Carrizo Oil & Gas Announces Entry Into New $27.5 Million

Carrizo Oil & Gas Announces Entry Into New $27.5 Million Niobrara
Joint Venture 
HOUSTON, TX -- (Marketwire) -- 10/25/12 --  Carrizo Oil & Gas, Inc.
(NASDAQ: CRZO) today announced that it has entered into an agreement
to form a new joint venture in the Niobrara play with Haimo Oil & Gas
LLC ("Haimo"), a subsidiary of Lanzhou Haimo Technologies Co. Ltd., a
company formed under the laws of the People's Republic of China.
Pursuant to the agreement, Haimo will acquire an undivided interest
in approximately 6,000 net acres located primarily in Weld and Adams
Counties, Colorado along with associated infrastructure and
production of approximately 185 Boe/day for an all-cash payment of
$27.5 million, subject to customary closing conditions (including
Chinese government approvals), and purchase price adjustments. The
sale of the property will be effective as of October 1, 2012, the
same effective date as in Carrizo's separate Niobrara joint venture
agreement with OIL India (USA) Inc. and IOCL (USA) Inc, subsidiaries
of OIL India Ltd. and Indian Oil Corporation Ltd., respectively.
Following the closing of this transaction late in the fourth quarter
of 2012, the joint venture interest ownership participations in
Carrizo's Niobrara development activities will stand collectively at
60% Carrizo, 30% OIL/IOCL, and 10% Haimo.  
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively
engaged in the exploration, development, and production of oil and
gas primarily in the United States and United Kingdom. Our current
operations are principally focused in proven, producing oil and gas
plays primarily in the Eagle Ford Shale in South Texas, the Niobrara
Formation in Colorado, the Barnett Shale in North Texas, the
Marcellus Shale in Pennsylvania, New York and West Virginia, and the
U.K. North Sea where our Huntington Field project is currently under
Statements in this news release that are not historical facts,
including but not limited to those related to timing and levels of
production, production mix, the proposed sales transaction (including
timing, purchase price, and effects thereof), the Company's or
management's intentions, beliefs, expectations, hopes, projections,
assessment of risks, estimations, plans or predictions for the
future, results of the Company's strategies, timing of completion and
drilling of wells, 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 purchase price adjustments, actions by the
purchaser, title adjustments and other actions by governmental
authorities, joint venture partners, industry partners, lenders and
other third parties, market and other conditions, capital needs and
uses, 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 described in Carrizo's Form 10-K for the year ended December
31, 2011 and its other filings with the Securities and Exchange
Carrizo Oil & Gas, Inc.
Richard Hunter
Vice President of Investor Relations
Paul F. Boling
Chief Financial Officer
(713) 328-1000 
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