CRZO Update

[dan_s]

This is very good news. Production is way over what I used in the forecast model. - Dan

HOUSTON, October 25, 2012 - 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

[dan_s]

HOUSTON, October 25, 2012 - Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced that
it has entered into an agreement to form a new joint venture in the Niobrara play with Haimo Oil &
Gas LLC (“Haimo”), a subsidiary of Lanzhou Haimo Technologies Co. Ltd., a company formed
under the laws of the People’s Republic of China. Pursuant to the agreement, Haimo will acquire an
undivided interest in approximately 6,000 net acres located primarily in Weld and Adams Counties,
Colorado along with associated infrastructure and production of approximately 185 Boe/day for an
all-cash payment of $27.5 million, subject to customary closing conditions (including Chinese
government approvals), and purchase price adjustments. The sale of the property will be effective as
of October 1, 2012, the same effective date as in Carrizo’s separate Niobrara joint venture agreement
with OIL India (USA) Inc. and IOCL (USA) Inc, subsidiaries of OIL India Ltd. and Indian Oil
Corporation Ltd., respectively. Following the closing of this transaction late in the fourth quarter of
2012, the joint venture interest ownership participations in Carrizo’s Niobrara development activities
will stand collectively at 60% Carrizo, 30% OIL/IOCL, and 10% Haimo.

[dan_s]

Sweet 16 Growth Portfolio: Carrizo Oil & Gas (CRZO) announced 3rd quarter results that topped our forecast. An updated Net Income & Cash Flow Forecast model is now available under the Sweet 16 Tab.