Carrizo Oil & Gas Logs Pay in Matagorda Project Area

Carrizo Oil & Gas has made a discovery with the "Pauline Huebner A-382 #2" well in the Company's Matagorda Project Area, which targeted a previously untested structure near the Company's successful wells in the Providence Field, The well reached a total depth of approximately 12,500 feet on April 8, 2003. The well logs indicate approximately 74 feet of apparent net pay in three potential pay intervals. Carrizo is the operator of the well and owns working interests ranging from approximately 46.5 to 52.5 percent in the primary well objectives, depending upon the actual depth of the zone to be produced. Completion operations are in process and the Company expects to be able to test the well in the next seven to ten days.

Carrizo is also currently drilling another follow-up well to the Company's successful wells in the Providence Field, the "Pauline Huebner A-382 #3", which is also expected to reach total depth in the next seven to ten days.

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