Carrizo Oil & Gas Sees Increase in First Quarter Production

Carrizo Oil & Gas, Inc. says that in the Company's core areas in South Texas and Louisiana, the Company participated in the drilling of four gross exploratory wells, two of which were successful. Since March 31, 2003, four additional gross wells have reached total depth, all of which were successful, resulting in a 75 percent apparent success rate year-to-date. As of the end of the quarter, the two successful wells drilled in the first quarter and one additional well drilled in the fourth quarter 2002 were in process of being completed, or were awaiting pipeline hookup to commence production, and drilling operations were underway on three additional wells.

Production during the first quarter of 2003 was estimated at 1.94 Bcfe, 37 percent higher than first quarter 2002. Approximately 57 percent of production was natural gas.

"Although our 2003 drilling program got off to a somewhat slower pace than we would have liked, we were able to accelerate the pace later in the quarter with the simultaneous drilling of our two latest successful wells in Matagorda County," commented S.P. Johnson IV, Carrizo's President and Chief Executive Officer. "We expect to test both of these wells shortly and expect to be able to put both of these wells on production by early May. Based upon the well logs, we anticipate that the wells should exhibit flow rate characteristics similar to our other recent high rate wells in the area, thus significantly impacting anticipated second quarter 2003 production levels. Carrizo currently has two rigs drilling in Liberty and Matagorda Counties and we expect to spud two additional wells shortly, including a 13,500 foot Wilcox test well in Live Oak County, Texas."