Note that PV10 value is now more than CRZO's market cap.
HOUSTON, February 21, 2012 - Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced
2011 key operating results including production and estimated year-end reserves, and provided
guidance for anticipated full year 2012 capital expenditures and production expectations.
Proved Reserves
Year-end 2011 estimated proved reserves, as determined by the Company’s third-party
engineers, grew by 11% year-on-year to a record 936 Bcfe despite the effect of 144 Bcfe of
property sales. The proved reserves consist of 728 Bcf of natural gas, a 9% increase over 2010
levels, 30.5 MMbbls of oil and condensate, a 92% increase over 2010, and 4.1 MMbbls of
NGLs, a 67% decrease from 2010 levels. Adjusting for the sale of properties with 144 Bcfe of
proved reserves during 2011, the estimated reserve growth was 28%.
Eagle Ford Shale reserves increased 90% from 15 MMboe at year-end 2010 to 28.5
MMboe at year-end 2011
49% of total estimated reserves are proved developed
At year-end 2011, the estimated total pre-tax proved value of these reserves, using a present
value discount rate of 10% and SEC price assumptions, was $1.45 billion, a 44% increase over
Carrizo’s reserve value at the end of 2010. Oil and condensate represented 53% of the total
reserve value compared to 11% at the end of 2010.