Carrizo Oil & Gas Brings Two Wells Onstream



Carrizo Oil & Gas has commenced production from the "Pauline Huebner A-382 #1" well in Matagorda County, Texas on November 9, 2002. Carrizo is the operator of the well and owns a 45 percent working interest. The well, which was drilled in the third quarter, was successfully completed in the Lower Frio interval and tested at a gross rate of 2,230 barrels of oil and 6,100 Mcf of natural gas (19,480 Mcfe) per day with flowing tubing pressure of approximately 6,200 psi. The Company is closely monitoring the well's performance and has steadily increased the production rate since commencement to a current rate of approximately 1,300 barrels of oil and 4,130 Mcf of gas (11,930 Mcfe) per day. The Company plans to continue to increase the production rate up to 1,500 to 1,800 barrels of oil and approximately 5,000 to 6,000 Mcf of gas (14,000 to 16,500 Mcfe) per day. Another follow-up well, the "Matthes-Huebner #1" was spud in the field on November 11, 2002.

Carrizo also announced that the Company's "Delta Farms #2" well in Lafourche Parish, Louisiana, commenced production on November 10, 2002. Carrizo is the operator of the well and owns a 40 percent working interest. The well, which was also drilled in the third quarter, tested at a gross rate of 1,464 barrels of oil and 3,800 Mcf of natural gas (12,584 Mcfe) per day with flowing tubing pressure of approximately 8,570 psi. The Company is also monitoring this well's performance and has steadily increased the production rate since commencement to a current rate of approximately 840 barrels of oil and 2,800 Mcf of gas (7,800 Mcfe) per day. The Company plans to continue to increase the production rate of this well up to 1,000 barrels of oil and approximately 3,300 Mcf of gas (9,300 Mcfe) per day.

At the current production rates, these two wells are contributing an incremental 691 barrels of oil and 2,234 Mcf of natural gas (6,380 Mcfe) per day to Carrizo's net revenue interest.

Carrizo is also in the process of installing production lines and facilities at the "Hankamer #1" well in Liberty County, Texas, however these efforts have been delayed due to flooding of the location and surrounding area due to recent heavy rains. The Hankamer well, which was completed in October, tested at a gross rate of 10,490 Mcf of natural gas and 772 barrels of oil (15,122 Mcfe) per day at 7,166 psi flowing tubing pressure. Carrizo operates the well and owns a 40 percent working interest. Carrizo is planning to spud another well in Liberty County in the near future and is currently drilling a well in Goliad County.