Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) announced their plans for the 2013 drilling and completion program , totalling $500 million.
As quoted in the press release:
2013 drilling and completion program of $500 million to be allocated as follows:
- Eagle Ford Shale $385 million
- Marcellus Shale $70 million
- Niobrara Formation $35 million
- Other drilling activities $10 million
Carrizo’s President and CEO, S. P. “Chip” Johnson IV, said:
This 2013 plan allows us to maintain our current level of drilling activity plus the addition of a new rig working in the Niobrara Formation for the entirety of 2013. Our rig count will remain at three rigs running in the Eagle Ford Shale, one rig drilling in the Marcellus Shale and now two rigs running in the Niobrara Formation.
Get Our Expert Guide to Oil Investing FREE!Download this FREE Special Report, Oil Investing: Oil Price Forecast and Oil Deposits Around the World