Carrizo Oil & Gas Provides Preliminary Third Quarter Production Results and Announces Financial Results Release Date and Conference Call

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HOUSTON, TX--(Marketwire - Oct 25, 2012) - Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today reported preliminary average daily production rates for the third quarter of 2012 and the scheduled release date for third quarter financial results.

The preliminary average daily oil and condensate production rate for the third quarter was approximately 8,600 Bbls/day, a sequential increase of 14% from the record rate reported in the second quarter and exceeding the high end of the Company's oil production guidance of 8,200 Bbls/day. The preliminary average daily natural gas and NGL production rate for the third quarter was approximately 101,500 Mcfe/day (5% NGLs), exceeding the high end of prior guidance of 96,000 Mcfe/day which had been adjusted to reflect the impact of the sale of Barnett Shale gas production to a subsidiary of Atlas Resource Partners, L.P. effective May 1, 2012.

S.P. "Chip" Johnson, IV, President and CEO of Carrizo, commented, "We are pleased to have set an all-time high and exceeded our guidance for oil production during the quarter. Our oil production benefitted from having to shut-in fewer producing wells in the Eagle Ford Shale than forecast while we completed new wells on adjacent pads. In addition, we were able to return the shut-in wells to full production over a shorter period than we had anticipated. Annual production guidance remains unchanged before taking into account the estimated 1,650 Boe/day fourth quarter impact from the recently announced joint ventures in the Niobrara and the Gulf Coast asset sale. Additional detail including a preliminary 2013 production forecast will be provided during our conference call to discuss third quarter results on November 6th."

Third Quarter Earnings Release Date and Conference Call
Carrizo is scheduled to release 2012 third quarter results on Tuesday, November 6th, 2012 before the market opens. The Company will host a conference call that same day.

Conference Call Date & Time:
Tuesday, November 6 at 10:00 AM CST

Dial-In Number:
(800) 709 - 0218 (U.S. & Canada)
 +1 (212) 231 - 2900 (Intl./Local)

Telephone Replay Number:
(800) 633 - 8284 (U.S. & Canada)
+1 (402) 977 - 9140 (Intl./Local)

Enter Replay Reservation #: 21608245 for U.S., Canadian and International callers.

The replay will be available through Tuesday, November 13, 2012 at 11:59 AM CST.

A simultaneous webcast of the call may be accessed over the internet at http://www.investorcalendar.com/IC/CEPage.asp?ID=169980 or by visiting our website at http://www.crzo.net clicking on "Investor Relations" and then clicking on "2012 Third Quarter Conference Call Webcast." To listen, please go to either website in time to register and install any necessary software. The webcast will be archived for replay on the Carrizo website for 15 days.

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas primarily 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, and the U.K. North Sea where our Huntington Field project is currently under development.

Statements in this news release that are not historical facts, including but not limited to those related to timing, levels and rates of production, production mix, effect of joint ventures and the sales transaction, 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, timing of completion and drilling of wells, and other statements that are not historical facts are forward-looking statements that are based on current expectations. Although 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 results of final calculations and reviews, actions by governmental authorities, joint venture partners, industry partners, lenders and other third parties, market and other conditions, 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 Carrizo's Form 10-K for the year ended December 31, 2011 and its other filings with the Securities and Exchange Commission.

Contact:

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

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