Carrizo Oil & Gas Prices Upsized Offering of $300 Million of Senior Notes

Marketwired

HOUSTON, TX--(Marketwire -09/05/12)- Carrizo Oil & Gas, Inc. (CRZO) announced today it has priced an underwritten public offering of $300 million aggregate principal amount of its senior notes due 2020 under its existing shelf registration statement. The offering is expected to close on September 10, 2012, subject to customary closing conditions. Carrizo intends to use the net proceeds from the proposed offering to repay borrowings outstanding under the Company's senior secured revolving credit facility and for general corporate purposes.

The notes will bear interest at a rate of 7.50% per annum and will mature on September 15, 2020. The company may redeem all or a portion of the notes at any time on or after September 15, 2016 at the redemption prices set forth in the prospectus supplement related to the offering. Before September 15, 2016, the company may, at its option, redeem all or a portion of the notes at 100% of the principal amount plus a make-whole premium. Holders of the notes may require Carrizo to repurchase some or all of their notes for cash in the event of certain fundamental changes, at 101% of the amount plus accrued and unpaid interest.

In connection with the notes offering, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, and Credit Suisse Securities (USA) LLC are acting as joint book-running managers; SG Americas Securities, LLC, Capital One Southcoast, Inc. and Credit Agricole Securities (USA) Inc. are acting as senior co-managers; and Global Hunter Securities, LLC and Mitsubishi UFJ Securities (USA), Inc. are acting as co-managers. The offering is being made only by means of a prospectus and related prospectus supplement, which will be filed with the Securities and Exchange Commission ("SEC"). When available, a copy of the prospectus and prospectus supplement relating to the offering may be obtained for free from www.sec.gov or from RBC Capital Markets, Attn: High Yield Capital Markets, 3 World Financial Center, 200 Vesey Street, 10th Floor, New York, NY 10281-8098, 1-877-280-1299; Wells Fargo Securities, Attn: Client Support, MAC D1086-070, 550 South Tryon Street, 7th Floor, Charlotte, NC 28202, 1-800-326-5897; or Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, 1-800-221-1037.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the notes nor shall there be any sale of the notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Carrizo Oil & Gas, Inc.

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the United States and United Kingdom. Our current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas, the Niobrara Formation in Colorado, the Barnett Shale in North Texas, the Marcellus Shale in Pennsylvania, New York and West Virginia, the Utica Shale in Ohio and Pennsylvania, and the U.K. North Sea.

Forward-Looking Statements

Statements in this news release, including but not limited to those relating to the closing of the notes offering, the use of proceeds from the notes offering and other statements that are not historical facts, are forward-looking statements that are based on current expectations. Although Carrizo 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 satisfaction of closing conditions, results of operations, market conditions, capital needs and uses, and other risks and uncertainties that are beyond Carrizo's control, including those described in Carrizo's Form 10-K for the year ended December 31, 2011 and in Carrizo's other filings with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made and Carrizo undertakes no obligation to correct or update forward-looking information.

Contact:

Carrizo Oil & Gas, Inc.
Richard Hunter
Vice President of Investor Relations
Paul F. Boling
Chief Financial Officer
(713) 328-1000


Rates