HispanicBusiness

HOUSTON, TX -- (Marketwire) -- 02/26/13 -- Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced the Company's record financial results for the fourth quarter of 2012, which included the following highlights:

Results for the fourth quarter of 2012-

•Record Oil Production of 9,033 Bbls/d, a 4% sequential increase over the third quarter of 2012 and a 190% increase over the fourth quarter of 2011

•Natural Gas and NGL Production of 100,924 Mcfe/d

•Total Production of 2,379 MBoe, or 25,859 Boe/d

•Record Oil Revenue of $81.2 million, amounting to 76% of total revenue, a 6% sequential increase over the third quarter of 2012 and a 188% increase over the fourth quarter of 2011

•Record Revenue of $107.5 million, or adjusted revenue of $116.7 million, including the impact of realized hedges, a 12% sequential increase over the third quarter of 2012 and a 93% increase over the fourth quarter of 2011

•Net Income of $18.5 million, $0.46 per diluted share, or Adjusted Net Income (as defined below) of $21.7 million, $0.54 per diluted share

•Record EBITDA (as defined below) of $93.0 million, an 8% sequential increase over the third quarter of 2012 and a 90% increase over the fourth quarter of 2011



Production volumes during the fourth quarter of 2012 were 2,379 MBoe, an increase of 25 MBoe, or 1%, from third quarter of 2012 production of 2,354 MBoe. The 1% sequential increase in production from the third quarter of 2012 to the fourth quarter of 2012 was primarily due to new wells brought on during the quarter primarily in the Eagle Ford and Niobrara partially offset by decreases in the Niobrara due to the sales to affiliates of OIL India Ltd. and Indian Oil Corporation Ltd. in connection with the joint ventures, which closed during the fourth quarter of 2012.

Adjusted revenues were $116.7 million for the fourth quarter of 2012, which includes oil and gas revenues of $107.5 million and realized hedge gains of $9.2 million, compared to adjusted revenues of $66.3 million for the fourth quarter of 2011, which includes oil and gas revenues of $55.8 million and realized hedge gains of $10.5 million. The increase in adjusted revenues was primarily driven by the significant increase in oil production partially offset by lower gas production. Including the impact of realized hedges, the Company's average realized oil price decreased 1% to $99.57 per barrel for the fourth quarter of 2012 compared to $100.26 per barrel for the fourth quarter of 2011 and the average realized gas price decreased 2% to $3.48 per Mcf for the fourth quarter of 2012 compared to $3.55 per Mcf for the fourth quarter of 2011. Oil and gas revenues and average realized prices excluding the impact of realized hedges are presented in the table below.

Adjusted net income, which excludes certain non-cash items described in the statements of income included below ("Adjusted Net Income"), was $21.7 million, or $0.55 and $0.54 per basic and diluted share, respectively, during the fourth quarter of 2012, as compared to $9.1 million, or $0.23 per basic and diluted share during the fourth quarter of 2011. The Company reported net income of $18.5 million, or $0.47 and $0.46 per basic and diluted share, respectively, for the three months ended December 31, 2012, as compared to net income of $6.5 million, or $0.17 and $0.16 per basic and diluted share, respectively, for the fourth quarter of 2011.