Carrizo Oil & Gas Provides Preliminary Third Quarter Production

Carrizo Oil & Gas Provides Preliminary Third Quarter Production
Results and Announces Financial Results Release Date and Conference
HOUSTON, TX -- (Marketwire) -- 10/25/12 --  Carrizo Oil & Gas, Inc.
(NASDAQ: CRZO) today reported preliminary average daily production
rates for the third quarter of 2012 and the scheduled release date
for third quarter financial results.  
The preliminary average daily oil and condensate production rate for
the third quarter was approximately 8,600 Bbls/day, a sequential
increase of 14% from the record rate reported in the second quarter
and exceeding the high end of the Company's oil production guidance
of 8,200 Bbls/day. The preliminary average daily natural gas and NGL
production rate for the third quarter was approximately 101,500
Mcfe/day (5% NGLs), exceeding the high end of prior guidance of
96,000 Mcfe/day which had been adjusted to reflect the impact of the
sale of Barnett Shale gas production to a subsidiary of Atlas
Resource Partners, L.P. effective May 1, 2012. 
S.P. "Chip" Johnson, IV, President and CEO of Carrizo, commented, "We
are pleased to have set an all-time high and exceeded our guidance
for oil production during the quarter. Our oil production benefitted
from having to shut-in fewer producing wells in the Eagle Ford Shale
than forecast while we completed new wells on adjacent pads. In
addition, we were able to return the shut-in wells to full production
over a shorter period than we had anticipated. Annual production
guidance remains unchanged before taking into account the estimated
1,650 Boe/day fourth quarter impact from the recently announced joint
ventures in the Niobrara and the Gulf Coast asset sale. Additional
detail including a preliminary 2013 production forecast will be
provided during our conference call to discuss third quarter results
on November 6th." 
Third Quarter Earnings Release Date and Conference Call
 Carrizo is
scheduled to release 2012 third quarter results on Tuesday, November
6th, 2012 before the market opens. The Company will host a conference
call that same day.  
Conference Call Date & Time:
 Tuesday, November 6 at 10:00 AM CST 
Dial-In Number:
 (800) 709 - 0218 (U.S. & Canada)
  +1 (212) 231 -
2900 (Intl./Local) 
Telephone Replay Number:
 (800) 633 - 8284 (U.S. & Canada)
 +1 (402)
977 - 9140 (Intl./Local) 
Enter Replay Reservation #: 21608245 for U.S., Canadian and
International callers. 
The replay will be available through Tuesday, November 13, 2012 at
11:59 AM CST. 
A simultaneous webcast of the call may be accessed over the internet
at or by
visiting our website at clicking on "Investor
Relations" and then clicking on "2012 Third Quarter 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, 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, levels and
rates of production, production mix, effect of joint ventures and the
sales transaction, 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
results of final calculations and reviews, 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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