CRZO ops update

[setliff]

6:30AM Carrizo Oil & Gas releases operations update (CRZO) 33.77 : Co announces In the Niobrara Formation in Weld and Morgan Counties, Colorado. Co's first Niobrara well was production tested over December 26 and 27 at controlled rates of over 690 barrels of oil per day and is currently producing at a stable gross rate of ~530 BOPD. The next Niobrara well scheduled for hydraulic fracture stimulation, the Bob White 36-44-8-62, is expected to begin frac'ing on January 12th. Co currently owns ~61K net acres in the DJ Basin Niobrara Formation oil play. In the Eagle Ford Shale, connection to gas gathering for co's three previously announced Eagle Ford oil wells has been delayed by right-of-way issues; the wells are expected to be connected and commence selling asso. Frac'ing and completion activities are expected to begin on the co's fourth Eagle Ford well, the Mumme 20H, before the end of the week. Co estimates exit rate for the year 2010 was 130K thousand cubic feet of natural gas equivalents per day.\

[setliff]

crzo, also trading down after their report

[dan_s]

My Fair Value estimate is $42/share. See my reasoning in the Sweet 16 Detailed Update.