Energy Prospectus

on fire this am. somebody knows something for sure! up almost 6% on 30% of daily volume in first 30 min of trading.

Maybe one of our members send a large fund manager my latest forecast model. CRZO is trading at less than 3X my CFPS forecast for 2013.
> Based on my forecast, CRZO should report Q4 earning per share about 5 cents above the First Call Estimate
> My EPS forecast for 2013 is in-line with the First Call estimate (around $2.00 per share)
> 50% of the company's natural gas production for 2013 is hedged with Swaps at $4.63/mcf & 70% of oil protected by hedges.

The market still considers CRZO a "gasser", which may explain the low multiple. There balance sheet has a bit too much leverage but the North Sea sale should improve that.

which came first the spike or the upgrade? i say the spike.

Analyst Actions: Carrizo Oil & Gas Upgraded to Strong Buy at Capital One, PT up $3; Shares Spike 7% 02/05 09:33 AM

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10:33 AM EST, 02/05/2013 (MidnightTrader) -- Carrizo Oil & Gas, Inc. (CRZO:$22.18,00$1.35,006.48%) has been upgraded to a Strong Buy from Add by analysts at Capital One.

The price target on the stock has been raised to $31 from $28 a share.

CRZO is up 6.5% to $22.19 in morning trading, but is still in the low end of the stock's 52-week range of $19.03 - $31.62.

Price: 22.19, Change: +1.36, Percent Change: +6.53

I do love it when they upgrade after a big move. IMO it is very clear that Carrizo is undervalued by the market. Again, I think it is the "gasser" label. The selloff after the North Sea sale made little sense to me. I liked the fact that it significantly improves the company's balance sheet.

Form SC 13G/A CARRIZO OIL & GAS by--

WELLINGTON MANAGEMENT CO LLP

FRONTIER CAPITAL MANAGEMENT CO LLC

NWQ INVESTMENT MANAGEMENT CO LLC

RAINIER INVESTMENT MANAGEMENT INC/

all announced today

complete story here---

http://finance.yahoo.com/news/carrizo-o ... 00655.html

Carrizo Oil & Gas, Inc. Announces 2012 U.S. Proved Reserves Including Record Proved Oil Reserves and Record PV-10 Proved Reserves Value of $1.4 Billion, Record 2012 Production, and Fourth Quarter 2012 Capital Expenditures
Press Release: Carrizo Oil & Gas, Inc.

HOUSTON, TX--(Marketwire - Feb 25, 2013) - Carrizo Oil & Gas, Inc. ( NASDAQ : CRZO ) today announced 2012 U.S. proved reserves of 115.1 MMboe, including record proved oil reserves of 39.1 MMbbls (a 58% increase year on year) and record PV-10 proved reserves value of $1.4 billion (a 64% increase year on year), and record 2012 production of 9.4 MMboe (a 26% increase year on year), including fourth quarter production above guidance for both oil and gas. All comparisons of 2012 to the prior year are based on 2011 proved reserves of 95.9 MMboe, which are adjusted to exclude 53.8 MMboe of reserves (97% natural gas) associated with 2012 U.S. property sales.

2012 U.S. Proved Reserves, Production and Reserve Replacement
2012 proved reserves in the U.S., as determined by the Company's third-party reserve engineers, were 115.1 MMboe, an increase of 20% from year-end 2011, and are comprised of 39.1 MMbbls of oil, a 58% increase over 2011, 5.4 MMboe of NGLs, a 71% increase over 2011, and 423.7 Bcf of natural gas, a 4% increase over 2011.

Additional reserve highlights include:

•Reserve Replacement of 303%
•Eagle Ford proved reserves increased to 49.0 MMboe, 72% above the 28.5 MMboe at year-end 2011
•46% of total proved reserves classified as proved developed
At year-end 2012, the pre-tax value of these reserves, using a discount rate of 10% and SEC price assumptions ("PV-10 value") was $1.412 billion, a 64% increase over Carrizo's reserve value of $860 million at the end of 2011. Oil reserves represent 80% of the Company's 2012 PV-10 value compared to 61% at the end of 2011.

The average realized prices used to calculate our 2012 proved reserves and PV-10 value were $101.35 per barrel of oil, $32.12 per barrel of NGLs, and $1.95 per Mcf of natural gas, using the trailing 12-month average of the first of month price in accordance with SEC requirements. These prices are 9% higher, 29% lower, and 39% lower than the prices used at the end of 2011 for oil, NGLs, and natural gas, respectively. The increase in the average realized oil price is largely due to the premium over NYMEX received for our Eagle Ford oil.

The PV10 value of just their Proved Reserves is $1.4 Billion compared to their market cap of less than $900 million. With steady production growth this year, CRZO should have a lot of upside for us.

6:38AM Carrizo Oil & Gas beats by $0.19, beats on revs (CRZO) 21.29 : Reports Q4 (Dec) adjusted earnings of $0.54 per share, excluding non-recurring items, $0.19 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 92.7% year/year to $107.5 mln vs the $105.74 mln consensus.