Carrizo Oil & Gas Logs Pay with Beachhouse Well #1

Carrizo Oil & Gas reports that the Beachhouse #1, an 11,995 foot exploratory well targeting the Vicksburg interval has been successfully drilled to its original projected total depth in the Company's Cedar Point Project Area in Chambers County, Texas. Carrizo is the operator of the well and owns a 28.79 percent working interest. The well logs indicate over 67 feet of apparent net pay in the primary well objective.

At the company's Espree #1 well, a 13,000 foot exploratory well targeting the Cook Mountain interval, has been successfully drilled and completed in the Liberty Project Area in Liberty County, Texas. Carrizo is the operator of the well and owns a 46.25 percent working interest. The well logged pay in multiple zones and was put online to sales on June 27, 2003 and is producing approximately 5,500 Mcf and 160 barrels of condensate (6,460 Mcfe) per day.The Company has now participated in the drilling of 16 new wells in its U.S. Gulf Coast core areas during 2003, including 12 wells during the second quarter. Of the 12 wells drilled during the second quarter, all of the wells have logged apparent net pay. Five of these wells are now on production, five are in the process of being completed or are awaiting pipeline connection and two of the wells are in the process of being tested and/or evaluated.
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