HispanicBusiness

HOUSTON, TX -- (Marketwired) -- 05/07/13 -- Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced the Company's record financial results for the first quarter of 2013, which included the following highlights:

Results for the first quarter of 2013-

•Record Oil Production of 9,311 Bbls/d, a 57% increase over the first quarter of 2012

•Natural Gas and NGL Production of 103,722 Mcfe/d

•Record Total Production of 2,394 MBoe, or 26,600 Boe/d

•Record Oil Revenue of $87.5 million, amounting to 78% of total revenue, an 8% sequential increase over the fourth quarter of 2012 and a 47% increase over the first quarter of 2012

•Record Revenue of $111.9 million, or adjusted revenue of $118.2 million, including the impact of realized hedges, a 4% sequential increase over the fourth quarter of 2012 and a 39% increase over the first quarter of 2012

•Net Income from continuing operations of $2.5 million, $0.06 per diluted share, or Adjusted Net Income (as defined below) of $21.6 million, $0.54 per diluted share

•Record EBITDA (as defined below) of $93.3 million, a 33% increase over the first quarter of 2012



Production volumes during the first quarter of 2013 were 2,394 MBoe, an increase of 15 MBoe, from fourth quarter of 2012 production of 2,379 MBoe. The increase in production from the fourth quarter of 2012 to the first quarter of 2013 was primarily due to new wells brought on during the quarter primarily in the Eagle Ford and Marcellus, partially offset by normal production decline and our Niobrara joint venture transactions in the fourth quarter of 2012.

Adjusted revenues were $118.2 million for the first quarter of 2013, which includes oil and gas revenues of $111.9 million and the impact of realized hedges of $6.3 million, compared to adjusted revenues of $91.7 million for the first quarter of 2012, which includes oil and gas revenues of $80.7 million and the impact of realized hedges of $11.0 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 4% to $105.12 per barrel for the first quarter of 2013 compared to $109.65 per barrel for the first quarter of 2012 and the average realized gas price increased 8% to $3.14 per Mcf for the first quarter of 2013 compared to $2.92 per Mcf for the first quarter of 2012. 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 included in net income from continuing operations described in the consolidated statements of income included below ("Adjusted Net Income"), was $21.6 million, or $0.54 per basic and diluted share during the first quarter of 2013, as compared to $18.5 million, or $0.47 and $0.46 per basic and diluted share, respectively, during the first quarter of 2012.