-----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,
 PS2cwO/fYERks/mNlkfDkiL95tqr7EopQQfEwp5QdzNOmsXieX1ADXu/emi3vtd2
 4UGm+H86NuwLJ92tjRa/Zw==

<SEC-DOCUMENT>0001125282-04-002782.txt : 20040616
<SEC-HEADER>0001125282-04-002782.hdr.sgml : 20040616
<ACCEPTANCE-DATETIME>20040616155644
ACCESSION NUMBER:		0001125282-04-002782
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040614
FILED AS OF DATE:		20040616

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARTIN BRYAN
		CENTRAL INDEX KEY:			0001245730

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29187-87
		FILM NUMBER:		04866389

	BUSINESS ADDRESS:	
		STREET 1:		C/O JP MORGAN PARTNERS
		STREET 2:		1221 AVENUE OF THE AMERICAS 40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021
		BUSINESS PHONE:		2128993995

ISSUER:		

	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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>b332625_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-06-14</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001040593</issuerCik>
        <issuerName>CARRIZO OIL &amp; GAS INC</issuerName>
        <issuerTradingSymbol>CRZO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001245730</rptOwnerCik>
            <rptOwnerName>MARTIN BRYAN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O JP MORGAN PARTNERS, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>1221 AVENUE OF THE AMERICAS 40TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-06-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1684949</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2619981</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.20</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-06-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2208151</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.2850</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2007-12-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2208151</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeHolding>
            <securityTitle>
                <value>Stock options (right to purchase)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.36</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2003-03-27</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-03-27</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock options (right to purchase)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.78</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2003-05-22</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-05-22</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F4"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock options (right to purchase)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.75</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-05-27</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-05-26</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F5"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The amounts shown represent the beneficial ownership of the Issuer's securities by J.P. Morgan Partners (23A SBIC), L.P.
(&quot;JPM 23A SBIC&quot;), a portion of which may be deemed attributable to the reporting person because the reporting person is a
Principal of J.P. Morgan Partners, LLC, the investment advisor to JPM 23A SBIC and a limited partner of JPMP Master
Fund Manager, L.P. (&quot;MF Manager&quot;), a limited partner of JPM 23A SBIC. The actual pro rata portion of such
beneficial ownership that may be deemed attributable to the reporting person is not readily determinable because it is
subject to several variables, including the internal rate of return and vesting within JPM 23A SBIC and within MF Manager.
The Reporting Person disclaims beneficial ownership in the securities to the extent it exceeds his pecuniary interest therein.</footnote>
        <footnote id="F2">These Warrants are immediately exercisable. They were initially exercisable for 2,208,151 shares of the Issuer's Common
Stock. However, due to a cashless exercise of these Warrants, the Reporting Person received 1,684,949 shares of the
Issuer's Common Stock.</footnote>
        <footnote id="F3">These stock options were granted to the reporting person as Director's compensation; the reporting person is obligated to
transfer any shares issued under the stock options to JPM 23A SBIC. These options become exercisable in three annual
installments commencing March 27, 2003.</footnote>
        <footnote id="F4">These stock options were granted to the reporting person as Director's compensation; the reporting person is obligated to
transfer any shares issued under the stock options to JPM 23A SBIC. These options became exercisable in three annual
installments commencing May 22, 2003.</footnote>
        <footnote id="F5">These stock options were granted to the reporting person as Director's compensation; the reporting person is obligated to
transfer any shares issued under the stock options to JPM 23A SBIC. These options become exercisable in three annual
installments commencing May 27, 2004.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Bryan Martin</signatureName>
        <signatureDate>2004-06-16</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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