SOURCE: Carrizo Oil & Gas, Inc.

Carrizo Oil & Gas, Inc.

November 14, 2011 15:06 ET

Carrizo Oil & Gas Prices $200 Million Offering of 8.625% Senior Notes

HOUSTON, TX--(Marketwire - Nov 14, 2011) - Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) announced today it has priced a private offering of $200 million aggregate principal amount of its senior unsecured notes due 2018 at an offering price equal to 98.501%. The newly offered notes will have substantially identical terms as Carrizo's 8.625% Senior Notes due 2018 that are currently outstanding. The offering is expected to close on November 17, 2011, subject to satisfaction of customary closing conditions.

Carrizo intends to use the net proceeds from the offering to repay a substantial portion of the borrowings outstanding under its senior credit facility.

The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The senior unsecured notes will be offered only to qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons under Regulation S.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the notes nor shall there be any sale of the notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Carrizo Oil & Gas, Inc.
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation, and production of oil and natural gas from unconventional plays primarily in the Eagle Ford Shale in South Texas, the Barnett Shale in North Texas, the Marcellus Shale in Pennsylvania and West Virginia, the Niobrara Formation in Colorado and the Utica Shale in Pennsylvania and Ohio. 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.

Forward-Looking Statements
Statements in this news release, including but not limited to those relating to the closing of the notes offering, the use of proceeds from the notes offering 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 satisfaction of closing conditions, results of operations, market conditions, capital needs and uses, and other risks and uncertainties that are beyond Carrizo's control, including those described in Carrizo's Form 10-K for the year ended December 31, 2010 and its other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made and Carrizo undertakes no obligation to correct or update forward-looking information.

Contact Information

  • Contact:
    Carrizo Oil & Gas, Inc.
    Richard Hunter
    Vice President of Investor Relations
    Paul F. Boling
    Chief Financial Officer
    (713) 328-1000