Carrizo Huntington Discovery Yields Favorable Flow Test Results

Delineation on the Carrizo Oil & Gas Huntington discovery in the UK North Sea has been substantially completed as it relates to the Paleocene Forties objective.

Located in Block 22/14b of the UKCS, the Company made two discoveries in June 2007 from the same well bore on its internally-generated prospect -- one in the shallower Forties, and another in the deeper Jurassic Fulmar. In all, nine penetrations have been made into the Forties, including the discovery well, to define the field limits and further establish reservoir properties in preparation for making application for the 2009 field development.

Appraisal of the Forties began in late August and just concluded with the drill-stem testing of two separate pay intervals on the last well bore near the crest of the feature.

The first test was conducted across 20 feet of perforations from 9,982-10,002 feet measured depth and flowed at a maximum rate of 2,200 Boe/d through a 44/64th inch choke. The second test was conducted through 75 feet of perforations from 9,870-9,945 feet measured depth at the top of the reservoir interval. The maximum recorded flow from this second test was just over 5,740 Boe/d through a 72/64 inch choke. The combined rate from these two Forties tests was over 7,940 Boe/d, which compares favorably to the 6,143 Boe/d rate in the vertical discovery well announced on June 5, 2007.

Drilling operations commenced today on the next phase of appraisal drilling at Huntington, a single appraisal wellbore targeting the oil/water contact in the Jurassic Fulmar sands on the flank of the structure some 250-350 feet below the elevation tested by the discovery well, which did not observe an oil/water contact. This well, also being drilled with the Transocean Sedco 712, under long-term contract to Oilexco, is expected to be completed in the first quarter of 2008. Carrizo holds a 15% cost-bearing share and 17% beneficial interest in all depths at Huntington.