-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E8vUP+5OY+tNBoMc6uTiO+9UnDBnQ5zt/2hlGLpk2GGoolUDRvNhsLgokNSvIy4E c1ovHZb4wEpYaTy+YJ2GUw== 0001040593-05-000010.txt : 20050301 0001040593-05-000010.hdr.sgml : 20050301 20050301105014 ACCESSION NUMBER: 0001040593-05-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050224 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050301 DATE AS OF CHANGE: 20050301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARRIZO OIL & GAS INC CENTRAL INDEX KEY: 0001040593 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 760415919 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29187-87 FILM NUMBER: 05648407 BUSINESS ADDRESS: STREET 1: 14701 ST MARYS LANE STREET 2: STE 800 CITY: HOUSTON STATE: TX ZIP: 77079 BUSINESS PHONE: 2814961352 MAIL ADDRESS: STREET 1: 14701 ST MARYS LANE STREET 2: SUITE 800 CITY: HOUSTON STATE: TX ZIP: 77079 8-K 1 k8022405.txt 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 24, 2005 CARRIZO OIL & GAS, INC. (Exact name of registrant as specified in its charter) Texas 000-22915 76-0415919 (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification No.) incorporation) 1000 Louisiana Street Suite 1500 Houston, Texas 77002 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (713) 328-1000 N/A (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: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. The press release dated February 24, 2005 announcing production, prices and other operational results of Carrizo Oil & Gas, Inc. (the "Company") for the fourth quarter of 2004, furnished as Exhibit 99.1 to this report, is incorporated by reference herein. The Company is hereby correcting a typographical error in such press release. The sixth paragraph of the press release is hereby corrected to state that the Company's average daily fourth quarter production from the Shadyside #1 was approximately 970 Mcfe per day, not 970 Mmcfe per day. None of the information furnished in Item 2.02 and the accompanying exhibit 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 9.01. Financial Statements and Exhibits. (c) Exhibits.
Exhibit Number Description - -------------- ----------- 99.1 Press Release dated February 24, 2005 Announcing Operational Results for the Fourth Quarter 2004.
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 25, 2005 3 EXHIBIT INDEX 99.1 Press Release dated February 24, 2005 Announcing Operational Results for the Fourth Quarter 2004. EX-99.1 2 pr022405.txt EXHIBIT 99.1 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 UPDATES FOURTH QUARTER OPERATIONS; QUARTERLY AND ANNUAL PRODUCTION REACH RECORD LEVELS HOUSTON, February 24, 2005 - Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced the operating results for the fourth quarter of 2004. In the Company's core areas in the onshore Gulf Coast of Texas and Louisiana, the Company participated in the drilling of nine gross exploratory wells, all of which were successful. Eight of these successful wells have been completed, and one well is awaiting completion. As of year end, one well was waiting on connection to a pipeline and drilling operations were underway on three wells. In Carrizo's Barnett Shale Project area in the North Texas area (primarily in the Parker, Tarrant, Denton, Johnson, Hill and Erath counties), the Company participated in the drilling of six gross wells (comprised of three horizontal and three vertical wells), all of which were successful, and, at present, has increased its acreage position to over 35,000 net acres. Five of these successful wells have been completed, and one well is awaiting completion. As of year end, 21 wells were in various stages of testing, completion or awaiting pipeline hook-up and drilling operations were underway on two wells. The Company's overall apparent drilling success rate in the fourth quarter 2004 was 100 percent, comprised of a total of fifteen wells drilled, all of which were successful. For the entire year, Carrizo participated in 38 gross wells in its onshore Gulf Coast area with 32 successes for an apparent 84.2 percent drilling success rate. In its Barnett Shale area, the Company participated in 33 gross wells in 2004 (comprised of ten horizontal and 23 vertical wells), all of which were successful. The overall Company success rate in 2004 was 91.6 percent, comprised of 71 gross wells drilled, 65 of which were successful. Production during the fourth quarter of 2004 was estimated to be a record 2.43 Bcfe, or 30.6 percent above the 1.86 Bcfe of production in the fourth quarter 2003 and 19.4 percent above the third quarter 2004 production. Estimated annual production for 2004 reached a record level of 8.32 Bcfe, or 11.5 percent higher than the 7.46 Bcfe of production in 2003. The Company estimates that fourth quarter 2004 sales prices, including the effect of hedging activities, averaged approximately $6.60 per Mcf and $43.67 per barrel. The natural gas sales price was negatively affected $0.08 per Mcf by hedging activities. The oil sales price was negatively affected $1.98 per barrel by hedging activities. Approximately 84 percent of fourth quarter production was natural gas, with 78 percent of total 2004 production being natural gas. In the Gulf Coast area, drilling operations have begun on one well in Duval County (a 50 percent working interest) and a second well is expected to spud this week (a 50 percent working interest) in Matagorda County. In the Barnett Shale area, two wells are drilling, one vertical (a 95 percent working interest) and one horizontal (a 100 percent working interest). Effective February 1, 2005, Carrizo sold to a private company its interest in the Patterson Prospect Area in St. Mary Parish, Louisiana, including the Shadyside #1 well and any anticipated follow-up wells, for undisclosed cash consideration. Carrizo's average daily production from the Shadyside #1 during the 4th quarter 2004 was approximately 970 Mcfe per day. Proceeds from the sale will be used in the 2005 Barnett Shale and Gulf Coast drilling program and for general corporate purposes. Carrizo Oil & Gas, Inc., is a Houston-based energy company engaged in the exploration, development, exploitation and production of oil and natural gas in proven onshore trends primarily along the Texas and Louisiana Gulf Coast regions and in the Barnett Shale area in North Texas. 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 the results, reserves, testing, sales, potential and other effects of the Company's wells, the Company's or management's intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future including potential effects or timing, timing of completion and drilling of wells 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 the results of additional testing of the wells, results of completion and follow-up operations, the results and dependence on exploratory drilling activities, operating risks, oil and gas price levels, land issues, availability of equipment, weather and other risks described in the Company's Form 10-K for the year ended December 31, 2003 and its other filings with the Securities and Exchange Commission. -----END PRIVACY-ENHANCED MESSAGE-----