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0001040593-05-000076.txt : 20050805
0001040593-05-000076.hdr.sgml : 20050805
20050805083839
ACCESSION NUMBER: 0001040593-05-000076
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20050805
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20050805
DATE AS OF CHANGE: 20050805
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: 051000992
BUSINESS ADDRESS:
STREET 1: 1000 LOUISIANA STREET
STREET 2: SUITE 1500
CITY: HOUSTON
STATE: TX
ZIP: 77002
BUSINESS PHONE: 7133281000
MAIL ADDRESS:
STREET 1: 1000 LOUISIANA STREET
STREET 2: SUITE 1500
CITY: HOUSTON
STATE: TX
ZIP: 77002
8-K
1
form8k080505.htm
FORM 8-K 08.05.05
Form 8-K 08.05.05
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): August
5, 2005
CARRIZO
OIL & GAS, INC.
(Exact
name of registrant as specified in its charter)
Texas
|
000-29187-87
|
76-0415919
|
(State
or other jurisdiction of
|
(Commission
|
(I.R.S.
Employer
|
incorporation)
|
File
Number)
|
Identification
No.)
|
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
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:
[
] 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 by Carrizo Oil & Gas, Inc. (the “Company” or “we”) dated
August 5, 2005 concerning financial results for the quarter ended June 30,
2005, furnished as Exhibit 99.1 to this report, is incorporated by reference
herein. The press release contains measures which may be deemed “non-GAAP
financial measures” as defined in Item 10 of Regulation S-K of the Securities
Exchange Act of 1934, as amended. We discuss EBITDA, as defined in the press
release, on a total and a per share basis for the quarters ended June 30,
2004 and 2005 and the six months ended June 30, 2004 and 2005. We believe
that EBITDA, as defined, may provide additional information about our ability
to
meet our future requirements for debt service, capital expenditures and working
capital. EBITDA, as defined, is a financial measure commonly used in the oil
and
natural gas industry and should not be considered in isolation or as a
substitute for net income, operating income, cash flows from operating
activities or any other measure of financial performance presented in accordance
with generally accepted accounting principles or as a measure of a company’s
profitability or liquidity. Because EBITDA, as defined, excludes some, but
not
all, items that affect net income, the EBITDA presented in the press release
may
not be comparable to similarly titled measures of other companies. We also
discuss net income, excluding non-cash after-tax charges primarily attributable
to equity in the loss of Pinnacle Gas Resources, Inc. (“Pinnacle”) on a total
and a per share basis for the quarter ended June 30, 2005 and net income
excluding the non-cash after-tax items stock option compensation expense and
equity in the loss of Pinnacle on a total and a per share basis for the six
months ended June 30, 2005. We believe that this information will help
investors compare results between periods and identify operating trends that
would otherwise be masked by the non-cash after-tax items. The most comparable
GAAP financial measure, net income, and information reconciling the GAAP and
non-GAAP measures were also included in the press release.
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 August 5, 2005 Announcing Financial Results
for the
Second Quarter 2005.
|
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: August
5, 2005
EXHIBIT
INDEX
The
following exhibit is furnished pursuant to Item 2.02:
EX-99.1 CHARTER
2
exh991.htm
EXHIBIT 99.1
Exhibit 99.1
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, INC. ANNOUNCES SECOND QUARTER 2005 FINANCIAL
RESULTS INCLUDING RECORD REVENUES AND EBITDA
HOUSTON,
August 5, 2005 — Carrizo Oil & Gas, Inc. (Nasdaq: CRZO)
today
reported the Company’s financial results for the second quarter of 2005, which
included the following highlights:
Second
Quarter 2005 Results --
The
second quarter 2005 results included the following
highlights:
· |
Production
of 2.35 Bcfe.
|
· |
Record
quarterly revenue of $16.3
million.
|
· |
Net
Income of $3.6 million.
|
· |
Record
EBITDA, as defined below, of $11.8
million.
|
Revenues
for the three months ended June 30, 2005 increased 36 percent to $16.3 million
as compared to $12.0 million during the quarter ended June 30, 2004. The
increase in revenues was driven by higher natural gas production and higher
prevailing oil and natural gas prices. Production volumes during the three
months ended June 30, 2005 increased 18 percent to 2.35 Bcfe as compared to
1.99
Bcfe during the second quarter of 2004 and essentially flat compared to our
first quarter 2005 production. Carrizo’s average oil sales price increased 56
percent to $55.07 per barrel from $35.27 per barrel during the second quarter
of
2004, while the average natural gas sales price increased eight percent to
$6.55
per Mcf from $6.07 per Mcf in the second quarter of 2004. The above prices
include the effect of hedging activities.
After
dividends and accretion of discount on preferred stock, the Company reported
net
income available to common shares (“Net Income”) of $3.6 million, or $0.15 and
$0.15 per basic and diluted share, respectively, for the three months ended
June
30, 2005, as compared to $2.0 million, or $0.10 and $0.09 per basic and diluted
share, respectively, for the same quarter during 2004. For the quarter ended
June 30, 2005, Net Income was $4.0 million, or $0.17 and $0.17 per basic and
diluted share, respectively, excluding $0.4 million for the non-cash after-tax
charges primarily attributable to equity in the loss of Pinnacle Gas Resources
(largely dividends on preferred stock).
EBITDA
(earnings before interest, income tax, depreciation and amortization expenses,
and certain other non-cash items) during
the second quarter of 2005 was $11.8 million, or $0.51 and $0.49 per basic
and
diluted share, respectively, as compared to $8.3 million, or $0.43 and $0.38
per
basic and diluted share, respectively, during the second quarter of 2004.
Oil
and gas operating expenses, excluding production taxes, increased to $1.6
million during the three months ended June 30, 2005 as compared to $1.3 million
for the second quarter of 2004.
Production
taxes increased to $1.0 million during the three months ended June 30, 2005
as
compared to $0.8 million for the second quarter of 2004.
Depreciation,
depletion and amortization expenses (“DD&A”) were $5.0 million during the
three months ended June 30, 2005 as compared to $3.6 million during the second
quarter of 2004. The increase in DD&A expense was due to (1) an increase in
the DD&A rate primarily due to additions to the proved property cost base
and (2) an increase in the production volumes.
General
and administrative expenses (“G&A”) increased to $1.7 million during the
three months ended June 30, 2005 from $1.6 million during the same quarter
of
2004.
Non-cash
stock option compensation expense was $0.1 million for the three months ended
June 30, 2005 as compared to $0.7 million ($0.5 million after tax) during the
second quarter of 2004. These amounts represent the increase in value of
employee stock options that were repriced in 2000.
Other
income and expense for the three months ended June 30, 2005 was a net expense
of
$0.6 million attributable to (1) the non-cash equity in the loss of Pinnacle
Gas
Resources, Inc. (“Pinnacle”) of $0.4 million (both before and after tax) and (2)
a $0.2 million loss in connection with well abandonment. Other income and
expense for the three months ended June 30, 2004 was a net expense of $0.3
million, directly attributable to the non-cash equity in the loss of Pinnacle
(both before and after tax).
Net losses are expected in this early phase of Pinnacle’s development of its
coalbed methane play, initiated in the second half of 2003.
Interest
expense, net of amounts capitalized, was $0.5 million for the three months
ended
June 30, 2005 compared to an inconsequential amount for the three months ended
June 30, 2004. The increase is directly attributable to the maximum interest
expense that is capitalizable (“capitalizable interest”) under GAAP which has
typically been equal to or greater than the gross interest expense (i.e.
interest expense before capitalization of interest expense) in each period.
Starting in the fourth quarter 2004, the gross interest expense exceeded the
capitalizable interest by an amount proportionate to the outstanding debt in
excess of our unproved property balance.
Results
for the Six Months Ended June 30, 2005 --
The
results for the six months ended June 30, 2005 include the following
highlights:
· |
Record
Production of 4.70 Bcfe.
|
· |
Record
revenues of $31.8 million.
|
· |
Net
income of $6.2 million.
|
· |
Record
EBITDA, as defined below, of $22.4
million.
|
Revenues
for the six months ended June 30, 2005 increased 39 percent to $31.8 million
from $22.8 million during the six months ended June 30, 2004. The increase
in
revenues was driven by higher prevailing oil and natural gas prices and higher
production. Production volumes during the six months ended June 30, 2005
increased 22 percent to 4.70 Bcfe as compared to 3.85 Bcfe during the first
six
months of 2004. Carrizo’s average oil sales price increased 53 percent to $52.78
per barrel from $34.41 per barrel during the first six months of 2004, while
the
average natural gas sales price increased six percent to $6.37 per Mcf from
$6.00 per Mcf in the first six months of 2004. The above prices include the
effect of hedging activities.
The
Company reported Net Income of $6.2 million, or $0.27 and $0.26 per basic and
diluted share, respectively, for the six months ended June 30, 2005, as compared
to $4.0 million, or $0.22 and $0.19 per basic and diluted share, respectively,
for the same period during 2004. For the six months ended June 30, 2005, Net
Income was $7.4 million, or $0.33 and $0.31 per basic and diluted share,
respectively, excluding $1.2 million for the non-cash after-tax items of (1)
stock option compensation expense ($0.6 million - related to employee stock
options repriced in 2000) and (2) equity in the loss of Pinnacle Gas Resources
($0.6 million - comprised of $0.2 million net income from operations offset
by
$0.8 million for dividends on preferred stock).
EBITDA
(earnings before interest, income tax, depreciation and amortization expenses,
and certain other non-cash items) during
the first half of 2005 was $22.4 million, or $0.98 and $0.95 per basic and
diluted share, respectively, as compared to $15.3 million, or $0.86 and $0.74
per basic and diluted share, respectively, during the first half of 2004.
Oil
and gas operating expenses, excluding production taxes, increased to $2.9
million during the six months ended June 30, 2005 as compared to $2.3 million
in
the first six months of 2004. The increase was primarily the result of the
addition of new wells (including the Barnett Shale wells).
Production
taxes increased to $2.0 million during the six months ended June 30, 2005 as
compared to $1.4 million for the second quarter of 2004.
Depreciation,
depletion and amortization expenses (“DD&A”) were $9.6 million during the
six months ended June 30, 2005 as compared to $6.9 million during the first
six
months of 2004. The increase in DD&A expense was due to (1) an increase in
the DD&A rate primarily due to additions to the proved property cost base
and (2) in part to increased production volumes.
General
and administrative expenses (“G&A”) increased to $4.3 million during the six
months ended June 30, 2005 from $3.8 million during the same period of 2004.
The
increase in G&A was due primarily to higher salary (due to increased
headcount) and incentive compensation costs.
Non-cash
stock option compensation expense was $1.0 million ($0.6 million after tax)
for
the six months ended June 30, 2005 as compared to $0.8 million ($0.5 million
after tax) for the first half of 2004.
Other
income and expense for the six months ended June 30, 2005 was a net expense
of
$0.8 million attributable to (1) the non-cash equity in the loss of Pinnacle
of
$0.6 million (both before and after tax) and (2) a $0.2 million loss in
connection with well abandonment. Other income and expense for the first half
of
2004 was a net expense of $0.6 million, directly attributable to the non-cash
equity in the loss of Pinnacle (both before and after tax).
Interest
expense, net of amounts capitalized, was $1.1 million for the six months ended
June 30, 2005 compared to an inconsequential amount for the first half of 2004.
The increase is directly attributable to the maximum interest expense that
is
capitalizable (“capitalizable interest”) under GAAP which has typically been
equal to or greater than the gross interest expense (i.e. interest expense
before capitalization of interest expense) in each period. Starting in the
fourth quarter 2004, the gross interest expense exceeded the capitalizable
interest by an amount proportionate to the outstanding debt in excess of our
unproved property balance.
“We
are very pleased with our performance in the second quarter,” commented S.P.
Johnson IV, Carrizo’s President and Chief Executive Officer. “Record revenues
and EBITDA are especially impressive considering that two of our largest
producers were shut-in for workovers from late April to mid-July. Production
should continue to climb when we initiate sales from the Carrizo operated
Galloway #1 (35% working
interest) in Liberty County, Texas, where we logged 64 feet of pay in the
Cook
Mountain sand. Year
to date, we have successfully drilled eleven out of 13 Gulf Coast wells (85%)
and all of the 21 Barnett Shale wells. With
the two successful financings which added over $90.0 million of liquidity,
we
are in a position to carry out our onshore Gulf Coast drilling program (four
rigs running, including two operated) with higher working interest and to
accelerate our horizontal drilling program in the Barnett Shale (five rigs
running, including three operated). We now have more than 60,000 net acres
in
the play and continue to add high quality acreage near successful
wells.
“On
a non-operational note, Carrizo was recently privileged to be included in the
‘Russell 2000’ and ‘3000 Indexes’ for the first time. Also, ‘Fortune Small
Business’ named Carrizo to their ranking of America’s fastest-growing small
companies, the ‘FSB 100’.”
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 proven onshore trends along the Texas and Louisiana Gulf Coast
regions and 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
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, cash flow, reserve growth and shareholder value,
the expected timing of drilling of additional 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 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, 2004 and its other filings with the Securities and Exchange
Commission.
(Financial
Highlights to Follow)
CARRIZO
OIL & GAS, INC.
|
|
STATEMENTS
OF OPERATIONS
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE
MONTHS ENDED
|
|
SIX
MONTHS ENDED
|
|
|
JUNE
30,
|
|
JUNE
30,
|
|
|
2005
|
|
2004
|
|
2005
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
Oil
and natural gas revenues
|
$
|
16,320,464
|
|
$
|
11,959,567
|
|
$
|
31,778,650
|
|
$
|
22,832,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
and natural gas operating expenses
|
|
1,590,038
|
|
|
1,289,506
|
|
|
2,855,347
|
|
|
2,290,320
|
|
Production
tax
|
|
1,003,249
|
|
|
756,824
|
|
|
1,973,354
|
|
|
1,432,218
|
|
Depreciation,
depletion and amortization
|
|
5,011,320
|
|
|
3,606,390
|
|
|
9,689,158
|
|
|
6,852,986
|
|
General
and administrative expenses
|
|
1,709,227
|
|
|
1,646,932
|
|
|
4,309,682
|
|
|
3,779,440
|
|
Accretion
expense related to asset retirement obligations
|
|
17,530
|
|
|
6,442
|
|
|
35,061
|
|
|
12,884
|
|
Stock
based compensation expense
|
|
54,322
|
|
|
746,302
|
|
|
1,030,102
|
|
|
755,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
costs and expenses
|
|
9,385,686
|
|
|
8,052,396
|
|
|
19,892,704
|
|
|
15,123,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
6,934,778
|
|
|
3,907,171
|
|
|
11,885,946
|
|
|
7,709,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income and expenses, net
|
|
(582,244
|
)
|
|
(348,001
|
)
|
|
(795,734
|
)
|
|
(582,781
|
)
|
Interest
income
|
|
31,466
|
|
|
10,148
|
|
|
75,571
|
|
|
22,927
|
|
Interest
expense, net of amounts capitalized
|
|
(537,371
|
)
|
|
(42,847
|
)
|
|
(1,145,834
|
)
|
|
(86,245
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
5,846,629
|
|
|
3,526,471
|
|
|
10,019,949
|
|
|
7,063,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense
|
|
2,253,838
|
|
|
1,388,416
|
|
|
3,840,918
|
|
|
2,741,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
3,592,791
|
|
|
2,138,055
|
|
|
6,179,031
|
|
|
4,321,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
and accretion of discount on preferred stock
|
|
-
|
|
|
152,725
|
|
|
-
|
|
|
350,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income available to common shares
|
$
|
3,592,791
|
|
$
|
1,985,330
|
|
$
|
6,179,031
|
|
$
|
3,970,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
(see table below)
|
$
|
11,790,997
|
|
$
|
8,275,163
|
|
$
|
22,421,735
|
|
$
|
15,348,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
net income per common share
|
$
|
0.15
|
|
$
|
0.10
|
|
$
|
0.27
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
net income per common share
|
$
|
0.15
|
|
$
|
0.09
|
|
$
|
0.26
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
weighted average common shares outstanding
|
|
23,186,292
|
|
|
19,213,010
|
|
|
22,845,775
|
|
|
17,913,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average common shares outstanding
|
|
23,919,850
|
|
|
21,958,647
|
|
|
23,658,179
|
|
|
20,802,209
|
|
|
|
|
|
|
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(more)
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CARRIZO
OIL & GAS, INC.
|
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CONDENSED
BALANCE SHEETS
|
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6/30/05
|
|
12/31/04
|
|
|
|
(unaudited)
|
|
|
|
ASSETS:
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
6,040,861
|
|
$
|
5,668,000
|
|
Other
current assets
|
|
|
14,836,640
|
|
|
15,965,885
|
|
Property
and equipment, net
|
|
|
243,839,073
|
|
|
205,482,585
|
|
Other
assets
|
|
|
1,700,253
|
|
|
1,689,447
|
|
Investment
in Pinnacle Gas Resources, Inc.
|
|
|
4,651,932
|
|
|
5,229,134
|
|
|
|
|
|
|
|
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|
TOTAL
ASSETS
|
|
$
|
271,068,759
|
|
$
|
234,035,051
|
|
|
|
|
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|
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LIABILITIES
AND EQUITY:
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
$
|
34,564,938
|
|
$
|
30,682,970
|
|
Current
maturities of long-term debt
|
|
|
75,349
|
|
|
89,653
|
|
Long-term
notes payable
|
|
|
15,018,504
|
|
|
18,032,002
|
|
Long-term
subordinated notes payable, net
|
|
|
50,041,626
|
|
|
44,852,384
|
|
Deferred
income taxes
|
|
|
20,725,722
|
|
|
18,112,950
|
|
Other
liabilities
|
|
|
1,829,373
|
|
|
1,406,567
|
|
Equity
|
|
|
148,813,247
|
|
|
120,858,525
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
|
$
|
271,068,759
|
|
$
|
234,035,051
|
|
(1)
|
Income
tax expense for the three and six months ended June 30, 2005
includes a
$2,170,672 and $3,709,002, respectively, provision for deferred
income
taxes and an $83,133 and $131,916, respectively, provision for
currently
payable franchise taxes. Income tax expense for the three and
six months
ended June 30, 2004 includes a $1,343,416 and $2,651,564, respectively,
provision for deferred income taxes and a $45,000 and $90,000
provision
for currently payable franchise
taxes.
|
(2)
|
Long-term
subordinated notes payable are presented net of discounts of
$2,128,048
and $1,987,206 as of June 30, 2005 and December 31, 2004,
respectively.
|
(3)
|
Stock
based option compensation expense is a non-cash charge resulting
primarily
from the change in the price of the stock underlying employee
stock
options that were repriced in February
2000.
|
(4)
|
In
February 2002, the Company consummated the sale of $6.0 million
of
convertible participating preferred stock and warrants to purchase
shares
of the Company's common stock. All of the convertible participating
preferred stock was converted into 1,318,125 shares of common
stock during
2004.
|
(5)
|
During
the six and twelve months ended June 30, 2005 and December 31,
2004,
334,210 and 2,928,611 warrants were converted into 304,669 and
2,159,627
shares of common stock,
respectively.
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more
CARRIZO
OIL & GAS, INC.
|
NON-GAAP
DISCLOSURES
|
(unaudited)
|
|
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THREE
MONTHS ENDED
|
|
SIX
MONTHS ENDED
|
Reconciliation
of Net Income to EBITDA
|
JUNE
30,
|
|
JUNE
30,
|
|
2005
|
|
2004
|
|
2005
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
|
3,592,791
|
|
$
|
2,138,055
|
|
$
|
6,179,031
|
|
$
|
4,321,476
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
5,011,320
|
|
|
3,606,390
|
|
|
9,689,158
|
|
|
6,852,986
|
Interest
expense, net of amounts capitalized and interest income
|
|
505,905
|
|
|
32,699
|
|
|
1,070,263
|
|
|
63,318
|
Income
tax expense
|
|
2,253,838
|
|
|
1,388,416
|
|
|
3,840,918
|
|
|
2,741,564
|
Equity
in Pinnacle Gas Resources, Inc.
|
|
355,291
|
|
|
356,859
|
|
|
577,202
|
|
|
600,644
|
Stock
based compensation expense
|
|
54,322
|
|
|
746,302
|
|
|
1,030,102
|
|
|
755,984
|
Accretion
expense related to asset retirement obligations
|
|
17,530
|
|
|
6,442
|
|
|
35,061
|
|
|
12,884
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA,
as defined
|
$
|
11,790,997
|
|
$
|
8,275,163
|
|
$
|
22,421,735
|
|
$
|
15,348,856
|
|
|
|
|
|
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|
|
|
|
|
|
EBITDA
per basic common share
|
$
|
0.51
|
|
$
|
0.43
|
|
$
|
0.98
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
per diluted common share
|
$
|
0.49
|
|
$
|
0.38
|
|
$
|
0.95
|
|
$
|
0.74
|
CARRIZO
OIL & GAS, INC.
|
|
PRODUCTION
VOLUMES AND PRICES
|
|
(unaudited)
|
|
|
|
|
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|
Production
volumes-
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Oil
and condensate (Bbls)
|
|
|
60,326
|
|
|
83,388
|
|
|
125,110
|
|
|
170,511
|
|
Natural
gas (Mcf)
|
|
|
1,983,450
|
|
|
1,486,825
|
|
|
3,949,408
|
|
|
2,825,601
|
|
Natural
gas equivalent (Mcfe)
|
|
|
2,345,406
|
|
|
1,987,153
|
|
|
4,700,068
|
|
|
3,848,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
sales prices-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
and condensate (per Bbl)
|
|
$
|
55.07
|
|
$
|
35.27
|
|
$
|
52.78
|
|
$
|
34.41
|
|
Natural
gas (per Mcf)
|
|
$
|
6.55
|
|
$
|
6.07
|
|
$
|
6.37
|
|
$
|
6.00
|
|
Natural
gas equivalent (per Mcfe)
|
|
$
|
6.96
|
|
$
|
6.02
|
|
$
|
6.76
|
|
$
|
5.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
#
#
#
|
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GRAPHIC
3
carrizo_logo.jpg
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-----END PRIVACY-ENHANCED MESSAGE-----