Carrizo Commences Production at LaRose Prospect
Carrizo Oil & Gas, Inc. announced that the Company's LaRose Prospect discovery well, the "Louisiana Delta Farms #1" in Lafourche Parish, Louisiana, commenced production on March 25, 2002. Carrizo is the operator of the well and owns a 40 percent working interest. The well, which was drilled in 2001, logged over 100 feet of net pay in three Cris I sand intervals at depths ranging from 13,500 feet to 15,300 feet and tested at a gross rate of 11,650 Mcf of gas and 1,466 barrels of condensate (20,446 Mcfe) per day with flowing tubing pressure of approximately 9,740 pounds per square inch from approximately 18 net feet of pay from the deepest sand interval.
The Company is closely monitoring the well's performance and has steadily increased the production rate since commencement to a current rate of approximately 9,600 Mcf of natural gas and 1,100 barrels of condensate per day (16,200 Mcfe per day). Based upon the current performance of the well, the Company expects to be able to increase the production rate to 18,000 to 20,000 Mcfe per day later this week.
The Company currently holds approximately 1,240 gross acres of leases in the LaRose Prospect area and plans to drill another well on the prospect acreage within the next several months.