Production during the first quarter of 2003 was estimated at 1.94 Bcfe, 37 percent higher than first quarter 2002. Approximately 57 percent of production was natural gas.
"Although our 2003 drilling program got off to a somewhat slower pace than we would have liked, we were able to accelerate the pace later in the quarter with the simultaneous drilling of our two latest successful wells in Matagorda County," commented S.P. Johnson IV, Carrizo's President and Chief Executive Officer. "We expect to test both of these wells shortly and expect to be able to put both of these wells on production by early May. Based upon the well logs, we anticipate that the wells should exhibit flow rate characteristics similar to our other recent high rate wells in the area, thus significantly impacting anticipated second quarter 2003 production levels. Carrizo currently has two rigs drilling in Liberty and Matagorda Counties and we expect to spud two additional wells shortly, including a 13,500 foot Wilcox test well in Live Oak County, Texas."
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