Carrizo Oil & Gas Announces Success at Delta Farms in Louisiana

Carrizo Oil & Gas, Inc. announced the successful drilling, completion and testing of the "Louisiana Delta Farms #2" well in the Company's LaRose prospect area in Lafourche Parish, Louisiana. The well reached total depth on August 28, 2002 and tested at a gross rate of 1,464 barrels of oil and 3,800 Mcf of gas (i.e. 12,584 Mcfe) per day at 8,570 psi flowing tubing pressure from a 15 foot pay interval. Carrizo is the operator and owns a 40 percent working interest in the project area and in the well, which is a follow-up to the successful initial test well in the area, the "Delta Farms #1", that commenced production in March 2002. Production facilities are under construction and the well is expected to commence sales in mid to late November.

Carrizo, as operator, is presently conducting drilling operations on four additional exploratory wells in the Gulf Coast area of Texas.