HispanicBusiness

(Financial Highlights to Follow)

                          CARRIZO OIL & GAS, INC.                     CONSOLIDATED STATEMENTS OF INCOME                  (In thousands, except per share amounts)                                (unaudited)                                                    Three Months Ended                                                         March 31,                                               ----------------------------                                                    2013           2012                                               -------------  -------------Revenues:  Crude oil                                    $      87,482  $      59,369  Natural gas                                         21,678         19,187  NGLs                                                 2,741          2,159                                               -------------  -------------Total oil and gas revenues                           111,901         80,715Realized gain on derivatives, net (1)                  6,324         10,952                                               -------------  -------------Adjusted revenues                                    118,225         91,667                                               -------------  -------------Costs and expenses:  Lease operating                                     10,195          8,423  Production taxes                                     4,513          3,099  Ad valorem taxes                                     1,860          3,615  General and administrative                           8,328          6,501                                               -------------  -------------Total costs and expenses                              24,896         21,638                                               -------------  -------------  Other income, net                                       --            199                                               -------------  -------------EBITDA, as defined                             $      93,329  $      70,228                                               =============  =============EBITDA per common share-Basic                  $        2.35  $        1.78                                               =============  =============EBITDA per common share-Diluted                $        2.31  $        1.76                                               =============  =============Other items of income (expense) included in adjusted net income, as defined:  Depreciation, depletion and amortization   expense                                     $     (45,590) $     (31,561)  Cash interest expense                              (19,850)       (14,828)  Cash interest capitalized                            6,183          5,427  Accretion expense related to asset   retirement obligations                               (107)          (102)  Interest income                                         40             13                                               -------------  -------------Adjusted income before income taxes                   34,005         29,177Adjusted income tax expense                          (12,395)       (10,708)                                               -------------  -------------ADJUSTED net income, as defined                $      21,610  $      18,469                                               =============  =============ADJUSTED net income per common share-Basic     $        0.54  $        0.47                                               =============  =============ADJUSTED net income per common share-Diluted   $        0.54  $        0.46                                               =============  =============Other non-cash items of income (expense) included in net income from continuing operations:  Unrealized loss on derivatives, net (1)      $     (21,217) $      (7,385)  Stock-based compensation expense                    (6,483)        (4,016)  Non-cash general and administrative expense   (2)                                                (1,023)          (782)  Non-cash interest expense                           (1,902)        (1,629)  Non-cash interest capitalized                          593            596                                               -------------  -------------Income from continuing operations before income taxes                                          3,973         15,961Income tax expense                                    (1,449)        (5,285)                                               -------------  -------------Net income from continuing operations          $       2,524  $      10,676Net income (loss) from discontinued operations, net of income taxes                      23,658         (1,253)                                               -------------  -------------Net income                                     $      26,182  $       9,423                                               =============  =============Net income per common share-Basic  Net income from continuing operations        $        0.06  $        0.27  Net income (loss) from discontinued   operations                                           0.60          (0.03)                                               -------------  -------------  Net income                                   $        0.66  $        0.24                                               =============  =============Net income per common share-Diluted  Net income from continuing operations        $        0.06  $        0.27  Net income (loss) from discontinued   operations                                           0.59          (0.03)                                               -------------  -------------  Net income                                   $        0.65  $        0.24                                               =============  =============Weighted average common shares outstanding- Basic                                                39,778         39,445                                               -------------  -------------Weighted average common shares outstanding- Diluted                                              40,333         39,917                                               -------------  -------------NOTES:----------------------------------------------------------------------------(1) Includes reclassifications of approximately $0.8 million and $0.1 million for the three months ended March 31, 2013 and 2012, respectively, from unrealized loss on derivatives, net, to realized gain on derivatives, net, for cash received from the optimization of certain hedge positions that settle in future periods. Amounts for cash received are offset by the related non-cash amortization during the period in which such hedge positions settle.(2) Non-cash general and administrative expenses include non-cash contribution expense, rent expense, and allowance for doubtful accounts.                           CARRIZO OIL & GAS, INC.                    CONDENSED CONSOLIDATED BALANCE SHEETS                               (In thousands)                                 (unaudited)                                                   March 31,    December 31,                                                      2013          2012                                                 ------------- -------------ASSETS  Cash and cash equivalents                      $      71,646 $      52,095  Current assets held for sale                              --         1,882  Assets of discontinued operations                     18,500            --  Fair value of derivative instruments                   6,493        23,981  Deferred income taxes                                  2,061            --  Other current assets                                 132,436       130,747                                                 ------------- -------------    Total current assets                               231,136       208,705  Property and equipment, net                        1,671,725     1,487,674  Long-term assets held for sale                            --       132,626  Fair value of derivative instruments                   6,283         5,180  Other assets                                          28,028        49,811                                                 ------------- -------------TOTAL ASSETS                                     $   1,937,172 $   1,883,996                                                 ============= =============LIABILITIES AND SHAREHOLDERS' EQUITY  Accounts payable and accrued liabilities       $     306,620 $     250,255  Current liabilities associated with assets   held for sale                                            --        48,663  Liabilities of discontinued operations                14,928            --                                                 ------------- -------------    Total current liabilities                          321,548       298,918  Long-term debt, net of debt discount                 968,663       967,808  Long-term liabilities associated with assets   held for sale                                            --        23,547  Liabilities of discontinued operations                15,600            --  Deferred income taxes                                  3,563            --  Other liabilities                                     10,999         8,707  Shareholders' equity                                 616,799       585,016                                                 ------------- -------------TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       $   1,937,172 $   1,883,996                                                 ============= =============                           CARRIZO OIL & GAS, INC.                        PRODUCTION VOLUMES AND PRICES                                 (unaudited)                                                      Three Months Ended                                                          March 31,                                                 ---------------------------                                                      2013          2012                                                 ------------- -------------Production volumes -  Crude oil (MBbls)                                        838           541  NGLs (MBoe)                                              101            49  Natural gas (MMcf)                                     8,729        10,327                                                 ------------- -------------    Total Natural gas and NGLs (MMcfe)                   9,335        10,621                                                 ------------- -------------  Total barrels of oil equivalent (MBoe)                 2,394         2,311                                                 ============= =============Production volumes per day -  Crude oil per day (Bbls/d)                             9,311         5,945  NGLs per day (Boe/d)                                   1,122           538  Natural gas per day (Mcf/d)                           96,989       113,484                                                 ------------- -------------    Total Natural gas and NGLs per day (Mcfe/d)        103,722       116,714                                                 ------------- -------------  Total barrels of oil equivalent per day   (Boe/d)                                              26,600        25,396                                                 ============= =============Average realized prices -  Crude oil ($ per Bbl)                          $      104.39 $      109.74  Crude oil ($ per Bbl) - with realized hedges   $      105.12 $      109.65  NGLs ($ per Boe)                               $       27.14 $       44.06  Natural gas ($ per Mcf)                        $        2.48 $        1.86  Natural gas ($ per Mcf) - with realized hedges $        3.14 $        2.92