing pressures while cleaning up. The remaining eight new wells will be completed beginning in late May.

"We are moving forward in the execution of our new strategy to increase our liquids production. We recently closed on the acquisition of the previously disclosed Niobrara acreage block, with the final lease position amounting to over 45,800 net acres, all in Weld County, CO. We expect to have a Niobrara rig contracted to begin drilling in the third quarter. We have acquired more than 9,000 net acres in the Eagleford Shale and have secured a rig to drill our initial well in LaSalle County, TX later this summer. We continue to add to our leasehold in both plays. In the Marcellus Shale, we are preparing to fracture stimulate our wells drilled in West Virginia and are acquiring 3-D seismic data over our leases in Susquehanna, PA. We plan to commence full scale horizontal development drilling in this area in the fall."

The company will host a conference call to discuss 2010 first quarter financial results on Thursday, May 6, 2010 at 10:00 AM Central Daylight Time. To participate in the call, please dial (800) 920-2776 ten minutes before the call is scheduled to begin. A replay of the call will be available through Thursday, May 13, 2010 at (800) 633-8284. The conference ID for the replay is 21468337.

A simultaneous webcast of the call may be accessed over the internet at http://www.investorcalendar.com/IC/CEPage.asp?ID=158307 or by visiting our website at http://www.crzo.net/ clicking on "Investor Relations" and then clicking on "2010 First Quarter Earnings Conference Call Webcast." To listen, please go to either website in time to register and install any necessary software. The webcast will be archived for replay on the Carrizo website for 15 days.

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 drilling and completion technology along with sophisticated 3-D seismic techniques to identify potential oil and gas drilling opportunities and to optimize reserve recovery.
On Friday September 10, 2010, 6:44 pm EDT

HOUSTON (AP) -- Carrizo Oil & Gas Inc. said Friday it and Avista Capital Partners will sell natural gas interests in Pennsylvania to India's Reliance Industries Ltd.

Carrizo said it would sell a 20 percent stake in 52,200 acres in the Marcellus Shale to a Reliance subsidiary for $65 million, most of which will go to cover Carrizo's drilling and other costs. Reliance will own 60 percent of the new joint venture with Carrizo, which covers 104,400 acres.

Carrizo said at the same time, an affiliate of its existing joint venture partner, Avista Capital, sold its entire interest in the same properties to Reliance for $327 million.

Carrizo said it expected to get $44 million in cash from Avista from the sale of Avista's acres.

The Carrizo-Avista Capital joint venture will continue to hold interests on 140,000 acres mostly in West Virginia and New York, the company said.

Carrizo shares rose 37 cents to close at $23.14.
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