Record Revenue and Oil Production for Carrizo Oil & Gas in Third Quarter Financial Results

Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) announced the Company’s third quarter financial results which yielded record highs in oil production, revenue and EBITDA.

Some highlights from the press release:

– Record Oil Production of 8,652 Bbls/d, a 14% sequential increase over the second quarter of 2012 and a 257% increase over the third quarter of 2011

– Record Oil Revenue of $76.9 million, amounting to 80% of total revenue, a 12% sequential increase over the second quarter of 2012 and a 286% increase over the third quarter of 2011

– Record Revenue of $96.2 million, or adjusted revenue of $105.9 million, including the impact of realized hedges, a 15% sequential increase over the second quarter of 2012

Quoted in press release: S.P “Chip” Johnson: IV, President and CEO of Carrizo:

We continue to make significant progress in shifting our production mix towards oil and in strengthening our balance sheet. We are very pleased to have exceeded our internal targets and guidance for both production and costs while reducing our capital expenditures incurred in the quarter. Not only did our oil production set another record, averaging over 8,600 barrels per day, our total revenue grew over 80% from the same quarter last year.

Click here to read full Market wire press release.