Carrizo's Riverdale #2 Well Successful

Carrizo Oil & Gas, Inc. announced that the recently drilled "Riverdale #2" well in the Company's Cabeza Creek Project Area in Goliad County, Texas, tested at an unstimulated gross rate of 7,524 Mcf of gas and 146 barrels of condensate, i.e. 8,400 Mcfe, per day on a 18/64 inch choke with flowing tubing pressure of approximately 4,050 pounds per square inch from a Wilcox zone with 36 feet of net pay. Carrizo is the operator of the well and owns a 68.75 percent working interest. The Company is currently working on the pipeline hookup and expects the well to commence production in the next ten days. Three additional wells are expected to be necessary to fully develop the Riverdale prospect. Other partners in the prospect include Palace Exploration which owns a 30 percent working interest.

Carrizo has now drilled or participated in six Wilcox wells in the Cabeza Creek area, of which five wells have been successful. Two of these successful wells were drilled on the Luker Prospect in which Carrizo has a 15.5 percent working interest and where a third well is now in process of being drilled.

In addition, Carrizo is the operator and owns a 26.3 percent working interest in a 13,500 foot test well now drilling at a depth of approximately 12,000 feet, targeting Wilcox potential in a fault block southwest of the Riverdale prospect.