Energy Prospectus

Carrizo Oil & Gas Announces Estimated Third Quarter Production and Raises 2015 Crude Oil Production Growth Target
HOUSTON, Oct. 15, 2015 (GLOBE NEWSWIRE) -- Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) today provided an operational update, which included the following highlights:

Estimated third quarter crude oil production of 23,573 Bbls/d, 4% above the high-end of the guidance range
Raising 2015 crude oil production growth target to 21%
Added 8,000 Bbls/d of swaps for 2016 at a weighted average price of approximately $60/Bbl
Production volumes during the third quarter of 2015 are estimated to be 35,948 Boe/d. This represents an increase of 7% versus the third quarter of 2014 and exceeds the high-end of the Company's guidance range of 33,133-34,300 Boe/d. Oil production during the third quarter of 2015 is estimated to be 23,573 Bbls/d, an increase of 18% versus the third quarter of 2014; natural gas and NGL production are estimated at 51,710 Mcf/d and 3,757 Bbls/d, respectively, for the third quarter of 2015.

Given the continued strong performance from the Company's primary operating areas, Carrizo is increasing its 2015 oil production guidance to 22,750-22,850 Bbls/d from 22,350-22,500 Bbls/d. Using the midpoint of this range, the Company's 2015 oil production growth guidance increases to 21% from 19% previously. For natural gas and NGLs, the Company is increasing its 2015 guidance to 56-57 MMcf/d and 3,500-3,600 Bbls/d, respectively, from 54-56 MMcf/d and 3,250-3,350 Bbls/d.

Since June 30, 2015, the Company has added additional crude oil hedges covering calendar 2016 volumes. For 2016, Carrizo now has hedges covering approximately 13,500 Bbls/d of crude oil (comprised of 8,000 Bbls/d of swaps at an average price of $60.03/Bbl and 5,492 Bbls/d of collars with a weighted average floor price of $50.97/Bbl and a weighted average ceiling price of $74.73/Bbl). Additionally, Carrizo will continue to get the benefit from the offsetting hedge transactions it entered into during the first quarter of 2015; these transactions locked in an additional $44.8 million of cash flow that will be realized during 2016. (Please refer to the following table for a detailed summary of the Company's hedging activity since June 30, 2015.)

Weighted
Weighted Average
Average Ceiling
Volumes Floor Price Price
Period Type of Contract (in Bbls/d) ($/Bbl) ($/Bbl)
2016 Fixed Price Swaps 8,000 $60.03
2017 Sold Call Options 2,500 $60.00
2018 Sold Call Options 2,888 $60.00
2019 Sold Call Options 3,375 $62.50
2020 Sold Call Options 4,075 $65.00

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas from resource plays located in the United States. Carrizo's current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas, the Permian Basin in West Texas, the Niobrara Formation in Colorado, the Utica Shale in Ohio, and the Marcellus Shale in Pennsylvania.

Carrizo Oil & Gas Announces Public Offering of Common Stock
HOUSTON, Oct. 15, 2015 (GLOBE NEWSWIRE) -- Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) announced today that it has commenced an underwritten public offering of 5,300,000 shares of its common stock. Carrizo has also granted the underwriters an option to purchase up to 795,000 additional shares. The underwriters may offer the shares of common stock from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Carrizo intends to use the net proceeds from this offering, and any proceeds from the exercise of the underwriters' option to purchase additional shares, to repay borrowings under its revolving credit facility, with the remainder for general corporate purposes, including future potential acquisitions with a primary focus in the Permian Basin.

In connection with the offering, Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are serving as the underwriters. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on August 28, 2014. Copies of the preliminary prospectus for the offering may be obtained from the offices of Credit Suisse Securities (USA) LLC, via email: newyork.prospectus@credit-suisse.com; or standard mail at c/o Prospectus Department, One Madison Avenue, New York, NY, 10010; and Citigroup Global Markets Inc., via telephone: (800) 831-9146; email: prospectus@citi.com; or standard mail c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, New York 11717.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.