Energy Prospectus

HOUSTON, June 1, 2012 - Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) will make a presentation at
EnerCom’s London Oil & Gas Conference™ at 14:30 BST on Wednesday, June 13, 2012.
A webcast of the presentation can be accessed at www.investorcalendar.com/CEPage.asp?ID=168721, by visiting the conference sponsor’s website at www.enercomlogc.com, or by visiting the Carrizo website at www.crzo.net, clicking in “Investor Relations” and then on “EnerCom London 2012.” The presentation will be webcast live beginning at 8:30 AM CDT (9:30 EDT) on Wednesday, June 13,
2012. The presentation slide book will be posted to the Carrizo website coincident with Carrizo’s
conference presentation.
Carrizo Oil & Gas, Inc. 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, the Marcellus Shale in Pennsylvania and West Virginia, and the U.K. North Sea where our Huntington Field project is currently under development.

All of the stocks in our Sweet 16 took a hit last week during the market sell-off but CRZO got hammered on Thursday & Friday. I decided to take a hard and critical look at my forecast model to see why. I cannot see any reason for the selloff based on the company's fundamentals. The company recently closed on an asset sale to shore up the Balance Sheet and they are on-track to significantly increase their liquids production, primarily from the Eagle Ford (where they get close to Brent price for the oil) and the Niobrara.

My earnings per share forecast is now below the First Call estimate but my cash flow per share estimte is just a few cents lower. Based on my forecast, CRZO should generate approximately $6.50 CFPS in 2012 and $11.30 CFPS in 2013. My cash flow estimates are below the First Call estimates. Q2 reported earnings will beat the First Call estimate due to big gains on their hedges.

CRZO does have some good hedges in place to protect against further declines in oil & gas prices.

My updated model is now available to EPG members under the Sweet 16 Tab.

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