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Actionable news in CRZO: Carrizo Oil & Gas, Inc.,

Carrizo Oil & Gas, Inc PRESS RELEASE Contact:

The following excerpt is from the company's SEC filing.

Jeffrey P. Hayden, CFA, VP - Investor Relations

(713) 328-1044

David L. Pitts, Chief Financial Officer

(713) 328-1000

CARRIZO OIL & GAS ANNOUNCES ESTIMATED THIRD QUARTER PRODUCTION AND RAISES 2015 CRUDE OIL PRODUCTION GROWTH TARGET

HOUSTON

October 15, 2015 - Carrizo Oil & Gas, Inc. (Nasdaq: CRZO)

today provided an operational update, which included the following highlights:

Estimated third quarter crude oil production of 23,573 Bbls/d, 4% above the high-end of the guidance range

Raising 2015 crude oil production growth target to 21%

Added 8,0 00 Bbls/d of swaps for 2016 at a weighted average price of approximately $60/Bbl

Production volumes during the third quarter of 2015 are estimated to be 35,948 Boe/d. This represents an increase of 7% versus the third quarter of 2014 and exceeds the high-end of the Companys guidance range of 33,133-34,300 Boe/d. Oil production during the third quarter of 2015 is estimated to be 23,573 Bbls/d, an increase of 18% versus the third quarter of 2014; natural gas and NGL production are estimated at 51,710 Mcf/d and 3,757 Bbls/d, respectively, for the third quarter of 2015.

Given the continued strong performance from the Companys primary operating areas, Carrizo is increasing its 2015 oil production guidance to 22,750-22,850 Bbls/d from 22,350-22,500 Bbls/d. Using the midpoint of this range, the Companys 2015 oil production growth guidance increases to 21% from 19% previously. For natural gas and NGLs, the Company is increasing its 2015 guidance to 56-57 MMcf/d and 3,500-3,600 Bbls/d, respectively, from 54-56 MMcf/d and 3,250-3,350 Bbls/d.

Since June 30, 2015, the Company has added additional crude oil hedges covering calendar 2016 volumes. For 2016, Carrizo now has hedges covering approximately...


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