Carrizo Oil & Gas, Inc. has successfully completed the drilling and testing of Hankamer #1, a 12,500 foot exploratory well in the Company's Liberty Project Area in Liberty County, Texas. The well reached total depth on October 4, 2002 and tested at a gross rate of 10,490 Mcf of gas and 772 barrels of oil (i.e. 15,122 Mcfe) per day at 7,166 psi flowing tubing pressure from approximately 40 feet of net pay in the Cook Mountain interval. Carrizo is the operator and owns a 40 percent working interest in the well. Partners in the well include Palace Exploration Co. and Choice Exploration, Inc. Production facilities are under construction and the well is expected to commence sales in mid to late December. The Company also expects to spud another exploratory well in Liberty County later this year.