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Carrizo Oil & Gas Announces Sale of Its Interest in the

Carrizo Oil & Gas Announces Sale of Its Interest in the Huntington
Field in the UK North Sea for $184 Million 
HOUSTON, TX -- (Marketwire) -- 12/28/12 --  Carrizo Oil & Gas, Inc.
(NASDAQ: CRZO) today announced that it has entered into a definitive
agreement to sell its wholly owned subsidiary Carrizo UK Huntington
Limited, and all of its interest in the Huntington Field in the UK
North Sea to a subsidiary of Iona Energy Inc. (TSX VENTURE: INA) for
a cash consideration of $184 million. Carrizo expects to net
approximately $116 million, after payment of approximately $70
million to retire and close our UK credit facility, working capital
adjustments and transaction related costs. This transaction is
expected to close on or before the end of January, and is subject to
customary closing conditions and purchase price adjustments. 
Carrizo President and CEO, S. P. "Chip" Johnson, IV commented on the
sale, "It has been a long and bumpy road for all participants in this
project since Carrizo geologists defined the Huntington exploration
prospect and our partners drilled the discovery wells; now that the
project is close to first production and its value much more
tangible, our reinvestment opportunities for the net proceeds from
this sale are so compelling that we have made the decision to harvest
our investment. We expect to apply the net proceeds of this
transaction to fund a portion of our 2013 capital investment needs
and for other general corporate purposes." 
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, and the
Marcellus Shale in Pennsylvania, New York and West Virginia. 
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, adjustments, net receipts 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 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 Commission. 
Contact: 
Carrizo Oil & Gas, Inc.
Richard Hunter
Vice President of Investor Relations
Paul F. Boling
Chief Financial Officer
(713) 328-1000