Carrizo Oil & Gas Fourth Quarter Oil and Gas Production Beats Guidance

Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced 2012 reserves as well as fourth quarter oil and gas production that beat guidance.

As quoted in the press release:

2012 proved reserves in the U.S., as determined by the Company’s third-party reserve engineers, were 115.1 MMboe, an increase of 20% from year-end 2011, and are comprised of 39.1 MMbbls of oil, a 58% increase over 2011, 5.4 MMboe of NGLs, a 71% increase over 2011, and 423.7 Bcf of natural gas, a 4% increase over 2011.

Carrizo President and CE,  S.P. “Chip” Johnson, IV , said:

By selling lower return natural gas reserves and reinvesting the proceeds in drilling higher return, high value oil properties, we increased the present value of our 2012 U.S. reserve base by over 64%, largely due to the 58% increase in our proved oil reserves, all through the drill bit and performance driven revisions.

To view the whole press release, click here.