Carrizo Says 2004 Budget is at $45 Million

Carrizo Oil & Gas, Inc. announced that its 2004 Capital Expenditures Budget is $45 million, excluding the recently announced $8.2 million acquisition in the Barnett Shale trend which we expect will be financed by a mezzanine project facility currently under negotiation. This 2004 Budget is comprised of $40 million for drilling and $5 million for land and seismic. The $40 million drilling budget is 68 percent higher than the Company's 2003 drilling expenditures. This marked increase in the drilling budget will allow Carrizo to retain substantially larger working interests in a number of wells it plans to drill in its onshore Gulf Coast prospects in Texas and Louisiana. The Company will fund the 2004 Capital Expenditures Budget from operating cash flows and partially from the net proceeds of the Company's recently completed common stock offering.

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