Carrizo Oil & Gas Increases Output from Espree Well

Carrizo Oil & Gas says that production on the Company's Espree #1 well has been increased from its previously reported level of approximately 5,500 Mcf and 160 Bbls of condensate (6,460 Mcfe) per day. This 13,000 foot Liberty County, Texas well is currently producing to sales at an estimated 13,060 Mcf and 390 Bbls of condensate (15,400 Mcfe) per day from the Cook Mountain interval. Carrizo is the operator and owns a 46.25 percent working interest in the well.

In other company news, the Horse Thief Hollow #1 well in Goliad County, Texas has reached a Total Depth ("TD") of 15,500 feet. Logs indicate a total of approximately 35 feet of apparent net pay in two intervals. Completion operations have begun on the 14,600 foot sand. The highest potential interval was not prospective and it is expected that the well will not significantly increase the Company's total proved reserves.

Drilling continues on one well in south Texas and two high potential impact wells, the Shady Side #1 well in St. Mary Parish, Louisiana and the La Terre 33 #1 well in Terrebonne Parish, Louisiana. All these wells are expected to reach TD in two to three weeks.

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