Carrizo Hits in Matagorda County, Texas

Carrizo Oil & Gas, Inc. has successfully drilled, completed and tested the "Pauline Huebner A-382 #1" well in the Company's Matagorda Project Area in Matagorda County, Texas. The well reached total depth on September 21, 2002 and was successfully completed in the Lower Frio section, testing at a gross rate of 2,230 barrels of oil and 6,100 Mcf of gas (i.e. 19,480 Mcfe) per day at 6,300 psi flowing tubing pressure. Carrizo is the operator and owns a 45 percent working interest in the well, which is a follow-up to the successful "Staubach #1" and "Burkhart #1R" wells that commenced production earlier this year. Production facilities are under construction and the well is expected to commence sales in mid November.

The Pauline Huebner A-382 #1 well is the third successful well drilled in the field targeting a structure estimated to cover approximately 800 acres. The discovery well for the field, the "Staubach #1", in which Carrizo owns a 29.75 percent after payout working interest, began producing in February 2002 at a rate of approximately 5,000 Mcf of natural gas and 2,000 barrels of oil (17,000 Mcfe) per day. The first follow-up well, the "Burkhart #1R", in which Carrizo holds a 35 percent working interest before payout and an approximately 25 percent working interest after payout, commenced sales in July 2002 at a rate of approximately 8,700 Mcf of natural gas and 1,500 barrels of oil (17,700 Mcfe) per day. To date the Staubach #1 and Burkhart #1R wells have produced a total of approximately 1.7 Bcf of natural gas and 521,000 barrels of oil or approximately 4.8 Bcf equivalent. The two wells are currently continuing to produce at a combined daily gross rate of 12,400 Mcf of natural gas and 3,250 barrels of oil (31,900 Mcfe) or approximately 7,800 Mcfe net to Carrizo's revenue interest. The Staubach #1 and Burkhart #1R wells are operated by Brigham Exploration Company. Brigham also owns a 34 percent working interest in the Pauline Huebner A-382 #1 well.

Carrizo expects that another follow-up well in the field will be spud in November 2002.