Carrizo Oil & Gas Announces Sale of Its Interest in the Huntington Field in the UK North Sea for $184 Million 12/28 05:30 AM
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HOUSTON, TX -- (MARKETWIRE) -- 12/28/12 -- Carrizo Oil & Gas, Inc. (CRZO:$21.945,0$0.135,00.62%) 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. 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. (CRZO:$21.945,0$0.135,00.62%) 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.
CRZO
Re: CRZO
An updated Net Income & Cash Flow Forecast for Carrizo Oil & Gas (CRZO) has been posted under the Sweet 16 Tab.
If WTI crude oil averages $85/bbl for 2013, CRZO will generate over $10/share in cash flow for the year. Production will be up 24% in 2012 and another 25% to 30% in 2013 as their Eagle Ford development program really kicks in.
If WTI crude oil averages $85/bbl for 2013, CRZO will generate over $10/share in cash flow for the year. Production will be up 24% in 2012 and another 25% to 30% in 2013 as their Eagle Ford development program really kicks in.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: CRZO
Carrizo is considered by many investors to be a "gasser" because it is best know for what they did up in the Barnett Shale. They are now focused on increasing their liquids production and I like what they have in the Eagle Ford and the Niobrara.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: CRZO
Carrizo Approves 14% Rise in Capital Expenditures to $500 Million 01/15 06:28 AM
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Carrizo Oil & Gas Inc.'s (CRZO:$20.11,00$0.02,000.10%) board has approved a $500 million capital- expenditure plan for 2013, a 14% increase in projected spending from its 2012 plans.
The bulk of the expenditures will be concentrated in the Eagle Ford Shale, which will get $385 million. Meanwhile, the Marcellus Shale will get $70 million, the Niobrara Formation $35 million, and $10 million will be directed at other drilling activities.
Carrizo also said the approved 2013 capital-spending plan for land, seismic and related activities is $124 million.
Carrizo Chief Executive S.P. "Chip" Johnson IV noted the 2013 plan allows the company to maintain its current level of drilling activity plus the addition of a new rig working in the Niobrara Formation for the full year.
"This drilling activity supports our previously announced 2013 production forecast for approximately 28% annual growth in oil production and a natural-gas production decline of approximately 3%," he said.
Carrizo also said oil production for the fourth quarter is expected to be near the high end of guidance of 8,100 to 8,700 barrels a day and that fourth-quarter natural-gas and NGL production is expected to be near the high end of its previous guidance of 88,000 to 99,000 million cubic feet a day.
Carrizo has been shedding some noncore shale assets over the last year while it focuses on the lucrative Eagle Ford Shale formation in southern Texas.
Last month, the company agreed to sell its interest in the Huntington Field in the U.K. North Sea to Iona Energy Inc. (INA.V) for $184 million.
Carrizo's shares closed Monday at $20.11 and were inactive premarket. The stock has fallen 21% in the past three months.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
01-15-130728ET
Copyright (c) 2013 Dow Jones & Company, Inc.
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Carrizo Oil & Gas Inc.'s (CRZO:$20.11,00$0.02,000.10%) board has approved a $500 million capital- expenditure plan for 2013, a 14% increase in projected spending from its 2012 plans.
The bulk of the expenditures will be concentrated in the Eagle Ford Shale, which will get $385 million. Meanwhile, the Marcellus Shale will get $70 million, the Niobrara Formation $35 million, and $10 million will be directed at other drilling activities.
Carrizo also said the approved 2013 capital-spending plan for land, seismic and related activities is $124 million.
Carrizo Chief Executive S.P. "Chip" Johnson IV noted the 2013 plan allows the company to maintain its current level of drilling activity plus the addition of a new rig working in the Niobrara Formation for the full year.
"This drilling activity supports our previously announced 2013 production forecast for approximately 28% annual growth in oil production and a natural-gas production decline of approximately 3%," he said.
Carrizo also said oil production for the fourth quarter is expected to be near the high end of guidance of 8,100 to 8,700 barrels a day and that fourth-quarter natural-gas and NGL production is expected to be near the high end of its previous guidance of 88,000 to 99,000 million cubic feet a day.
Carrizo has been shedding some noncore shale assets over the last year while it focuses on the lucrative Eagle Ford Shale formation in southern Texas.
Last month, the company agreed to sell its interest in the Huntington Field in the U.K. North Sea to Iona Energy Inc. (INA.V) for $184 million.
Carrizo's shares closed Monday at $20.11 and were inactive premarket. The stock has fallen 21% in the past three months.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
01-15-130728ET
Copyright (c) 2013 Dow Jones & Company, Inc.
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Re: CRZO
go figure-- 
DOWNGRADE: Carrizo Oil & Gas (CRZO) downgraded by Howard Weil from Sector Outperform to Sector Perform. 01/15 10:06 AM
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about 5 minutes after this was released is when crzo took off
DOWNGRADE: Carrizo Oil & Gas (CRZO) downgraded by Howard Weil from Sector Outperform to Sector Perform. 01/15 10:06 AM
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about 5 minutes after this was released is when crzo took off
Last edited by setliff on Thu Jan 17, 2013 11:36 am, edited 2 times in total.
Re: CRZO
Here are 5 stocks added to the Zacks #5 Rank ("strong sell") List today:
•Baker Hughes Inc. (BHI)
•Ballantyne Strong Inc. (BTN)
•Body Central Corp. (BODY)
•Carrizo Oil & Gas, Inc. (CRZO)
•Corporate Office Properties Trust (OFC)
My take is that CRZO on this list just because it is approaching their out-of-date price target. CRZO is up on big volume for third straight day, which means a lot of really smart fund managers are buying large blocks. - Dan
•Baker Hughes Inc. (BHI)
•Ballantyne Strong Inc. (BTN)
•Body Central Corp. (BODY)
•Carrizo Oil & Gas, Inc. (CRZO)
•Corporate Office Properties Trust (OFC)
My take is that CRZO on this list just because it is approaching their out-of-date price target. CRZO is up on big volume for third straight day, which means a lot of really smart fund managers are buying large blocks. - Dan
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group