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 Carrizo Oil & Gas Announces Fourth Quarter and Year-End Results and Provides 2018 Guidance
   Monday, February 26, 2018 4:09:56 PM ET

Carrizo Oil & Gas, Inc. (CRZO ) today announced the Company’s financial results for the fourth quarter and full-year 2017 and provided an operational update, which includes the following highlights:

-- Total production of 62,417 Boe/d, 39% above the fourth quarter of 2016 and above the high-end of the Company’s guidance range

-- Crude oil production of 40,206 Bbls/d, 40% above the fourth quarter of 2016

-- Net loss attributable to common shareholders of $23.4 million, or $0.29 per diluted share, and Net cash provided by operating activities of $142.4 million

-- Adjusted net income attributable to common shareholders of $47.9 million, or $0.58 per diluted share, and Adjusted EBITDA of $184.1 million



-- Adjusted EBITDA margin of $32/Boe, an increase of 23% versus the prior quarter

-- Proved reserves of 261.7 MMBoe, a 31% increase over year-end 2016

-- 564% reserve replacement from all sources at a finding, development, and acquisition (FD&A) cost of $13.47 per Boe

-- 2018 capital expenditure guidance of $750-$800 million, which reflects an increase in oilfield service costs

-- 2018 production guidance of 58,500-60,100 Boe/d, equivalent to pro forma annual growth of more than 30%

Carrizo reported fourth quarter of 2017 net loss attributable to common shareholders of $23.4 million, or $0.29 per basic and diluted share, compared to a net loss attributable to common shareholders of $0.8 million, or $0.01 per basic and diluted share in the fourth quarter of 2016. The net loss attributable to common shareholders for the fourth quarter of 2017 and the fourth quarter of 2016 include certain items typically excluded from published estimates by the investment community. Adjusted net income attributable to common shareholders, which excludes the impact of these items as described in the non-GAAP reconciliation tables included below, for the fourth quarter of 2017 was $47.9 million, or $0.58 per diluted share, compared to $28.4 million, or $0.44 per diluted share, in the fourth quarter of 2016.

For the fourth quarter of 2017, Adjusted EBITDA was $184.1 million, an increase of 56% from the prior-year quarter primarily due to higher production volumes and commodity prices. This represents the highest level of quarterly Adjusted EBITDA that the Company has reported. Adjusted EBITDA and the reconciliation to net income (loss) attributable to common shareholders are presented in the non-GAAP reconciliation tables included below.

Production volumes during the fourth quarter of 2017 were 5,742 MBoe, or 62,417 Boe/d, an increase of 39% versus the fourth quarter of 2016. The year-over-year production growth was driven by drilling activity in the Eagle Ford Shale and Delaware Basin plus the addition of production from the Sanchez property acquisition in late 2016 and the ExL property acquisition during the third quarter, partially offset by the divestiture of the Company’s Appalachian operations during the quarter. Crude oil production during the fourth quarter of 2017 averaged 40,206 Bbls/d, an increase of 40% versus the fourth quarter of 2016; natural gas and NGL production were 78,182 Mcf/d and 9,181 Bbls/d, respectively, during the fourth quarter of 2017. Fourth quarter of 2017 production exceeded the high end of the Company’s guidance range of 60,933-62,200 Boe/d.

Drilling, completion, and infrastructure capital expenditures for the fourth quarter of 2017 were $210.4 million. Approximately 49% of the fourth quarter drilling, completion, and infrastructure spending was in the Delaware Basin, while approximately 48% was in the Eagle Ford Shale. Land and seismic expenditures during the quarter were $4.5 million, and were primarily focused in the Delaware Basin.

2017 Proved Reserves

The Company’s proved reserves as of December 31, 2017 were 261.7 MMBoe, a 31% increase over year-end 2016, including 167.4 MMBbls of crude oil, a 30% increase over year-end 2016. This represents the highest level of crude oil reserves Carrizo has reported. The Company’s PV-10 value was $2.6 billion as of December 31, 2017.

The table below summarizes the Company’s year-end 2017 proved reserves and PV-10 by region as determined by the Company’s independent reservoir engineers, Ryder Scott Company, L.P., in accordance with Securities and Exchange Commission guidelines, using pricing for the twelve months ended December 31, 2017 based on the West Texas Intermediate benchmark crude oil price of $51.34/Bbl and the Henry Hub benchmark natural gas price of $2.98/MMBtu, before adjustment for differentials.

                                                                                                                                                
                                                                     Crude Oil                                                              NGLs                                                             Natural Gas                                                             Total                                                                            PV-10
   Region                                                             (MMBbl)                        (MMBbl)                        (Bcf)                         (MMBoe)                                     ($MM)
-----------------                                           ----------------------------------------------- -------------------- ---------------------------------------------- -------------------- ----------------------------------------------- -------------------- ----------------------------------------------- -------------------- --------------------------------------------------
   Eagle Ford                                               124.2                                                                21.7                                                                126.7                                                                167.0                                                                                   $ 1,871.2
   Delaware Basin                                            40.4                                                                20.4                                                                180.5                                                                 90.9                                                                                       715.0
   Niobrara                                                   2.8        0.5         3.3         3.8            52.2  
                                                            ----- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ------- --------------------
   Total                                                    167.4       42.6       310.5       261.7                          $ 2,638.4  
                                                            ===== ==================== ==================== ==================== ==== ==================== ==================== ==================== ===== ==================== ==================== ==================== ===== ==================== ==================== ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                             

The table below summarizes the changes in the Company’s proved reserves during 2017.

                                                                                                                                          
                                                                                                                Crude Oil                                                              NGLs                                                              Natural Gas                                                             Total
                                                                                                                 (MMBbl)                        (MMBbl)                         (Bcf)                         (MMBoe)
                                                                                                       ----------------------------------------------- -------------------- ---------------------------------------------- -------------------- ------------------------------------------------ -------------------- ---------------------------
   Proved reserves - December 31, 2016                                                                 128.4                                                                23.9                                                                 287.5                                                                200.2
   Revisions of previous estimates                                                                     (19.9 )                                                              (0.9 )                                                                27.7                                                                (16.1 )
   Extensions and discoveries                                                                           50.5                                                                13.8                                                                  99.0                                                                 80.7
   Purchases of reserves in place                                                                       21.6                                                                 8.6                                                                  95.0                                                                 46.0
   Divestitures of reserves in place                                                                    (0.6 )                                                              (0.5 )                                                              (170.2 )                                                              (29.5 )
   Production                                                                                          (12.6 )                        (2.3 )                         (28.5 )                        (19.6 )
                                                                                                       ----- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ----- --------------------
   Proved reserves - December 31, 2017                                                                 167.4       42.6        310.5       261.7  
                                                                                                       ===== ==================== ==================== ==================== ==== ==================== ==================== ==================== ====== ==================== ==================== ==================== ===== ====================
   Proved developed - December 31, 2017                                                                 69.6                                                                17.5                                                                 131.4                                                                109.0
                                                                                                                                                                                                                                                                                                                             

The following table summarizes the Company’s costs incurred in oil and gas property acquisition, exploration, and development activities for the year ended December 31, 2017.

                                               
                                                                                                                                Total
                                                                                                                                ($MM)
                                                                                                         --------------------------------------------------
   Property acquisition costs
      Proved properties                                                                                                     $   303.3
      Unproved properties                                                                                    525.0  
                                                                                                         -------------------- ------- --------------------
         Total property acquisition costs                                                                                       828.3
   Exploration costs                                                                                                             91.1
   Development costs                                                                                         570.0  
                                                                                                         -------------------- ------- --------------------
   Total costs incurred (1)                                                                                                 $ 1,489.4  
                                                                                                         ==================== ======= ====================
_________

(1) Total costs incurred includes capitalized general and administrative expense and asset retirement obligations and excludes capitalized interest.

2017 highlights include:

-- Total reserve replacement was 564% at an all-sources FD&A cost of $13.47 per Boe

-- Drill-bit reserve replacement was 330% at an F&D cost of $10.23 per Boe

-- Total proved reserves increased to 261.7 MMBoe, a 31% increase versus year-end 2016

-- Eagle Ford reserves increased to 167.0 MMBoe, a 3% increase versus year-end 2016

-- Delaware Basin reserves increased to 90.9 MMBoe, a 677% increase versus year-end 2016

-- Crude oil represents 64% of total proved reserves and 83% of the total PV-10 value at December 31, 2017

-- Proved developed reserves increased to 109.0 MMBoe at year-end 2017, a 19% increase versus year-end 2016

2018 Capital Program and Guidance

For 2018, Carrizo is providing initial drilling, completion, and infrastructure capital expenditure guidance of $750-$800 million, which incorporates an assumed double-digit increase in oilfield service costs. In recent months, Carrizo has been negotiating with oilfield service companies, and has currently fixed pricing on approximately 50% of its services for the majority of 2018. While the Company expects to partially offset some of the service cost increase with future efficiency gains, it has not factored these potential savings into its 2018 capital expenditure guidance. Carrizo currently plans to operate two rigs in the Eagle Ford Shale and three to four rigs in the Delaware Basin during 2018, as well as two to three completion crews during the year. Based on this level of activity, the Company expects to drill 93-103 gross (82-91 net) operated wells and complete 113-123 gross (96-105 net) operated wells during the year.

In order to continue driving operational efficiencies, Carrizo is seeking to complete "multipads" whenever possible in the Eagle Ford Shale. This incorporates using multiple completion crews simultaneously to fill in undeveloped areas. During the first quarter of 2018, Carrizo is completing a 16-well multipad in the Eagle Ford Shale utilizing three completion crews. In order to facilitate this, the Company has temporarily moved its Delaware Basin completion crew to the Eagle Ford Shale. While this development strategy should result in enhanced project returns, it is also likely to result in more uneven quarterly production growth.

In the Delaware Basin, Carrizo plans to allocate approximately 75%-80% of its development activity to its Phantom area, where it continues to be pleased with the well results it has seen. The Company expects to drive operational efficiencies in this area during 2018 by shifting to pad drilling. The remainder of the 2018 development activity is expected to be on the northern portion of the Company’s legacy acreage, where offset operators have recently drilled strong wells.

The 2018 program also includes approximately $90 million for infrastructure expenditures. One of the key goals of the Company’s 2018 infrastructure program is expanding its water disposal capacity in the Delaware Basin in order to facilitate the strong growth it expects from the region. The Company plans to do this via a combination of Carrizo-owned wells, access to third-party disposal systems, and eventually recycling. As a result of the 2018 activity, Carrizo currently expects more than a three-fold increase in its Phantom area water disposal capacity by year-end 2018.

Based on this activity plan, Carrizo is providing initial 2018 production guidance of 58,500-60,100 Boe/d. Crude oil production is expected to account for 65%-67% of the Company’s production for the year, while total liquids are expected to account for 80%-84%. This equates to annual production growth of approximately 10% using the midpoint of the range. Pro forma for the Company’s acquisition and divestiture activity, the 2018 guidance equates to year-over-year production growth of more than 30%, with crude oil production growth of more than 20%.

For the first quarter of the year, Carrizo expects production to be 48,600-49,800 Boe/d; crude oil is expected to account for 65%-67% of production, while total liquids are expected to account for 80%-84%. First quarter production was negatively impacted by prolonged freezing temperatures in January. Shut-in production and operational delays during the month are expected to result in an impact of 500-600 Boe/d for the first quarter. First quarter production is also being impacted by the Company’s current multipad development in the Eagle Ford Shale, as these wells are not expected to have a material impact on production until the second quarter. As a result, Carrizo expects to see a significant increase in production between the first and second quarters of the year.

A full summary of Carrizo’s guidance is provided in the attached tables.

S.P. "Chip" Johnson, IV, Carrizo’s President and CEO, commented on the results, "2017 was a transformational year for Carrizo. We highgraded our portfolio by announcing the divestiture of non-core assets in the DJ Basin and Appalachia, as well as our downdip assets in the Eagle Ford Shale, and acquiring a core acreage position in the Delaware Basin. This leaves us with a deep inventory of core locations in two of the highest-return basins in North America, the Eagle Ford Shale and Delaware Basin. We believe these assets are highly complementary. The Eagle Ford Shale is currently free cash flow positive at the field level, and we are able to use this excess cash flow to help fund the strong growth we expect to deliver from the Delaware Basin. At the corporate level, we remain committed to achieving cash flow neutrality and expect to be able to deliver this by the fourth quarter of 2018 at an oil price of $55-$60/Bbl, while still generating strong production growth.

"We remain pleased with the results we have seen from our Phantom area acreage in the Delaware Basin. During the fourth quarter, we continued to deliver strong results from both the Wolfcamp A and Wolfcamp B, with multiple wells delivering peak three-stream 90-day rates in excess of 1,500 Boe/d. Our production from the area is currently constrained by water takeaway capacity via pipeline, but we expect this to be remedied by next quarter, and expect significant growth after that. While our 2018 development program is expected to remain focused on the Wolfcamp A and B, we also plan to test the Wolfcamp C during the year.

"The fourth quarter was another excellent quarter for the Company. Production increased by 13% and exceeded our guidance, price realizations were stronger than expected as our Eagle Ford production benefited from the LLS premium to WTI, and operating costs were in the lower half of our expected range. As a result, our Adjusted EBITDA margin expanded by more than 20% versus the prior quarter.

"During 2017, we once again delivered strong reserve growth. This was led by the Delaware Basin, where proved reserves increased by more than 675% during the year, and now account for approximately 35% of our total proved reserves, up from just 6% at year-end 2016. As a result, we were able to increase our total proved reserves by more than 30% during the year."

Operational Update

In the Eagle Ford Shale, Carrizo drilled 20 gross (16 net) operated wells during the fourth quarter and completed 14 gross (13 net) operated wells. Production from the play was approximately 41,600 Boe/d, a 7% increase versus the prior quarter. Crude oil production was more than 31,900 Bbls/d, accounting for approximately 77% of the Company’s production from the play. During the fourth quarter, Carrizo turned 21 net wells to sales in the Eagle Ford Shale, which had an average lateral length of approximately 7,000 ft. The average peak 30-day rate from these wells was approximately 700 Boe/d (88% oil, 94% liquids) on restricted chokes. At the end of the quarter, Carrizo had 37 gross (31 net) operated Eagle Ford Shale wells in progress or waiting on completion, equating to net crude oil production potential of more than 11,700 Bbls/d. The Company is currently operating two rigs in the Eagle Ford Shale, and expects to drill 60-65 gross (56-61 net) operated wells and complete 80-85 gross (71-76 net) operated wells in the play during 2018.

Subsequent to the sale of its Tier 1 assets in January, Carrizo sees more than 700 net remaining locations in the Core of the Eagle Ford Shale spaced at 330-500 ft., depending upon the geologic characteristics of the specific project areas. An additional 100-150 net locations have also been identified at tighter well spacing in areas the Company has currently tested. While still profitable, the cash flow profile from these wells is not consistent with Carrizo’s free cash flow target and as such, the Company does not currently plan on drilling additional stagger-stack development wells in 2018 at forecasted commodity price and oilfield service cost levels. The Company does plan to continue to test wells spaced tighter than 330 ft. with stage spacing as short as 150 ft., as outlined below. Additionally, Carrizo has been successful in its efforts to extend the average lateral length of its future wells. While longer laterals are expected to enhance the returns generated by the Company’s Eagle Ford Shale position, they also result in an approximate 5% reduction in the future well count.

As the Company’s number of producing wells continues to grow, and a larger percentage of new wells are drilled in areas with significant existing production, Carrizo has seen an increased impact from parent-child relationships on the new wells immediately offsetting the existing wells. This has also resulted in a higher ratio of existing wells requiring shut-in during completion operations as well as longer shut-in periods in some instances. In order to minimize these impacts, the Company plans to move to a multipad development whenever possible in the Eagle Ford Shale. This involves using multiple completion crews simultaneously to complete a large number of wells on multiple contiguous pads, thereby reducing future parent-child impacts. This should lead to higher average EURs over time for the new wells and less downtime for the parent wells. The Company’s initial multipad is located in its Brown Trust area. The multipad includes 16 wells on three pads, with well spacing of 250-330 ft., and frac stage spacing of 150-180 ft. Production from the multipad is expected to begin in late March, and should reach gross oil rates of more than 10,000 Bbls/d once all of the wells are online.

Carrizo has been testing multiple concepts in order to optimize its completion design in the Eagle Ford Shale, including tighter stage spacing, increased proppant, and amount and type of fluid. To date, the data indicates that tighter stage spacing is resulting in improved performance, while data on the other variables appears less conclusive. As a result of the Company’s completion optimization work, it has seen more than a 10% improvement in the lateral-normalized performance of its 2017 wells relative to its 2016 wells. Carrizo has recently been testing stage spacing as tight as 150 ft., with the tighter-stage-spaced wells continuing to outperform nearby wells with wider stage spacing. In a recent test in the Company’s North LaSalle area, two pads completed with 150-180 ft. stage spacing are outperforming the area typecurve by 15%-20% after approximately 110 days.

In the Delaware Basin, Carrizo drilled 9 gross (7 net) operated wells during the fourth quarter and completed 9 gross (7 net) operated wells. Production from the play was more than 15,100 Boe/d for the quarter, up more than 115% versus the prior quarter as a number of new wells were brought online and the Company got the benefit of a full quarter of production from the ExL acquisition. Crude oil production was approximately 6,500 Bbls/d, accounting for approximately 43% of the Company’s production from the play. At the end of the quarter, Carrizo had 6 gross (5 net) operated Delaware Basin wells in progress or waiting on completion. The Company is currently operating four rigs in the Delaware Basin, but plans to reduce this to three later in the year. Carrizo expects to drill 33-38 gross (26-30 net) operated wells and complete 33-38 gross (25-29 net) operated wells in the play during 2018.

In the Phantom area, Carrizo continued to focus on the Wolfcamp B in order to further confirm its productivity across the acreage as well as ensure all depths were held. To date, more than 75% of the wells the Company has drilled since acquiring the asset have targeted the Wolfcamp B. Carrizo has been very pleased with the results it has seen, as production from the wells has met targeted levels, but with higher flowing wellhead pressures than expected. This could lead to a shallower decline than the Company is currently assuming in its Wolfcamp B typecurve.

While the production from the Wolfcamp B wells has been very encouraging, the wells have also produced at a higher initial water-oil-ratio than Wolfcamp A wells, resulting in produced water volumes temporarily exceeding the Company’s acquisition forecast. Delays in forecasted upgrade projects to third-party disposal systems combined with these higher volumes have resulted in the Company’s production being temporarily constrained by the available water-takeaway infrastructure. Carrizo has been working diligently to alleviate this bottleneck by putting firm agreements in place with third-party providers in addition to installing a company-owned water management system; combined, this should allow Carrizo to double its water takeaway capacity by the beginning of the second quarter and more than triple it by year-end. While the infrastructure bottleneck has delayed the Company’s planned production ramp in the basin by a quarter, Carrizo expects to have the infrastructure in place to support significant production growth from the area during 2018.

Hedging Activity

Carrizo currently has hedges in place for approximately 75% of estimated crude oil production for 2018 (based on the midpoint of guidance). For the year, Carrizo currently has hedges covering 30,000 Bbls/d of crude oil production, consisting of three-way collars covering 24,000 Bbls/d of crude oil with an average floor price of $49.06/Bbl, ceiling price of $60.14/Bbl, and sub-floor price of $39.38/Bbl, and swaps covering 6,000 Bbls/d at an average fixed price of $49.55/Bbl. For 2019, Carrizo currently has three-way collars covering 12,000 Bbls/d of crude oil with an average floor price of $48.40/Bbl, ceiling price of $60.29/Bbl, and sub-floor price of $40.00/Bbl.

Carrizo has hedges in place for more than 50% of estimated NGL production for 2018. For the year, Carrizo has swaps covering 2,200 Bbls/d of ethane, 1,500 Bbls/d of propane, 200 Bbls/d of butane, 600 Bbls/d of isobutane, and 600 Bbls/d of natural gasoline at average fixed prices of $12.01/Bbl, $34.23/Bbl, $38.85/Bbl, $38.98/Bbl, and $55.23/Bbl, respectively.

Carrizo also has hedges in place for approximately 35% of estimated natural gas production for 2018. For March 2018-December 2018, the Company has swaps covering 25,000 MMBtu/d of natural gas at an average fixed price of $3.01/MMBtu. (Please refer to the attached tables for details of the Company’s derivative contracts.)

Conference Call Details

The Company will hold a conference call to discuss 2017 fourth quarter financial results on Tuesday, February 27, 2018 at 10:00 AM Central Standard Time. To participate in the call, please dial (877) 256-3271 (U.S. & Canada) or +1 (212) 231-2939 (Intl.) ten minutes before the call is scheduled to begin. A replay of the call will be available through Tuesday, March 6, 2018 at 12:00 PM Central Standard Time at (800) 633-8284 (U.S. & Canada) or +1 (402) 977-9140 (Intl.). The reservation number for the replay is 21882319 for U.S., Canadian, and International callers.

A simultaneous webcast of the call may be accessed over the internet by visiting the Carrizo website at http://www.carrizo.com, clicking on "Upcoming Events", and then clicking on the "Fourth Quarter 2017 Earnings Call" link. To listen, please go to the website in time to register and install any necessary software. The webcast will be archived for replay on the Carrizo website for 7 days. A slide deck will also be posted to the website to accompany the conference call.

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. Our current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas and the Permian Basin in West Texas.

Statements in this release that are not historical facts, including but not limited to those related to capital requirements, free cash flow positive program, the ExL acquisition (including effects thereof), dispositions, contingent payment amounts, monetization process matters and results, capital expenditure, infrastructure program, guidance, rig program, production, average well returns, the estimated production results and financial performance, effects of transactions, targeted ratios and other metrics, timing, levels of and potential production, expectations regarding significant growth, expectations regarding higher average EURs, downspacing, crude oil production potential and growth, oil and gas prices, drilling and completion activities, drilling inventory, including timing thereof, well costs, break-even prices, production mix, development plans, growth, hedging activity, the Company’s or management’s intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, results of the Company’s strategies 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 assumptions regarding well costs, estimated recoveries, pricing and other factors affecting average well returns, results of wells and testing, failure of actual production to meet expectations, failure of infrastructure program, failure to reach significant growth, failure to reach higher average EURs, performance of rig operators, spacing test results, availability of gathering systems, costs of oilfield services, actions by governmental authorities, joint venture partners, industry partners, lenders and other third parties, actions by purchasers or sellers of properties, satisfaction of closing conditions and failure of transactions to close, purchase price adjustment, integration and other risks and effects of acquisitions and dispositions, market and other conditions, risks regarding financing, capital needs, availability of well connects, capital needs and uses, commodity price changes, effects of the global economy on exploration activity, results of and dependence on exploratory drilling activities, operating risks, right-of-way and other 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, 2016 and its other filings with the U.S. Securities and Exchange Commission. There can be no assurance any transaction described in this press release will occur on the terms or timing described, or at all.

(Financial Highlights to Follow)

 
                                                                                                                                                        CARRIZO OIL & GAS, INC.
                                                                                                                                                      CONSOLIDATED BALANCE SHEETS
                                                                                                                                          (In thousands, except share and per share amounts)
                                                                                                                                                              (Unaudited)
                                                                                                                                        
                                                                                                                                                                              December 31,                                                                                                          December 31,
                                                                                                                                                                                  2017                                                                                                                  2016
                                                                                                                                                          --------------------------------------------------                                                                  ------------------------------------------------------
Assets
Current assets
   Cash and cash equivalents                                                                                                                                                 $      9,540                                                                                                        $          4,194
   Accounts receivable, net                                                                                                                                                       107,441                                                                                                                  64,208
   Other current assets                                                                                                                                          5,897                                                                             4,586  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
      Total current assets                                                                                                                                     122,878                                                                            72,988  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
Property and equipment
   Oil and gas properties, full cost method
      Proved properties, net                                                                                                                                                    1,965,347                                                                                                               1,294,667
      Unproved properties, not being amortized                                                                                                                                    660,287                                                                                                                 240,961
   Other property and equipment, net                                                                                                                            10,176                                                                            10,132  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
      Total property and equipment, net                                                                                                                                         2,635,810                                                                                                               1,545,760
Other assets                                                                                                                                                    19,616                                                                             7,579  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
Total Assets                                                                                                                                                                 $  2,778,304                                                                                     $      1,626,327  
                                                                                                                                                          ==================== ========== ====================                                                                ==================== ============== ====================
                                                                                                                                                                                                                                                                               
Liabilities and Shareholders’ Equity
Current liabilities
   Accounts payable                                                                                                                                                          $     74,558                                                                                                        $         55,631
   Revenues and royalties payable                                                                                                                                                  52,154                                                                                                                  38,107
   Accrued capital expenditures                                                                                                                                                   119,452                                                                                                                  36,594
   Accrued interest                                                                                                                                                                28,362                                                                                                                  22,016
   Accrued lease operating expense                                                                                                                                                 18,223                                                                                                                  12,377
   Derivative liabilities                                                                                                                                                          57,121                                                                                                                  22,601
   Other current liabilities                                                                                                                                    22,952                                                                            24,633  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
      Total current liabilities                                                                                                                                372,822                                                                           211,959  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
Long-term debt                                                                                                                                                                  1,629,209                                                                                                               1,325,418
Asset retirement obligations                                                                                                                                                       23,497                                                                                                                  20,848
Derivative liabilities                                                                                                                                                            112,332                                                                                                                  27,528
Deferred income taxes                                                                                                                                                               3,635                                                                                                          --
Other liabilities                                                                                                                                               51,650                                                                            17,116  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
      Total liabilities                                                                                                                                      2,193,145                                                                         1,602,869  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
Commitments and contingencies
Preferred Stock
Preferred stock, $0.01 par value, 10,000,000 shares authorized;                                                                                                                   214,262                                                                                                          --
250,000 issued and outstanding as of December 31, 2017 and none
issued and outstanding as of December 31, 2016
Shareholders’ equity
Common stock, $0.01 par value, 180,000,000 shares authorized;                                                                                                                         815                                                                                                                     651
81,454,621 issued and outstanding as of December 31, 2017 and
90,000,000 shares authorized; 65,132,499 issued and outstanding as
of December 31, 2016
Additional paid-in capital                                                                                                                                                      1,926,056                                                                                                               1,665,891
Accumulated deficit                                                                                                                                         (1,555,974 )                                                                                         (1,643,084 )
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
      Total shareholders’ equity                                                                                                    370,897                                                                            23,458  
                                                                                                                                                          -------------------- ---------- --------------------                                                                -------------------- -------------- --------------------
Total Liabilities and Shareholders’ Equity                                                                                                        $  2,778,304                                                                                     $      1,626,327  
                                                                                                                                                          ==================== ========== ====================                                                                ==================== ============== ====================
                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                     CARRIZO OIL & GAS, INC.
                                                                                                                                                                                                                                     CONSOLIDATED STATEMENTS
                                                                                                                                                                                                                                     OF OPERATIONS
                                                                                                                                                                                                                                     (In thousands, except per share amounts)
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                               Three Months Ended                                                                                                                                                                                                                                  Years Ended
                                                                                                                                                                                                                  December 31,                                                                                                                                                                                                                                    December 31,
                                                                                                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                          2017                                                                                                                    2016                                                                                                                    2017                                                                                                                    2016
                                                                                                                                ---------------------------------------------------------                                                               ---------------------------------------------------------                                                               ---------------------------------------------------------                                                               ---------------------------------------------------------
Revenues
   Crude oil                                                                                                                                       $        210,234                                                                                                        $        123,315                                                                                                        $        633,233                                                                                                        $        378,073
   Natural gas liquids                                                                                                                                       19,727                                                                                                                   7,309                                                                                                                  47,405                                                                                                                  22,428
   Natural gas                                                                                                                            16,810                                                                            13,207                                                                            65,250                                                                            43,093  
                                                                                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------
      Total revenues                                                                                                                                        246,771                                                                                                                 143,831                                                                                                                 745,888                                                                                                                 443,594
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Costs and Expenses
   Lease operating                                                                                                                                           39,087                                                                                                                  27,646                                                                                                                 139,854                                                                                                                  98,717
   Production taxes                                                                                                                                          11,417                                                                                                                   6,106                                                                                                                  32,509                                                                                                                  19,046
   Ad valorem taxes                                                                                                                                           1,491                                                                                                                   1,609                                                                                                                   7,267                                                                                                                   5,559
   Depreciation, depletion and amortization                                                                                                                  81,571                                                                                                                  53,470                                                                                                                 262,589                                                                                                                 213,962
   General and administrative, net                                                                                                                           16,901                                                                                                                  15,926                                                                                                                  66,229                                                                                                                  74,972
   (Gain) loss on derivatives, net                                                                                                                           86,107                                                                                                                  19,135                                                                                                                  59,103                                                                                                                  49,073
   Interest expense, net                                                                                                                                     18,520                                                                                                                  20,490                                                                                                                  80,870                                                                                                                  79,403
   Impairment of proved oil and gas properties                                                                                                       --                                                                                                          --                                                                                                          --                                                                                                                 576,540
   Loss on extinguishment of debt                                                                                                                             4,170                                                                                                          --                                                                                                                   4,170                                                                                                          --
   Other expense, net                                                                                                                        517                                                                               228                                                                             2,157                                                                             1,796  
                                                                                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------
      Total costs and expenses                                                                                                                              259,781                                                                                                                 144,610                                                                                                                 654,748                                                                                                               1,119,068
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Income (Loss) Before Income Taxes                                                                                                                           (13,010 )                                                                                                                  (779 )                                                                                                                91,140                                                                                                                (675,474 )
Income tax expense                                                                                                                        (4,030 )                                                                                     --                                                                            (4,030 )                                                                                     --  
                                                                                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------
Net Income (Loss)                                                                                                                       ($17,040 )                                                                                              ($779 )                                                                                                      $         87,110                                                                         ($675,474 )
                                                                                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------
Dividends on preferred stock                                                                                                                                 (5,532 )                                                                                                        --                                                                                                                  (7,781 )                                                                                                        --
Accretion on preferred stock                                                                                                                (862 )                                                                                     --                                                                              (862 )                                                                                     --  
                                                                                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------
Net Income (Loss) Attributable to Common Shareholders                                                                                   ($23,434 )                                                                                              ($779 )                                                                                                      $         78,467                                                                         ($675,474 )
                                                                                                                                ==================== ============== ====================                                                                ==================== ============== ====================                                                                ==================== ============== ====================                                                                ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Net Income (Loss) Attributable to Common Shareholders Per Common
Share
Basic                                                                                                                                                        ($0.29 )                                                                                                                ($0.01 )                                                                                                      $           1.07                                                                                                                 ($11.27 )
Diluted                                                                                                                                                      ($0.29 )                                                                                                                ($0.01 )                                                                                                      $           1.06                                                                                                                 ($11.27 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Weighted Average Common Shares Outstanding
Basic                                                                                                                                                        81,415                                                                                                                  63,587                                                                                                                  73,421                                                                                                                  59,932
Diluted                                                                                                                                                      81,415                                                                                                                  63,587                                                                                                                  73,993                                                                                                                  59,932
 
                                                                                                                                                                                                                                     CARRIZO OIL & GAS, INC.
                                                                                                                                                                                                                                     CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
                                                                                                                                                                                                                                     (In thousands, except share amounts)
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                Common Stock                                                                                                                               Additional                                                                               Accumulated                                                                                Total
                                                                                                                                                                                                                                                                                                                                             Paid-in                                                                                  Deficit                                                                Shareholders’
                                                                                                                                                                                                                                                                                                                                             Capital                                                                                                                                                                          Equity
                                                                                                                                   --------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                  Shares                                                                                  Amount
                                                                                                                                   ------------------------------------                                          ---------------------------------------------------------                                          ------------------------------------------------------                                             ----------------------------------                                            -----------------------------------------------------
Balance as of December 31, 2016                                                                                                        65,132,499                                                                                   $            651                                                                                   $      1,665,891                                                                   ($1,643,084 )                                                                                 $        23,458
Stock-based compensation expense                                                                                                   --                                                                                     --                                                                                             23,625                                                                --                                                                                            23,625
Issuance of common stock upon grants of restricted stock awards and                                                                       722,122                                                                                                  8                                                                                                (42 )                                                              --                                                                                               (34 )
vestings of restricted stock units and performance shares
Sale of common stock, net of offering costs                                                                                            15,600,000                                                                                                156                                                                                            222,222                                                                --                                                                                           222,378
Issuance of warrants                                                                                                               --                                                                                     --                                                                                             23,003                                                                --                                                                                            23,003
Dividends on preferred stock                                                                                                       --                                                                                     --                                                                                             (7,781 )                                                              --                                                                                            (7,781 )
Accretion on preferred stock                                                                                                       --                                                                                     --                                                                                               (862 )                                                              --                                                                                              (862 )
Net income                                                                                                                         --                                               --                                               --                                                     87,110                                                      87,110  
                                                                                                                                   -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------- --------------------                                           -------------------- ------------- --------------------
Balance as of December 31, 2017                                                                                                        81,454,621                                                                $            815                                                                $      1,926,056                                                ($1,555,974 )                                                                                 $       370,897  
                                                                                                                                   ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================                                           ============== ====================                                           ==================== ============= ====================
 
                                                                                                                                                                                                                                     CARRIZO OIL & GAS, INC.
                                                                                                                                                                                                                                     CONSOLIDATED STATEMENTS
                                                                                                                                                                                                                                     OF CASH FLOWS
                                                                                                                                                                                                                                     (In thousands)
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                               
                                                                                                                                                                                                       Three Months Ended                                                                                                                                                                                        Years Ended
                                                                                                                                                                                                          December 31,                                                                                                                                                                                          December 31,
                                                                                                                                  ----------------------------------------------------------------------------------------------------------------------------------------------------                                                  ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                            2017                                                                                               2016                                                                                               2017                                                                                               2016
                                                                                                                                  ---------------------------------------------------------                                          ---------------------------------------------------------                                          ---------------------------------------------------------                                          ---------------------------------------------------------
Cash Flows From Operating Activities
Net income (loss)                                                                                                                                            ($17,040 )                                                                                            ($779 )                                                                                 $         87,110                                                                                          ($675,474 )
Adjustments to reconcile net income (loss) to net cash provided by
operating activities
   Depreciation, depletion and amortization                                                                                                                    81,571                                                                                             53,470                                                                                            262,589                                                                                            213,962
   Impairment of proved oil and gas properties                                                                                                         --                                                                                     --                                                                                     --                                                                                            576,540
   (Gain) loss on derivatives, net                                                                                                                             86,107                                                                                             19,135                                                                                             59,103                                                                                             49,073
   Cash received for derivative settlements, net                                                                                                                   59                                                                                             20,549                                                                                              7,773                                                                                            119,369
   Loss on extinguishment of debt                                                                                                                               4,170                                                                                     --                                                                                              4,170                                                                                     --
   Stock-based compensation expense, net                                                                                                                        5,847                                                                                              5,252                                                                                             14,309                                                                                             36,086
   Deferred income taxes                                                                                                                                        3,635                                                                                     --                                                                                              3,635                                                                                     --
   Non-cash interest expense, net                                                                                                                                 696                                                                                              1,067                                                                                              3,657                                                                                              4,172
   Other, net                                                                                                                                                  (1,912 )                                                                                            1,326                                                                                              2,337                                                                                              3,753
Changes in components of working capital and other assets and
liabilities-
   Accounts receivable                                                                                                                                        (15,745 )                                                                                          (14,604 )                                                                                          (41,630 )                                                                                          (12,836 )
   Accounts payable                                                                                                                                            (2,926 )                                                                                           (9,836 )                                                                                           11,822                                                                                            (30,130 )
   Accrued liabilities                                                                                                                                           (458 )                                                                                               16                                                                                             11,512                                                                                             (7,938 )
   Other assets and liabilities, net                                                                                                        (1,620 )                                                                          (675 )                                                                        (3,406 )                                                                        (3,809 )
                                                                                                                                  -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
     Net cash provided by operating activities                                                                                             142,384                                                       74,921                                                      422,981                                                      272,768  
                                                                                                                                  -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Cash Flows From Investing Activities
Capital expenditures                                                                                                                                         (221,150 )                                                                                         (134,684 )                                                                                         (654,711 )                                                                                         (480,929 )
Acquisitions of oil and gas properties                                                                                                                         (3,768 )                                                                                         (153,521 )                                                                                         (695,774 )                                                                                         (153,521 )
Net proceeds from divestitures of oil and gas properties                                                                                                      173,152                                                                                                233                                                                                            197,564                                                                                             15,564
Other, net                                                                                                                                  (2,727 )                                                                          (285 )                                                                        (6,531 )                                                                          (946 )
                                                                                                                                  -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
     Net cash used in investing activities                                                                                                 (54,493 )                                                                      (288,257 )                                                                    (1,159,452 )                                                                      (619,832 )
                                                                                                                                  -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Cash Flows From Financing Activities
Issuance of 8.25% Senior Notes due 2025                                                                                                                --                                                                                     --                                                                                            250,000                                                                                     --
Redemption of 7.50% Senior Notes due 2020                                                                                                                    (152,813 )                                                                                   --                                                                                           (152,813 )                                                                                   --
Borrowings under credit agreement                                                                                                                             680,648                                                                                            260,175                                                                                          1,992,523                                                                                            770,291
Repayments of borrowings under credit agreement                                                                                                              (604,948 )                                                                                         (269,175 )                                                                                       (1,788,223 )                                                                                         (683,291 )
Payments of debt issuance costs and credit facility amendment fees                                                                                                (87 )                                                                                             (180 )                                                                                           (9,051 )                                                                                           (1,330 )
Sale of common stock, net of offering costs                                                                                                            --                                                                                            223,739                                                                                            222,378                                                                                            223,739
Sale of preferred stock, net of issuance costs                                                                                                         --                                                                                     --                                                                                            236,404                                                                                     --
Payment of dividends on preferred stock                                                                                                                        (5,532 )                                                                                   --                                                                                             (7,781 )                                                                                   --
Other, net                                                                                                                                    (711 )                                                                          (264 )                                                                        (1,620 )                                                                        (1,069 )
                                                                                                                                  -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
     Net cash provided by (used in) financing activities                                                                                   (83,443 )                                                                       214,295                                                      741,817                                                      308,340  
                                                                                                                                  -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Net Increase (Decrease) in Cash and Cash Equivalents                                                                                                            4,448                                                                                                959                                                                                              5,346                                                                                            (38,724 )
Cash and Cash Equivalents, Beginning of Period                                                                                               5,092                                                        3,235                                                        4,194                                                       42,918  
                                                                                                                                  -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Cash and Cash Equivalents, End of Period                                                                                                             $          9,540                                                                $          4,194                                                                $          9,540                                                                $          4,194  
                                                                                                                                  ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================
 
   CARRIZO OIL & GAS, INC.
 NON-GAAP FINANCIAL MEASURES
         (Unaudited)

Reconciliation of Net Income (Loss) Attributable to Common Shareholders (GAAP) to Adjusted Net Income Attributable to Common Shareholders (Non-GAAP)

Adjusted net income attributable to common shareholders is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common shareholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted net income attributable to common shareholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net income attributable to common shareholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry.

Adjusted net income attributable to common shareholders should not be considered in isolation or as a substitute for net income (loss) attributable to common shareholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net income (loss) attributable to common shareholders and adjusted net income attributable to common shareholders is presented below. Because adjusted net income attributable to common shareholders excludes some, but not all, items that affect net income (loss) attributable to common shareholders and may vary among companies, our calculation of adjusted net income attributable to common shareholders may not be comparable to similarly titled measures of other companies.

                                                                                                                                                                                                                                                                 
                                                                                                                                                                         Three Months Ended                                                                                                                                                               Years Ended
                                                                                                                                                                            December 31,                                                                                                                                                                 December 31,
                                                                                                             -----------------------------------------------------------------------------------------------------------------------------------                                 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                       2017                                                                              2016                                                                              2017                                                                                               2016
                                                                                                             ---------------------------------------------------------                         ---------------------------------------------------------                         ---------------------------------------------------------                                          ---------------------------------------------------------
                                                                                                                                                                                                                                                         (In thousands, except per share amounts)
Net Income (Loss) Attributable to Common Shareholders (GAAP)                                                                            ($23,434 )                                                                           ($779 )                                                                $         78,467                                                                                          ($675,474 )
  Income tax expense                                                                                                                       4,030                                                                    --                                                                             4,030                                                                                     --
  (Gain) loss on derivatives, net                                                                                                         86,107                                                                            19,135                                                                            59,103                                                                                             49,073
  Cash received for derivative settlements, net                                                                                               59                                                                            20,549                                                                             7,773                                                                                            119,369
  Non-cash general and administrative, net                                                                                                 6,194                                                                             5,025                                                                            15,284                                                                                             36,009
  Impairment of proved oil and gas properties                                                                                     --                                                                    --                                                                    --                                                                                            576,540
  Loss on extinguishment of debt                                                                                                           4,170                                                                    --                                                                             4,170                                                                                     --
  Other expense, net                                                                                                      517                                         228                                       2,157                                                          618  
                                                                                                             -------------------- -------------- --------------------                          -------------------- -------------- --------------------                          -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Adjusted income before income taxes                                                                                                       77,643                                                                            44,158                                                                           170,984                                                                                            106,135
Adjusted income tax expense (1)                                                                                       (29,737 )                                                      (15,720 )                                                      (65,487 )                                                                       (37,784 )
                                                                                                             -------------------- -------------- --------------------                          -------------------- -------------- --------------------                          -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Adjusted Net Income Attributable to Common Shareholders (Non-GAAP)                                                              $         47,906                                               $         28,438                                               $        105,497                                                                $         68,351  
                                                                                                             ==================== ============== ====================                          ==================== ============== ====================                          ==================== ============== ====================                                           ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Net Income (Loss) Attributable to Common Shareholders Per Diluted                                                                         ($0.29 )                                                                          ($0.01 )                                                                $           1.06                                                                                            ($11.27 )
Common Share (GAAP)
  Income tax expense                                                                                                                        0.05                                                                    --                                                                              0.05                                                                                     --
  (Gain) loss on derivatives, net                                                                                                           1.05                                                                              0.30                                                                              0.80                                                                                               0.81
  Cash received for derivative settlements, net                                                                                   --                                                                              0.32                                                                              0.11                                                                                               1.97
  Non-cash general and administrative, net                                                                                                  0.08                                                                              0.08                                                                              0.21                                                                                               0.60
  Impairment of proved oil and gas properties                                                                                     --                                                                    --                                                                    --                                                                                               9.51
  Loss on extinguishment of debt                                                                                                            0.05                                                                    --                                                                              0.06                                                                                     --
  Other expense, net                                                                                                                        0.01                                                                    --                                                                              0.02                                                                                               0.01
  Effect of dilutive securities due to adjusted net income                                                     --                              --                              --                                                         0.12   (2)
  attributable to common shareholders
                                                                                                             -------------------- -------------- --------------------                          -------------------- -------------- --------------------                          -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Adjusted income before income taxes                                                                                                         0.95                                                                              0.69                                                                              2.31                                                                                               1.75
Adjusted income tax expense                                                                                             (0.37 )                                                        (0.25 )                                                        (0.88 )                                                                         (0.62 )
                                                                                                             -------------------- -------------- --------------------                          -------------------- -------------- --------------------                          -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Adjusted Net Income Attributable to Common Shareholders Per                                                                     $           0.58                                               $           0.44                                               $           1.43                                                                $           1.13  
Diluted Common Share (Non-GAAP)
                                                                                                             ==================== ============== ====================                          ==================== ============== ====================                          ==================== ============== ====================                                           ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Diluted WASO (GAAP)                                                                                                                       81,415                                                                            63,587                                                                            73,993                                                                                             59,932
Dilutive shares adjustment                                                                                                656                                         717                              --                                                          668  
                                                                                                             -------------------- -------------- --------------------                          -------------------- -------------- --------------------                          -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Adjusted Diluted WASO (Non-GAAP)                                                                                       82,071   (2)                                64,304   (2)                                73,993                                                       60,600   (2)
                                                                                                             ==================== ============== ====================                          ==================== ============== ====================                          ==================== ============== ====================                                           ==================== ============== ====================
___________
 
(1)      Adjusted income tax expense is calculated by applying the Company’s
                            estimated annual effective income tax rates applicable to the
                            adjusted income before income taxes, which were 38.3% for the three
                            months and year ended December 31, 2017 and 35.6% for the three
                            months and year ended December 31, 2016.
(2)                         Adjusted diluted weighted average common shares outstanding
                            ("Adjusted Diluted WASO") is a non-GAAP financial measure which
                            includes the effect of potentially dilutive instruments that, under
                            certain circumstances described below, are excluded from diluted
                            weighted average common shares outstanding ("Diluted WASO"), the
                            most directly comparable GAAP financial measure. When a net loss
                            attributable to common shareholders exists, all potentially dilutive
                            instruments are anti-dilutive to the net loss attributable to common
                            shareholders per common share and therefore excluded from the
                            computation of Diluted WASO. The effect of potentially dilutive
                            instruments is included in the computation of Adjusted Diluted WASO
                            for purposes of computing the per diluted common share impacts of
                            the reconciling items as well as adjusted net income attributable to
                            common shareholders per diluted common share.
 
   CARRIZO OIL & GAS, INC.
 NON-GAAP FINANCIAL MEASURES
         (Unaudited)

Reconciliation of Net Income (Loss) Attributable to Common Shareholders (GAAP) to Adjusted EBITDA (Non-GAAP) to Net Cash Provided by Operating Activities (GAAP)

Adjusted EBITDA is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common shareholders, the most directly comparable GAAP financial measure. Items excluded are interest, income taxes, depreciation, depletion and amortization, impairments, dividends and accretion on preferred stock and items that the Company believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted EBITDA is presented because management believes it provides useful additional information to investors and analysts, for analysis of the Company’s financial and operating performance on a recurring basis and the Company’s ability to internally generate funds for exploration and development, and to service debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) attributable to common shareholders, net cash provided by operating activities, or any other measure of a company’s profitability or liquidity presented in accordance with GAAP. A reconciliation of net income (loss) attributable to common shareholders to adjusted EBITDA to net cash provided by operating activities is presented below. Because adjusted EBITDA excludes some, but not all, items that affect net income (loss) attributable to common shareholders, our calculations of adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flows (Non-GAAP)

Discretionary cash flows are a non-GAAP financial measure which excludes certain items that are included in net cash provided by operating activities, the most directly comparable GAAP financial measure. Items excluded are changes in the components of working capital and other items that the Company believes affect the comparability of operating cash flows such as items that are non-recurring.

Discretionary cash flows are presented because management believes it provides useful additional information to investors for analysis of the Company’s ability to generate cash to fund exploration and development, and to service debt. In addition, management believes that discretionary cash flows is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry.

Discretionary cash flows should not be considered in isolation or as a substitute for net cash provided by operating activities or any other measure of a company’s cash flows or liquidity presented in accordance with GAAP. A reconciliation of net cash provided by operating activities to discretionary cash flows is presented below. Because discretionary cash flows excludes some, but not all, items that affect net cash provided by operating activities and may vary among companies, our calculation of discretionary cash flows may not be comparable to similarly titled measures of other companies.

                                                                                                                                                                                                                                    
                                                                                                                                                                                                 Three Months Ended                                                                                                                                                                                                             Years Ended
                                                                                                                                                                                                    December 31,                                                                                                                                                                                                               December 31,
                                                                                                                            ----------------------------------------------------------------------------------------------------------------------------------------------------                                                                       ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      2017                                                         2016                                                                                                                    2017                                                         2016
                                                                                                                            ---------------------------------------------------------                                          ---------------------------------------------------------                                                               ---------------------------------------------------------                                          ---------------------------------------------------------
                                                                                                                                                                                                                                                                                                                (In thousands)
Net Income (Loss) Attributable to Common Shareholders (GAAP)                                                                                           ($23,434 )                                                                                            ($779 )                                                                                                      $         78,467                                                                                          ($675,474 )
  Dividends on preferred stock                                                                                                                            5,532                                                                                     --                                                                                                                   7,781                                                                                     --
  Accretion on preferred stock                                                                                                                              862                                                                                     --                                                                                                                     862                                                                                     --
  Income tax expense                                                                                                                                      4,030                                                                                     --                                                                                                                   4,030                                                                                     --
  Depreciation, depletion and amortization                                                                                                               81,571                                                                                             53,470                                                                                                                 262,589                                                                                            213,962
  Interest expense, net                                                                                                                                  18,520                                                                                             20,490                                                                                                                  80,870                                                                                             79,403
  (Gain) loss on derivatives, net                                                                                                                        86,107                                                                                             19,135                                                                                                                  59,103                                                                                             49,073
  Cash received for derivative settlements, net                                                                                                              59                                                                                             20,549                                                                                                                   7,773                                                                                            119,369
  Non-cash general and administrative, net                                                                                                                6,194                                                                                              5,025                                                                                                                  15,284                                                                                             36,009
  Impairment of proved oil and gas properties                                                                                                    --                                                                                     --                                                                                                          --                                                                                            576,540
  Loss on extinguishment of debt                                                                                                                          4,170                                                                                     --                                                                                                                   4,170                                                                                     --
  Other expense, net                                                                                                                     517                                                          228                                                                             2,157                                                          618  
                                                                                                                            -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Adjusted EBITDA (Non-GAAP)                                                                                                                     $        184,128                                                                                   $        118,118                                                                                                        $        523,086                                                                                   $        399,500
  Cash interest expense, net                                                                                                                            (17,824 )                                                                                          (19,423 )                                                                                                               (77,213 )                                                                                          (75,231 )
  Cash dividends on preferred stock                                                                                                                      (5,532 )                                                                                   --                                                                                                                  (7,781 )                                                                                   --
  Other cash and non-cash adjustments, net                                                                                            (3,171 )                                                                           999                                                                            (1,190 )                                                                         2,986  
                                                                                                                            -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Discretionary Cash Flows (Non-GAAP)                                                                                                            $        157,601                                                                                   $         99,694                                                                                                        $        436,902                                                                                   $        327,255
  Changes in components of working capital and other                                                                                 (15,217 )                                                                       (24,773 )                                                                                            (13,921 )                                                                       (54,487 )
                                                                                                                            -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Net Cash Provided By Operating Activities (GAAP)                                                                                               $        142,384                                                                $         74,921                                                                                     $        422,981                                                                $        272,768  
                                                                                                                            ==================== ============== ====================                                           ==================== ============== ====================                                                                ==================== ============== ====================                                           ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

Adjusted EBITDA margin as presented in the press release above is calculated as Adjusted EBITDA divided by total production for the respective period.

 
   CARRIZO OIL & GAS, INC.
 NON-GAAP FINANCIAL MEASURES
         (Unaudited)

Reconciliation of Standardized Measure of Discounted Future Net Cash Flows (GAAP) to PV-10 (Non-GAAP)

PV-10 is a non-GAAP financial measure which excludes the present value of future income taxes discounted at 10% per annum, which is included in the standardized measure of discounted future net cash flows, the most directly comparable GAAP financial measure.

PV-10 is presented because management believes it provides greater comparability when evaluating oil and gas companies due to the many factors unique to each individual company that impact the amount and timing of future income taxes. In addition, management believes that PV-10 is widely used by investors and analysts as a basis for comparing the relative size and value of the Company’s proved reserves to other oil and gas companies.

PV-10 should not be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows or any other measure of a company’s financial or operating performance presented in accordance with GAAP. A reconciliation of the standardized measure of discounted future net cash flows to PV-10 is presented below.

                                                                         
                                                                                                                          As of December 31, 2017
                                                                                                                ------------------------------------------
                                                                                                                               (In millions)
Standardized measure of discounted future net cash flows (GAAP)                                                                    $              2,465.1
Add: present value of future income taxes discounted at 10% per annum                                                            173.3
                                                                                                                -------------------- --------------------
PV-10 (Non-GAAP)                                                                                                                   $              2,638.4
                                                                                                                ==================== ====================
                                                                                                                                      

Reserve Replacement (Non-GAAP)

Reserve replacement is a non-GAAP metric commonly used by the Company, as well as analysts and investors, to evaluate the Company’s ability to replenish annual production and grow its proved reserves. Total reserve replacement and drill-bit reserve replacement can be computed from information provided in this press release.

Total reserve replacement is defined as the sum of proved reserve extensions and discoveries, revisions of previous estimates and purchases of reserves in place divided by production for the corresponding period. Drill-bit reserve replacement is defined as the sum of proved reserve extensions and discoveries and revisions of previous estimates divided by production for the corresponding period. These definitions of reserve replacement may differ significantly from definitions used by other companies to compute similar measures. As a result, reserve replacement as defined above may not be comparable to similar measures provided by other companies.

Reserve replacement 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. Reserve replacement does not distinguish between changes in reserve quantities that are producing and those that will require additional time and capital to begin producing. In addition, since reserve replacement 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.

Finding and Development Costs (Non-GAAP)

Finding and development ("F&D") costs are non-GAAP metrics commonly used by the Company, as well as analysts and investors, to measure and evaluate the Company’s cost of adding proved reserves. The all sources finding, development, and acquisition ("FD&A") cost and drill-bit F&D cost can be computed from information provided in this press release.

All sources FD&A cost is defined as the sum of exploration costs, development costs and property acquisition costs divided by the sum of proved reserve extensions and discoveries, revisions of previous estimates and purchases of reserves in place. Drill-bit F&D cost is defined as the sum of exploration costs and development costs divided by the sum of proved reserve extensions and discoveries and revisions of previous estimates. These definitions of all sources FD&A costs and drill-bit F&D costs may differ significantly from definitions used by other companies to compute similar measures. As a result, the all sources FD&A costs and drill-bit F&D costs defined above may not be comparable to similar measures provided by other companies.

Due to various factors, including timing differences, F&D costs do not necessarily reflect precisely the costs associated with particular reserves. For example, development costs may be recorded in periods before or after the periods in which the related reserves are recorded. In addition, changes in commodity prices can affect the magnitude of recorded increases or decreases in reserves independent of the related cost of such increases.

 
                                                                                                                                                         CARRIZO OIL & GAS, INC.
                                                                                                                                                 PRODUCTION VOLUMES AND REALIZED PRICES
                                                                                                                                                               (Unaudited)
                                                                                                                                                                                                                                                                  
                                                                                                   Three Months Ended                                                                                                                      Years Ended
                                                                                                                                            December 31,                                                                                                                        December 31,
                                                                                       ----------------------------------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------------------
                                                                                                             2017                                               2016                                                                  2017                                                          2016
                                                                                       -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     --------------------------------
Total production volumes -
    Crude oil (MBbls)                                                                                        3,699                                                                 2,643                                                                12,566                                                                     9,423
    NGLs (MBbls)                                                                                               845                                                                   464                                                                 2,327                                                                     1,788
    Natural gas (MMcf)                                                                    7,193                           6,072                          28,472                              25,574
                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ----------
    Total barrels of oil equivalent (MBoe)                                                5,742                           4,119                          19,639                              15,473
                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ==========
                                                                                                                                                                                                                                                                                                          
Daily production volumes by product -
    Crude oil (Bbls/d)                                                                                      40,206                                                                28,727                                                                34,428                                                                    25,745
    NGLs (Bbls/d)                                                                                            9,181                                                                 5,048                                                                 6,376                                                                     4,885
    Natural gas (Mcf/d)                                                                  78,182                          65,999                          78,006                              69,873
                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ----------
    Total barrels of oil equivalent (Boe/d)                                              62,417                          44,775                          53,805                              42,276
                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ==========
                                                                                                                                                                                                                                                                                                          
Daily production volumes by region (Boe/d) -
    Eagle Ford                                                                                              41,555                                                                32,339                                                                37,825                                                                    30,664
    Delaware Basin                                                                                          15,145                                                                 2,469                                                                 6,713                                                                     1,115
    Niobrara                                                                                                 2,353                                                                 3,190                                                                 2,558                                                                     2,931
    Marcellus                                                                                                3,115                                                                 5,965                                                                 6,122                                                                     6,329
    Utica and other                                                                         249                             812                             587                               1,237
                                                                                       -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ----------
    Total barrels of oil equivalent (Boe/d)                                              62,417                          44,775                          53,805                              42,276
                                                                                       ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ==========
                                                                                                                                                                                                                                                                                                          
Realized prices -
    Crude oil ($ per Bbl)                                                                                 $  56.84                                                              $  46.66                                                              $  50.39                                                              $      40.12
    NGLs ($ per Bbl)                                                                                      $  23.35                                                              $  15.75                                                              $  20.37                                                              $      12.54
    Natural gas ($ per Mcf)                                                                               $   2.34                                                              $   2.18                                                              $   2.29                                                              $       1.69
 
                                                                                                                                           CARRIZO OIL & GAS, INC.
                                                                                                                          COMMODITY DERIVATIVE CONTRACTS - AS OF FEBRUARY 23, 2018
                                                                                                                                                 (Unaudited)
                                                                                         
                                                                                                                                                CRUDE OIL (1)
                                                                                                                                                                                                                                                                                         
                                                                                                                      Volume                                             Sub-Floor Price                                           Floor Price                                              Ceiling Price
Period                                                  Type of Contract                                             (Bbls/d)                                                ($/Bbl)                                                 ($/Bbl)                                                   ($/Bbl)
----------                                           ---------------------                                           --------                                           ---------------                                           -----------                                           --------------------
Q1 2018                                              Fixed Price Swaps                                                 6,000                                                                                                         $49.55
                                                     Three-Way Collars                                                24,000                                                 $39.38                                                  $49.06                                                    $60.14
                                                     Net Sold Call Options                                             3,388                                                                                                                                                                   $71.33
                                                                                                                                                                                                                                                                                         
Q2 2018                                              Fixed Price Swaps                                                 6,000                                                                                                         $49.55
                                                     Three-Way Collars                                                24,000                                                 $39.38                                                  $49.06                                                    $60.14
                                                     Net Sold Call Options                                             3,388                                                                                                                                                                   $71.33
                                                                                                                                                                                                                                                                                         
Q3 2018                                              Fixed Price Swaps                                                 6,000                                                                                                         $49.55
                                                     Three-Way Collars                                                24,000                                                 $39.38                                                  $49.06                                                    $60.14
                                                     Net Sold Call Options                                             3,388                                                                                                                                                                   $71.33
                                                                                                                                                                                                                                                                                         
Q4 2018                                              Fixed Price Swaps                                                 6,000                                                                                                         $49.55
                                                     Three-Way Collars                                                24,000                                                 $39.38                                                  $49.06                                                    $60.14
                                                     Net Sold Call Options                                             3,388                                                                                                                                                                   $71.33
                                                                                                                                                                                                                                                                                         
FY 2019                                              Three-Way Collars                                                12,000                                                 $40.00                                                  $48.40                                                    $60.29
                                                     Net Sold Call Options                                             3,875                                                                                                                                                                   $73.66
                                                                                                                                                                                                                                                                                         
FY 2020                                              Net Sold Call Options                                             4,575                                                                                                                                                                   $75.98
__________
     
(1)                       In addition to the volumes above, the Company has FY 2018
                          Midland-Cushing crude oil basis swaps on 6,000 Bbls/d at a weighted
                          average price differential of ($0.10) and FY 2018 LLS-Cushing crude
                          oil basis swaps on 6,000 Bbls/d at a weighted average price
                          differential of $2.91.
 
                                                                                                               CARRIZO OIL & GAS, INC.
                                                                                              COMMODITY DERIVATIVE CONTRACTS - AS OF FEBRUARY 23, 2018
                                                                                                                     (Unaudited)
                                                                                                                     (Continued)
                                                                       
                                                                                                                 NATURAL GAS LIQUIDS
                                                                                                                                                                                                                                 
                                                                                                                                                                             Volume                                                Fixed Price (1)
Period                                              Product Stream                                             Type of Contract                          (Bbls/d)                                ($/Bbl)
-------                                           -----------------                                           ----------------- --------------------                      ----------- --------------------                      --------------------
Q1 2018                                           Ethane                                                       Fixed Price Swaps                                              2,200                                                    $12.01
                                                  Propane                                                      Fixed Price Swaps                                              1,500                                                    $34.23
                                                  Butane                                                       Fixed Price Swaps                                               200                                                     $38.85
                                                  Isobutane                                                    Fixed Price Swaps                                               600                                                     $38.98
                                                  Natural Gasoline                                             Fixed Price Swaps                                               600                                                     $55.23
                                                                                                                                                                                                                                 
Q2 2018                                           Ethane                                                       Fixed Price Swaps                                              2,200                                                    $12.01
                                                  Propane                                                      Fixed Price Swaps                                              1,500                                                    $34.23
                                                  Butane                                                       Fixed Price Swaps                                               200                                                     $38.85
                                                  Isobutane                                                    Fixed Price Swaps                                               600                                                     $38.98
                                                  Natural Gasoline                                             Fixed Price Swaps                                               600                                                     $55.23
                                                                                                                                                                                                                                 
Q3 2018                                           Ethane                                                       Fixed Price Swaps                                              2,200                                                    $12.01
                                                  Propane                                                      Fixed Price Swaps                                              1,500                                                    $34.23
                                                  Butane                                                       Fixed Price Swaps                                               200                                                     $38.85
                                                  Isobutane                                                    Fixed Price Swaps                                               600                                                     $38.98
                                                  Natural Gasoline                                             Fixed Price Swaps                                               600                                                     $55.23
                                                                                                                                                                                                                                 
Q4 2018                                           Ethane                                                       Fixed Price Swaps                                              2,200                                                    $12.01
                                                  Propane                                                      Fixed Price Swaps                                              1,500                                                    $34.23
                                                  Butane                                                       Fixed Price Swaps                                               200                                                     $38.85
                                                  Isobutane                                                    Fixed Price Swaps                                               600                                                     $38.98
                                                  Natural Gasoline                                             Fixed Price Swaps                                               600                                                     $55.23
_____________
(1) The fixed prices of the Company’s natural gas liquids
derivative contracts are based on the OPIS Mont Belvieu Non-TET
reference prices for the applicable product stream.
 
 
                                                                                                                     NATURAL GAS
                                                                                                                                                                                                                                 
                                                                                                                    Volume                                                 Floor Price                                              Ceiling Price
Period                                             Type of Contract                                                (MMBtu/d)                                                ($/MMBtu)                                                 ($/MMBtu)
-------                                           -----------------                                           -----------------                                           -----------                                           --------------------
Q1 2018                                           Fixed Price Swaps                                                  8,611                                                    $3.01
                                                  Sold Call Options                                                 33,000                                                                                                              $3.25
                                                                                                                                                                                                                                 
Q2 2018                                           Fixed Price Swaps                                                 25,000                                                    $3.01
                                                  Sold Call Options                                                 33,000                                                                                                              $3.25
                                                                                                                                                                                                                                 
Q3 2018                                           Fixed Price Swaps                                                 25,000                                                    $3.01
                                                  Sold Call Options                                                 33,000                                                                                                              $3.25
                                                                                                                                                                                                                                 
Q4 2018                                           Fixed Price Swaps                                                 25,000                                                    $3.01
                                                  Sold Call Options                                                 33,000                                                                                                              $3.25
                                                                                                                                                                                                                                 
FY 2019                                           Sold Call Options                                                 33,000                                                                                                              $3.25
                                                                                                                                                                                                                                 
FY 2020                                           Sold Call Options                                                 33,000                                                                                                              $3.50
 
                                                                                        CARRIZO OIL & GAS, INC.
                                                                           FIRST QUARTER AND FULL YEAR 2018 GUIDANCE SUMMARY
                                                                                 
                                                                          First Quarter 2018                                                                                        Full Year 2018
                                                                          ------------------                                                                                     --------------------
Daily Production Volumes (Boe/d)                                            48,600 - 49,800                                                                                         58,500 - 60,100
    Crude oil                                                                  65% - 67%                                                                                               65% - 67%
    NGLs                                                                       15% - 17%                                                                                               15% - 17%
    Natural gas                                                                17% - 19%                                                                                               17% - 19%
                                                                                                                                                                                  
Unhedged Commodity Price Realizations
    Crude oil (% of NYMEX oil)                                              99.0% - 101.0%                                                                                                N/A
    NGLs (% of NYMEX oil)                                                    33.0% - 35.0%                                                                                                N/A
    Natural gas (% of NYMEX gas)                                             91.0% - 93.0%                                                                                                N/A
                                                                                                                                                                                  
Cash paid for derivative settlements, net ($MM)                            ($16.0) - ($13.0)                                                                                              N/A
                                                                                                                                                                                  
Costs and Expenses -
    Lease operating ($/Boe)                                                  $8.50 - $9.00                                                                                           $7.50 - $8.25
    Production taxes (% of total revenues)                                   4.75% - 5.00%                                                                                           4.75% - 5.25%
    Ad valorem taxes ($MM)                                                    $2.3 - $2.8                                                                                            $8.0 - $10.0
    Cash general and administrative, net ($MM)                               $24.0 - $24.5                                                                                           $52.5 - $54.5
    Depreciation, depletion and amortization ($/Boe)                        $13.75 - $14.75                                                                                         $13.50 - $14.50
    Interest expense, net ($MM)                                              $15.8 - $16.8                                                                                                N/A
                                                                                                                                                                                  
Capital Expenditures -
    Drilling, completion, and infrastructure ($MM)                                N/A                                                                                               $750.0 - $800.0
    Interest ($MM)                                                           $9.8 - $10.3                                                                                                 N/A

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180226006492r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180226006492/en/

SOURCE: Carrizo Oil & Gas, Inc.

Carrizo Oil & Gas, Inc. 
Jeffrey P. Hayden, CFA 
VP - Investor Relations 
(713) 328-1044 
or 
Kim Pinyopusarerk 
Manager - Investor Relations 
(713) 358-6430


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