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Carrizo Oil Gas Inc (CRZO) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

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Carrizo Oil Gas Inc

CIK: 1040593 Ticker: CRZO
EXHIBIT 99.1
 
 
 
 PRESS RELEASE    Contact:     Carrizo Oil & Gas, Inc.
     Richard Hunter, Vice President of Investor Relations
     Paul F. Boling, Chief Financial Officer
     (713) 328-1000
  
CARRIZO OIL & GAS, INC. ANNOUNCES PRELIMINARY FOURTH QUARTER AND ANNUAL 2010 FINANCIAL RESULTS

HOUSTON, March 15, 2011 — Carrizo Oil & Gas, Inc. (Nasdaq: CRZO)
today announced the Company’s preliminary financial results for the fourth quarter of 2010, which reported Net Loss, Adjusted Net Income and EBITDA before the potential effect of cash distributions from a joint venture partner (or “Dividend Income”) as described further below, and included the following highlights:
 
Preliminary Results for the Fourth Quarter of 2010 --

·  
Production of 10.7 Bcfe, or 115,830 Mcfe/d

·  
Revenue of $36.0 million or Adjusted Revenue of $46.4 million, including the impact of realized hedges

·  
Net Loss of $24.3 million before Dividend Income, or Adjusted Net Income of $7.6 million before Dividend Income and before the net non-cash items noted below

·  
EBITDA, as defined below, of $34.2 million before Dividend Income

Production volumes during the three months ended December 31, 2010 were 10.7 Bcfe, an increase of 2.0 Bcfe, or 23%, from fourth quarter 2009 production of 8.7 Bcfe and an increase of 2.1 Bcfe, or 24%, from the third quarter 2010 production of 8.6 Bcfe.  The increase in production from the fourth quarter of 2009 to the fourth quarter of 2010 was primarily due to increased production from new wells in the Barnett Shale, partially offset by normal production decline.  The increase in production from the third quarter of 2010 to the fourth quarter of 2010 was primarily due to the restoration of certain of our production from the curtailment associated with our midstream partner’s expansion of natural gas transport pipeline capacity (serving our core Barnett Shale properties in Southeast Tarrant County, Texas), which was completed in late September 2010, and the restoration of our production from a high volume gas well in the Gulf Coast area following a workover and sidetrack, which was completed in the fourth quarter of 2010.
 
Adjusted revenues were $46.4 million for the fourth quarter of 2010, which includes oil and gas revenues of $36.0 million and realized hedge gains of $10.4 million, compared to $51.0 million for the fourth quarter of 2009, which includes oil and gas revenues of $37.9 million and realized hedge gains of $13.1 million.  The decrease in adjusted revenues was primarily driven by lower
 
 
 

The following information was filed by Carrizo Oil Gas Inc (CRZO) on Tuesday, March 15, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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