8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 11, 2008

CARRIZO OIL & GAS, INC.

(Exact name of registrant as specified in its charter)

Texas
(State or other jurisdiction of
incorporation) 000-29187-87
(Commission
File Number) 76-0415919
(I.R.S. Employer
Identification No.)

1000 Louisiana Street Suite 1500
Houston, Texas (Address of principal executive offices)	77002 (Zip code)

Registrant’s telephone number, including area code: (713) 328-1000

Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Consent of LaRoche Petroleum Consultants, Ltd.

Consent of Ryder Scott Company, L.P.

Consent of Fairchild and Wells, Inc.

Press Release

Summary of Reserve Report of LaRoche Petroleum Consultants Ltd.

Summary of Reserve Report of Ryder Scott Company, L.P.

Summary of Reserve Report of Fairchild and Wells, Inc.

Item 2.02 Results of Operations and Financial Condition

     The press release dated February 11, 2008 announcing reserve, production and other operational results of Carrizo Oil & Gas, Inc. (the “Company”) for the fourth quarter and full year 2007, furnished as Exhibit 99.1 to this report, is incorporated by reference herein.

     None of the information furnished in Item 2.02 and the accompanying exhibits will be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company, that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 8.01 Other Events

Experts

     The following is included for the purpose of incorporation by reference into the Company’s registration statements:

     Certain information with respect to the oil and gas reserves of the Company at December 31, 2007 derived from the reports of LaRoche Petroleum Consultants, Ltd., Ryder Scott Company, L.P. and Fairchild and Wells, Inc., independent consulting petroleum engineers, is being incorporated by reference in the Company’s registration statements upon the authority of said firms as experts with respect to the matters covered in such reports and in giving such reports.

Item 9.01 Financial Statements and Exhibits

     (d) Exhibits.

Exhibit Number		Description
	23.1	Consent of LaRoche Petroleum Consultants, Ltd.
	23.2	Consent of Ryder Scott Company, L.P.
	23.3	Consent of Fairchild and Wells, Inc.
	99.1	Press Release of the Company issued on February 11, 2008.
	99.2	Summary of Reserve Report of LaRoche Petroleum Consultants, Ltd. Petroleum Engineers as of December 31, 2007.
	99.3	Summary of Reserve Report of Ryder Scott Company, L.P. Petroleum Engineers as of December 31, 2007.
	99.4	Summary of Reserve Report of Fairchild and Wells, Inc. Petroleum Engineers as of December 31, 2007.

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CARRIZO OIL & GAS, INC.
By:	/s/ Paul F. Boling
	Name:	Paul F. Boling
	Title:	Vice President and Chief Financial Officer

Date: February 11, 2008

3

Exhibit Index

Exhibit Number		Description
	23.1	Consent of LaRoche Petroleum Consultants, Ltd.
	23.2	Consent of Ryder Scott Company, L.P.
	23.3	Consent of Fairchild and Wells, Inc.
	99.1	Press Release of the Company issued on February 11, 2008.
	99.2	Summary of Reserve Report of LaRoche Petroleum Consultants, Ltd. Petroleum Engineers as of December 31, 2007.
	99.3	Summary of Reserve Report of Ryder Scott Company, L.P. Petroleum Engineers as of December 31, 2007.
	99.4	Summary of Reserve Report of Fairchild and Wells, Inc. Petroleum Engineers as of December 31, 2007.

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT PETROLEUM ENGINEERS

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Registration Nos. 333-35245, 333-55838, 333-116528 and 333-137273) of Carrizo Oil & Gas, Inc., a Texas corporation (the “Company”), relating to the 1997 Incentive Plan of the Company, the Registration Statement on Form S-1 (Registration No. 333-136778), and the Registration Statement on Form S-3 (Registration Nos. 333-142346 and 333-142345) of the Company (collectively, the “Registration Statements”), of the information contained in our reserve report that is summarized as in our summary letter dated February 8, 2008, relating to the oil and gas reserves and revenue, as of December 31, 2007, of certain interests of the Company, provided however, that we were necessarily unable to verify the estimates from our Report since these estimates were combined with those of other firms for other properties and reported in total.

We further consent to all references to our reserve report in each of the Registration Statements and each Prospectus to which any such Registration Statement relates, and further consent to our being named as an expert in the Registration Statements and each Prospectus with respect to the matters covered by such report and in giving such report.

LAROCHE PETROLEUM CONSULTANTS, LTD.
By:	/s/ William M. Kazmann
	Name:	William M. Kazmann
	Title:	Senior Partner

February 8, 2008

EX-23.2

EXHIBIT 23.2

CONSENT OF INDEPENDENT PETROLEUM ENGINEERS

     We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Registration Nos. 333-35245, 333-55838 and 333-137273) of Carrizo Oil & Gas, Inc., a Texas corporation (the “Company”), relating to the 1997 Incentive Plan of the Company, the Registration Statement on Form S-1 (Registration No. 333-136778) of the Company, and the Registration Statements on Form S-3 (Registration Nos. 333-142346 and 333-142345 (collectively, the “Registration Statements”), of information contained in our reserve report that is summarized as of December 31, 2007 in our summary letter dated February 11, 2008, relating to the oil and gas reserves and revenue, as of December 31, 2007, of certain interests of the Company.

     We hereby consent to all references to such reports, letters and/or to this firm in each of the Registration Statement and each Prospectus to which the Registration Statement relates, and further consent to our being named as an expert in each of the Registration Statement and the Prospectus to which the Registration Statement relates.

/s/ Ryder Scott Company, L.P. 

RYDER SCOTT COMPANY, L.P. 

Houston, Texas
February 11, 2008

EX-23.3

Exhibit 23.3

CONSENT OF INDEPENDENT PETROLEUM ENGINEERS

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Registration Nos. 333-35245, 333-55838, 333-116528 and 333-137273) of Carrizo Oil & Gas, Inc., a Texas corporation (the “Company”), relating to the 1997 Incentive Plan of the Company, and the Registration Statement on Form S-l (Registration No. 333-136778) of the Company and the Registration Statements on Form S-3 (Registration Nos. 333-142346 and 333-142345) of the Company (collectively, the “Registration Statements”), of the information contained in our reserve report that is summarized as in our summary letter dated January 31, 2008, relating to the oil and gas reserves and revenue, as of December 31, 2007, of certain interests of the Company. We hereby consent to all references to such reports, letters and/or to this firm in each of the Registration Statements and each Prospectus to which any such Registration Statement relates, and further consent to our being named as an expert in each of the Registration Statements and each Prospectus to which any such Registration Statement relates.

/s/ Fairchild and Wells, Inc.  

Fairchild and Wells, Inc. 

Houston, Texas
February 7, 2008

EX-99.1

Exhibit 99.1

CARRIZO OIL & GAS, INC. News

PRESS RELEASE	Contact:	Carrizo Oil & Gas, Inc.
		B. Allen Connell, Director of Investor Relations
		Paul F. Boling, Chief Financial Officer
		(713) 328-1000

CARRIZO OIL & GAS ANNOUNCES PROVED RESERVES REACH RECORD 347.6 BCFE, REPLACING 887 PERCENT OF 2007 PRODUCTION; QUARTERLY AND ANNUAL PRODUCTION REACH RECORD LEVELS; CURRENT NET PRODUCTION REACHES ESTIMATED 76 MMCFE/D

HOUSTON, February 11, 2008 — Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced record 2007 year-end reserves and record production for the fourth quarter and full year 2007.

Reserves

Year-end proved reserves were a record 347.6 Bcfe based on reports from Carrizo’s third-party reserve engineers. This is an increase of approximately 66 percent (net of 2007 production of 17.5 Bcfe) over the year-end 2006 proved reserves of 210 Bcfe. Year-end PV-10 value of our proved reserves was $840.0 million (as compared to $387.2 million at the end of 2006), based upon year-end average spot prices for natural gas and year-end average posted prices for oil and natural gas liquids of $5.99 per Mcf, $92.04 per Bbl and $56.67 per Bbl, respectively.

These additions resulted in the Company replacing 887 percent of 2007 production.

From year-end 2006 to 2007, our Barnett Shale reserves increased 129.3 Bcfe, or 88 percent, to 276.0 Bcfe; our Gulf Coast reserves decreased 2.1 Bcfe from 25.8 Bcfe to 23.7 Bcfe; and our Camp Hill reserves increased 10.4 Bcfe, or 28 percent, from 37.5 Bcfe to 47.9 Bcfe.

Production

Production during the fourth quarter of 2007 was a record 5.64 Bcfe (61.3 MMcfe/d), or 54 percent above the 3.66 Bcfe (39.7 MMcfe/d) of production in the fourth quarter 2006 and 27 percent above the third quarter 2007 production. Estimated annual production for 2007 reached a record level of 17.5 Bcfe (47.9 MMcfe/d), or 49 percent higher than the 11.7 Bcfe (32.1 MMcfe/d) of production in 2006. The Company estimates that fourth quarter 2007 sales prices, including the effect of hedging activities, averaged approximately $6.83 per Mcf and $83.65 per Bbl. The natural gas sales price was benefited $0.28 per Mcf by hedging activities. The oil sales price was negatively impacted $7.03 per Bbl by hedging activities. Approximately 94 percent of fourth quarter production was natural gas, and 92 percent of total 2007 production was natural gas.

Net production as of February 7, 2008 is an estimated 76 MMcfe/d, including over 57 MMcfe/d in the Barnett Shale, with an estimated 17 MMcfe/d producing from the five new horizontal wells on the Company’s Taylor lease in southeast Tarrant County. There are currently 17 net horizontal wells in the Barnett Shale already drilled but waiting on completion and/or pipeline connection. Carrizo is currently operating four rigs drilling horizontal wells, three in southeast Tarrant County and one in

Parker County. We have contracted to add another H&P Flex rig that will commence drilling in April 2008, which will bring our operated rig count to five.

2008 Capital Budget

The Company has established an initial 2008 capital budget of approximately $300 million, versus estimated 2007 capital expenditures of approximately $225 million. Approximately 83% of its 2008 budgeted capital expenditures are expected to be used for drilling activities.

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation and production of oil and natural gas primarily in the Barnett Shale area in North Texas and in proven onshore trends along the Texas and Louisiana Gulf Coast regions. Carrizo is also engaged in exploration activites in the UK North Sea. Carrizo controls significant prospective acreage blocks and utilizes advanced 3-D seismic techniques to identify potential oil and gas reserves and drilling opportunities.

Statements in this news release, including but not limited to those relating to reserves, sales, the Company’s or management’s intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future including, timing of completion and drilling of wells, the expected size and application of the 2008 capital budget and other statements that are not historical facts are forward looking statements that are based on current expectations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward looking statements include delays and uncertainties that may be encountered in connection with the results and dependence on exploratory drilling activities, operating risks, oil and gas price levels, land issues, availability of capital and equipment, weather and other risks described in the Company’s Form 10-K for the year ended December 31, 2006, and its other filings with the Securities and Exchange Commission.

Note Regarding Reserve Replacement Ratio

Management uses the reserve replacement ratio as an indicator of the Company’s ability to replenish annual production volumes and grow its reserves, thereby providing some information on the sources of future production. Management believes reserve replacement information is frequently used by analysts, investors and others in the industry to evaluate the performance of companies like Carrizo. The reserve replacement ratio is calculated by dividing the sum of reserve additions from all sources (revisions, extensions, discoveries, and other additions and acquisitions) by the actual production for the corresponding period. The Company does not use unproved reserve quantities in calculating the reserve replacement ratio. It should be noted that the reserve replacement ratio is a statistical indicator that has limitations. As an annual measure, the ratio is limited because it typically varies widely based on the extent and timing of new discoveries and property acquisitions. Its predictive and comparative value is also limited for the same reasons. In addition, since the ratio does not take into consideration the cost or timing of future production of new reserves, it cannot be used as a measure of value creation. The ratio does not distinguish between changes in reserve quantities that are producing and those that will require additional time and funding to begin producing. In that regard, it might be noted that the percentage of the Company’s proved developed reserves increased from approximately 40 percent in 2006 to approximately 47 percent in 2007. The reserve replacement ratio for 2006 was 607 percent.

EX-99.2

Exhibit 99.2

LaRoche Petroleum Consultants

February 8, 2008

Mr. Andrew R. Agosto
Vice President
Carrizo Oil and Gas, Inc.
1000 Louisiana Street, Suite 1500
Houston, Texas 77002

Dear Mr. Agosto:

     At your request, LaRoche Petroleum Consultants, Ltd. (LPC) has estimated the proved reserves and future cash flow, as of December 31, 2007, to the Carrizo Oil and Gas, Inc. (Carrizo) interest in certain properties located in various counties in Texas. This report has been prepared using constant prices and costs and conforms to our understanding of the Securities and Exchange Commission (SEC) guidelines.

     Summarized below are LPC’s estimates of net reserves and future net cash flow. Future net revenue is prior to deducting estimated production and ad valorem taxes. Future net cash flow is after deducting these taxes, operating expenses, and future capital expenditures but before consideration of federal income taxes. The discounted cash flow values included in this report are intended to represent the time value of money and should not be construed to represent an estimate of fair market value. We estimate the net reserves and future net cash flow to the Carrizo interest, as of December 31, 2007, to be:

	Net Reserves						Future Net Cash Flow ($)
	Oil		Gas		NGL				Present Worth at
Category	(MBBLs)		(MMcf)		(MBBLs)		Total		10%
Proved Developed
Producing		210,129		92,406,273		4,073,258	$	593,822,125	$	288,805,062
Non- Producing		0		13,996,906		0	$	55,848,039	$	30,236,881
Proved Undeveloped		108,496		122,421,844		3,469,535	$	494,553,781	$	186,770,625
Total Proved(1)		318,625		228,825,023		7,542,793	$	1,144,223,945	$	505,812,568

⁽¹⁾ The total proved values above may or may not match those values on the total proved summary page that follows this letter due to rounding by the economics program.

     The oil reserves include crude oil and condensate. Oil reserves are expressed in barrels, which are equivalent to 42 United States gallons. Gas reserves are expressed in thousands of standard cubic feet (Mcf) at the contract temperature and pressure bases.

     The estimated reserves and future cash flow shown in this report are for proved developed producing reserves and, for certain properties, proved developed non-producing and proved undeveloped reserves. This report does not include any value that could be attributed to interests in undeveloped acreage beyond those tracts for which undeveloped reserves have been estimated. Definitions of all reserve categories used in this report are presented immediately following this letter.

     This report includes: (1) summary economic projections of reserves and cash flow for each reserve category, (2) one-line summaries of basic economic data and reserves for each property evaluated, and (3) economic projections of reserves and cash flow for each evaluated property.

4600 Greenville Avenue, Suite 160 • Dallas, Texas 75206 • Phone (214) 363-3337 • Fax (214) 363-1608

     Estimates of reserves were prepared using standard geological and engineering methods generally accepted by the petroleum industry. The method or combination of methods utilized in the evaluation of each reservoir included consideration of the stage of development of the reservoir, quality and completeness of basic data, and production history. Recovery from various reservoirs and leases was estimated after consideration of the type of energy inherent in the reservoirs, the structural positions of the properties, and reservoir and well performance. In some instances, comparisons were made with similar properties where more complete data were available. For five properties Taylor 1H, Taylor 2H, Taylor 3H, Taylor 4H and Taylor 5H, we utilized daily production data available to us for part of January 2008.

     The estimated reserves and future cash flow amounts in this report are related to hydrocarbon prices. The prices on December 31, 2007 were used in the preparation of this report as required by SEC guidelines; however, actual future prices may vary significantly from the December 31, 2007 prices. Therefore, volumes of reserves actually recovered and amounts of cash flow actually received may differ significantly from the estimated quantities presented in this report.

     Oil prices are referenced to a December 31, 2007 physical price of $92.50 per barrel, as posted by Plains All American Pipeline, L.P., adjusted for gravity, crude quality, transportation fees, and regional price differentials. Gas prices are referenced to a December 31, 2007 physical spot price of $6.80 per MMBtu, as posted by Platts Gas Daily (Henry Hub spot), adjusted for energy content, transportation fees, and regional price differentials. Natural gas liquid prices are referenced to a December 31, 2007 OPIS Daily pricing of $60.73/bbl. Prices are held constant in accordance with SEC guidelines.

     Lease and well operating expenses are based on data obtained from Carrizo. Expenses for the properties operated by Carrizo include allocated overhead costs along with direct lease and field level costs. Wells operated by others include all direct expenses as well as general, administrative, and overhead costs allowed under the specific joint operating agreements. Lease and well operating costs are held constant in accordance with SEC guidelines.

     Capital costs and timing of all investments have been provided by Carrizo and are included as required for workovers, new development wells, and production equipment. These costs are also held constant.

     LPC has made no investigation of possible oil and gas volume and value imbalances that may have been the result of overdelivery or underdelivery to the Carrizo interest. Our projections are based on the Carrizo interest receiving its net revenue interest share of estimated future gross oil and gas production.

     Technical information necessary for the preparation of the reserve estimates herein was furnished by Carrizo or was obtained from state regulatory agencies and commercially available data sources. No special tests were obtained to assist in the preparation of this report. For the purpose of this report, the individual well test and production data as reported by the above sources were accepted as represented together with all other factual data presented by Carrizo including the extent and character of the interest evaluated.

     An on-site inspection of the properties has not been performed nor has the mechanical operation or condition of the wells and their related facilities been examined by LPC. Consideration was given to salvage values or abandonment costs for all of the properties. However, the costs associated with the continued operation of uneconomic properties are not reflected in the cash flows.

LaRoche Petroleum Consultants, Ltd.

     The evaluation of potential environmental liability from the operation and abandonment of the properties is beyond the scope of this report. In addition, no evaluation was made to determine the degree of operator compliance with current environmental rules, regulations, and reporting requirements. Therefore, no estimate of the potential economic liability, if any, from environmental concerns is included in the projections presented herein.

     The reserves included in this report are estimates only and should not be construed as exact quantities. They may or may not be recovered; if recovered, the revenues therefrom and the costs related thereto could be more or less than the estimated amounts. These estimates should be accepted with the understanding that future development, production history, changes in regulations, product prices, and operating expenses would probably cause us to make revisions in subsequent evaluations. A portion of these reserves are for behind-pipe zones, undeveloped locations, and producing wells that lack sufficient production history to utilize performance-related reserve estimates. Therefore, these reserves are based on estimates of reservoir volumes and recovery efficiencies along with analogies to similar production. These reserve estimates are subject to a greater degree of uncertainty than those based on substantial production and pressure data. It may be necessary to revise these estimates up or down in the future as additional performance data become available. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering and geological data; therefore, our conclusions represent informed professional judgments only, not statements of fact.

     This report is solely for the use of Carrizo, its agents, and its representatives in their evaluation of these properties and is not to be used, circulated, quoted, or otherwise referenced for any other purpose without the express written consent of the undersigned. Persons other than those to whom this report is addressed shall not be entitled to rely upon the report unless it is accompanied by such consent.

     We are independent petroleum engineers, geologists, and geophysicists; neither we nor any of our employees have any interest in the subject properties and neither our employment to make this study nor our compensation is contingent on our estimate of reserves and future income for the subject properties. Data pertinent to this report are maintained on file in our office.

Very truly yours,

LaRoche Petroleum Consultants, Ltd.

/s/ Al lakovakis

Al lakovakis

Senior Staff Engineer

/s/ William M. Kazmann

William M. Kazmann

Licensed Professional Engineer

State of Texas No. 45012

LaRoche Petroleum Consultants, Ltd.

EX-99.3

Exhibit 99.3

February 11, 2008

Carrizo Oil & Gas, Inc.
1000 Louisiana Street, Suite 1500
Houston, Texas 77002

Gentlemen:

     At your request, we have prepared an estimate of the reserves, future production, and income attributable to certain leasehold and royalty interests of Carrizo Oil & Gas, Inc. (Carrizo) as of December 31, 2007. The subject properties are located in the states of Louisiana and Texas. The income data were estimated using the Securities and Exchange Commission (SEC) guidelines for future price and cost parameters.

     The estimated reserves and future income amounts presented in this report are related to hydrocarbon prices. December 31, 2007 hydrocarbon prices were used in the preparation of this report as required by SEC guidelines; however, actual future prices may vary significantly from December 31, 2007 prices. Therefore, volumes of reserves actually recovered and amounts of income actually received may differ significantly from the estimated quantities presented in this report. The results of this study are summarized below.

SEC PARAMETERS
Estimated Net Reserves and Income Data
Certain Leasehold and Royalty Interests of
Carrizo Oil & Gas, Inc.
As of December 31, 2007

	Proved
	Developed
							Total
	Producing		Non-Producing		Undeveloped		Proved
Net Remaining Reserves
Oil/Condensate — Barrels		297,230		137,409		35,647		470,286
Plant Products — Barrels		89,323		83,276		37,218		209,817
Gas — MMCF		12,373		3,822		3,413		19,608
Income Data ($M)
Future Gross Revenue	$	109,561.8	$	39,978.4	$	26,783.1	$	176,323.3
Deductions		16,092.5		9,635.3		16,700.9		42,428.7
Future Net Income (FNI)	$	93,469.3	$	30,343.1	$	10,082.2	$	133,894.6
Discounted FNI @ 10%	$	79,967.9	$	22,053.6	$	6,370.4	$	108,391.9

     Liquid hydrocarbons are expressed in standard 42 gallon barrels. All gas volumes are sales gas expressed in millions of cubic feet (MMCF) at the official temperature and pressure bases of the areas in which the gas reserves are located.

Carrizo Oil & Gas, Inc.
February 11, 2008
Page 2

     The future gross revenue is after the deduction of production taxes. The deductions are comprised of the normal direct costs of operating the wells, ad valorem taxes, recompletion costs, development costs, and certain abandonment costs net of salvage. The future net income is before the deduction of state and federal income taxes and general administrative overhead, and has not been adjusted for outstanding loans that may exist nor does it include any adjustment for cash on hand or undistributed income. No attempt was made to quantify or otherwise account for any accumulated gas production imbalances that may exist. Gas reserves account for approximately 70 percent and liquid hydrocarbon reserves account for the remaining 30 percent of total future gross revenue from proved reserves.

Reserves Included in This Report

     The proved reserves included herein conform to the definition as set forth in the Securities and Exchange Commission’s Regulation S-X Part 210.4-10 (a) as clarified by subsequent Commission Staff Accounting Bulletins. The definitions of proved reserves are included in the section entitled “Petroleum Reserves Definitions” which is attached with this report.

     The proved developed non-producing reserves included herein are comprised of shut-in and behind pipe categories. The various reserve status categories are defined in the section entitled “Petroleum Reserves Definitions” which is attached with this report.

Estimates of Reserves

     In general, the reserves included herein were estimated by performance methods or the volumetric method; however, other methods were used in certain cases where characteristics of the data indicated such other methods were more appropriate in our opinion. The reserves estimated by the performance method utilized extrapolations of various historical data in those cases where such data were definitive. Reserves were estimated by the volumetric method in those cases where there were inadequate historical performance data to establish a definitive trend or where the use of production performance data as a basis for the reserve estimates was considered to be inappropriate.

     The reserves included in this report are estimates only and should not be construed as being exact quantities. They may or may not be actually recovered, and if recovered, the revenues therefrom and the actual costs related thereto could be more or less than the estimated amounts. Moreover, estimates of reserves may increase or decrease as a result of future operations.

Future Production Rates

     Initial production rates are based on the current producing rates for those wells now on production. Test data and other related information were used to estimate the anticipated initial production rates for those wells or locations which are not currently producing. If no production decline trend has been established, future production rates were held constant, or adjusted for the effects of curtailment where appropriate, until a decline in ability to produce was anticipated. An estimated rate of decline was then applied to depletion of the reserves. If a decline trend has been established, this trend was used as the basis for estimating future production rates. For reserves not yet on production, sales were estimated to commence at an anticipated date furnished by Carrizo.

     The future production rates from wells now on production may be more or less than estimated because of changes in market demand or allowables set by regulatory bodies. Wells or locations which are not currently producing may start producing earlier or later than anticipated in our estimates of their future production rates.

RYDER SCOTT COMPANY PETROLEUM CONSULTANTS

Carrizo Oil & Gas, Inc.
February 11, 2008
Page 3

Hydrocarbon Prices

     Carrizo furnished us with hydrocarbon prices in effect at December 31, 2007 and with its forecasts of future prices which take into account SEC and Financial Accounting Standards Board (FASB) rules, current market prices, contract prices, and fixed and determinable price escalations where applicable.

     In accordance with FASB Statement No. 69, December 31, 2007 market prices were determined using the daily oil price or daily gas sales price (“spot price”) adjusted for oilfield or gas gathering hub and wellhead price differences (e.g. grade, transportation, gravity, sulfur and BS&W) as appropriate. Also in accordance with SEC and FASB specifications, changes in market prices subsequent to December 31, 2007 were not considered in this report.

     For hydrocarbon products sold under contract, the contract price including fixed and determinable escalations, exclusive of inflation adjustments, was used until expiration of the contract. Upon contract expiration, the price was adjusted to the current market price for the area and held at this adjusted price to depletion of the reserves.

Costs

     Operating costs for the leases and wells in this report are based on the operating expense reports of Carrizo and include only those costs directly applicable to the leases or wells. When applicable, the operating costs include a portion of general and administrative costs allocated directly to the leases and wells under terms of operating agreements. No deduction was made for indirect costs such as general administration and overhead expenses, loan repayments, interest expenses, and exploration and development prepayments that are not charged directly to the leases or wells.

     Development costs were furnished to us by Carrizo and are based on authorizations for expenditure for the proposed work or actual costs for similar projects. The estimated net cost of abandonment after salvage was included for properties where abandonment costs net of salvage are significant. At the request of Carrizo, their estimate of zero abandonment costs after salvage value for onshore properties was used in this report. Ryder Scott has not performed a detailed study of the abandonment costs nor the salvage value and makes no warranty for Carrizo’s estimate.

     Current costs were held constant throughout the life of the properties.

General

     While it may reasonably be anticipated that the future prices received for the sale of production and the operating costs and other costs relating to such production may also increase or decrease from existing levels, such changes were, in accordance with rules adopted by the SEC, omitted from consideration in making this evaluation.

     The estimates of reserves presented herein were based upon a detailed study of the properties in which Carrizo owns an interest; however, we have not made any field examination of the properties. No consideration was given in this report to potential environmental liabilities which may exist nor were any costs included for potential liability to restore and clean up damages, if any, caused by past operating practices. Carrizo has informed us that they have furnished us all of the accounts, records, geological and engineering data, and reports and other data required for this investigation. The ownership interests, prices, and other factual data furnished by Carrizo were accepted without

RYDER SCOTT COMPANY PETROLEUM CONSULTANTS

Carrizo Oil & Gas, Inc.
February 11, 2008
Page 4

independent verification. The estimates presented in this report are based on data available through December 2007.

     Carrizo has assured us of their intent and ability to proceed with the development activities included in this report, and that they are not aware of any legal, regulatory or political obstacles that would significantly alter their plans.

     Neither we nor any of our employees have any interest in the subject properties and neither the employment to make this study nor the compensation is contingent on our estimates of reserves and future income for the subject properties.

     This report was prepared for the exclusive use and sole benefit of Carrizo Oil & Gas, Inc. and may not be put to other use without our prior written consent for such use. The data, work papers, and maps used in this report are available for examination by authorized parties in our offices. Please contact us if we can be of further service.

Very truly yours,

RYDER SCOTT COMPANY, L.P.
 

/s/ Michael F. Stell  

Michael F. Stell, P.E. 

Managing Senior Vice President 

MFS/sm

RYDER SCOTT COMPANY PETROLEUM CONSULTANTS

EX-99.4

Exhibit 99.4

January 31, 2008

Carrizo Oil & Gas, Inc.
1000 Louisiana Street, Suite 1500
Houston, Texas 77002

Re: Reserves Evaluation to the Interests of Carrizo Oil & Gas, Inc. Heavy Oil Properties, Anderson County, Texas

Gentlemen:

Fairchild and Wells, Inc. (FAW) has performed an engineering evaluation to estimate proved reserves and future cash flows from heavy oil (steamflood) properties to the interests of Carrizo Oil & Gas, Inc. in Anderson County, Texas. This evaluation was authorized by Mr. S.P. Johnson IV, President of Carrizo Oil & Gas, Inc. (Carrizo). Projections of the anticipated future annual oil production and future cash flows have also been prepared utilizing property development schedules provided by Carrizo. The reserves and future cash flows to the evaluated interests were based on economic parameters and operating conditions considered applicable and are pursuant to the financial reporting requirements of the Securities and Exchange Commission (SEC). December 31, 2007 hydrocarbon prices were used in the preparation of this report and current costs were held constant throughout the life of the properties.

The estimated reserves and future cash flows shown in this report are for proved developed and proved undeveloped reserves. Our estimates do not include any value which might be attributed to interests in undeveloped acreage beyond those tracts for which reserves have been assigned.

In performance of this evaluation, we have relied upon information furnished by Carrizo with respect to property interests owned, production from such properties, current costs of operation and development, current prices for production, agreements relating to current and future operations and sale of production. With respect to the technical files supplied by Carrizo, we have accepted the authenticity and sufficiency of the data contained therein.

Future cash flow is presented after deducting production taxes and after deducting future capital costs and operating expenses, but before consideration of Federal income taxes. The future cash flow has been discounted at an annual rate of 10 percent to determine its “present worth.” The present worth is shown to indicate the effect of time on the value of money and should not be construed as being the fair market value of the properties Our estimates of future revenue do not include any salvage value for the lease and well equipment.

The results of the study are summarized on the next page.

Carrizo Oil & Gas, Inc.
January 31, 2008 Page 2

SUMMARY
ESTIMATED PROVED RESERVES AND FUTURE CASH—FLOWS CAMP HILL FIELD, ANDERSON CO., TX
TO THE INTERESTS OF CARRIZO OIL & GAS, INC., EFFECTIVE 1/1/2008

	Net		Future Cash Flows, Before NPI (M$)
	Reserves Mbbls		Undiscounted		Discounted at 10%
Existing Patterns
18 Pattern-Proved Producing		3.2		-51.4		-49.0
18 Pattern-Proved Non-Producing		704.2		47,716.3		38,252.6
18 Pattern Proved-Developed		707.4		47,664.9		38,203.7
10 Pattern-Proved Producing		0.9		-6.1		-5.8
10 Pattern-Proved Non-Producing		54.5		2,540.7		2,131.1
10 Pattern Proved-Developed		55.4		2,534.6		2,125.3
Royal Proved Producing		0.3		17.4		16.6
Rosson Proved Producing		0.2		8.6		8.2
Hanks Proved Producing		0.4		12.2		11.6
Gilbert Proved Producing		0.0		-1.9		-1.8
Moore B Proved Developed Non-Producing		125.3		8,393.9		6,695.8
Hanks Proved Developed Non-Producing		24.5		1,624.5		1,300.6
Temple Eastex Proved Developed Non-Producing		67.1		4,418.0		3,529.6
C. Rosson Proved Developed Non-Producing		35.8		2,389.4		1,915.2
Royal Proved Developed Non-Producing		629.3		42,529.8		34,040.1
Total Proved-Developed		1,645.6		109,591.3		87,844.8
Future Patterns
Delaney A Lease		844.6		54,073.9		13,740.7
Temple Eastex C Lease		1,290.4		83,113.7		17,289.8
Moore A Lease		132.6		8,571.9		1,472.9
Hanks Lease		186.8		11,257.4		3,736.8
C. Rosson		1,455.6		91,470.4		30,855.6
Royall		2,433.5		157,121.0		80.831.9
Total Proved Undeveloped		6,343.6		405,608.3		147,927.8
Total Proved		7,989.3		515,199.7		235,772.6

FUTURE CASH FLOW — TOTAL PROJECT BY YEAR (AFTER NPI)

	Future Cash Flows After NPI (M$)
Year	Undiscounted		Discounted at 10%
2008		-2,746.0		-2,618.2
2009		36,637.1		31,756.5
2010		44,808.5		35,308.5
2011		16,994.8		12,174.2
2012		25,615.4		16,681.4
2013		38,295.0		22,671.6
2014		27,055.2		14,561.2
2015		22,987.0		11,247.0
2016		33,005.4		14,680.7
2017		29,605.4		11,971.3
2018		25,293.5		9,297.9
2019		22,687.7		7,581.9
2020		26,611.9		8,084.8
2021		26,537.1		7,329.1
2022		27,393.6		6,877.9
2023		28,446.9		6,493.0
2024		27,742.9		5,756.7
2025		21,632.4		4,080.7
2026		9,009.5		1,545.0
2027		1,820.8		283.9
2028		182.1		25.8
TOTAL		489,616.3		225,790.9

Carrizo Oil & Gas, Inc.
January 31, 2008 Page 3

Fairchild and Wells, Inc. expresses no opinion as to the fair market value of the evaluated properties.

The reserves included in this report are estimates only and should not be construed as being exact quantities. They may or may not be actually recovered, and if recovered, the revenues therefrom and the actual costs related thereto could be more or less than the estimated amounts. Because of governmental policies and uncertainties of supply and demand, the actual sales rates and the prices actually received for the reserves along with the costs incurred in recovering such reserves may vary from those assumptions included in this report. Also, estimates of reserves may increase or decrease as a result of future operations.

In evaluating the information at our disposal concerning this report, we have excluded from our consideration all matters as to which legal or accounting, rather than engineering, interpretation may be controlling. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering data and, therefore, our conclusions necessarily represent only informed professional Judgments.

The titles to the properties have not been examined by Fairchild and Wells, Inc. nor has the actual degree or type of interest owned been independently confirmed. We are independent petroleum engineers and geologists; we do not own an interest in these properties and are not employed on a contingent basis. Basic geologic and field performance data together with our engineering work sheets are maintained on file in our office and are available for review.

It has been a pleasure to serve you by preparing this engineering evaluation.

Yours very truly,

Fairchild and Wells, Inc.
 

/s/ James Fairchild 

James Fairchild 

President