Carrizo Oil & Gas Reports 1Q Operating Results

Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) announces operating results for the first quarter of 2004. In the Company's core area in South Texas and Louisiana, the Company participated in the drilling of nine gross exploratory wells, six of which were successful. In the Company's new Barnett Shale play in North Texas, the Company participated in the drilling of eight gross wells, all of which were successful. Accordingly, the Company's drilling success rate was an 82 percent apparent success rate in the first quarter. Nine of these successful wells have been completed and five are in the process of being completed. Drilling operations are currently underway on six additional wells in the Company's core area and one additional well in the Barnett Shale play.

Production during the first quarter of 2004 was estimated to be 1.86 Bcfe, or four percent below the 1.94 Bcfe of production in the first quarter of 2003 and unchanged from the fourth quarter of 2003. Currently, the Company's daily production is approximately 24 MMcfe/d.

Natural gas comprised approximately 72 percent of total first quarter 2004 production. The Company estimates that first quarter 2004 sales prices averaged approximately $5.87 per Mcf and $33.33 per barrel. These prices include the effects of hedging activities, which resulted in an increase of the realized price of natural gas sold by approximately $0.15 per Mcf and a decrease in the price of oil sold by approximately $1.48 per barrel. The oil sales price reflects the large volume of condensate production relative to total oil production.