Shale Acreage Can Be Misleading

Exploration and production companies love to tout the number of acres under net lease in the various shale plays in North America. This statistic, however, can be misleading, as it says nothing about the location and the quality of the acreage or how productive these assets are. IN PICTURES: How To Make Your First $1 MillionOne method of examining the vast differences between acreage in the same shale play is by looking at the most developed shale play in the United States, the Barnett Shale. Located in the Fort Worth Basin in Texas, the Barnett Shale has evolved over time into a core area and Tier One and Tier Two areas. The shale encompasses a 14 county area in Texas. Location, LocationOne company that has acreage there is Carrizzo Oil and Gas (Nasdaq:CRZO), which has 60,000 acres under net lease. The company is using an average estimated ultimate recovery (EUR) per well of 3.8 Bcfe in the core area, where it has 21,000 of its acres. The Tier One area has an EUR per well of only 1.6 Bcfe and the Tier 2 area an EUR of 800 million cfe. Devon Energy (NYSE:DVN) has the majority of its Barnett Shale assets in the core area. The company has 73% of its 696,000 acres in what it calls the primary area.The ...
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Carrizo Oil & Gas Provides Operations Update and Announces Earnings Release Date

HOUSTON, Oct. 22 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas, Inc. (Nasdaq: CRZO - News) Carrizo Oil & Gas today released an update to its exploration, development and production activities. The Company's average production rate for the third quarter of 2009 is estimated to have been 89.2 MMcfe/day, an increase of over 35% from the same quarter last year. (Logo: http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO)In the Barnett Shale, Carrizo drilled 8 wells, frac'ed and completed 12 wells, and brought 15 wells on production since the end of the second quarter of 2009. A backlog of 33 wells are waiting on completion with an additional 6 wells waiting on connection to sales pipelines.The Carrizo/Avista JV continues to ramp its drilling activity in the Marcellus Shale. Since the end of the second quarter of 2009, the JV participated with Stone Energy to drill and case the Stang #1 (12% CRZO WI) and initiated drilling the Loomis #1 (12% CRZO WI), both in Susquehanna County, Pennsylvania. After the interpretation of newly acquired seismic data, the JV anticipates participating in its first horizontal Marcellus well when Stone spuds the Loomis #4H (12% CRZO WI). On the JV's northern West Virginia leasehold, Carrizo is in the process of drilling the Geary #1 and has a second rig ...
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Carrizo Oil & Gas, Inc. Announces Conference Call for the Third Quarter of 2009 Financial Results

HOUSTON, Nov. 3 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas, Inc. (Nasdaq: CRZO - News) will hold a conference call to discuss 2009 third quarter financial results on Monday, November 9, 2009 at 1:00 PM Central Standard Time. Carrizo plans to issue an earnings press release at approximately 10:00 AM CST on Monday, November 9, 2009. (Logo: http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO) Date & Time: Monday, November 9 at 1:00 PM Central Standard Time Dial-In Number: (800) 925-3017 (U.S. & Canada) (212) 231-2903 (Intl./Local) Telephone Replay Number: (800) 633-8284 (U.S. & Canada) (402) 977-9140 (Intl./Local) Enter Replay Reservation #: 21441265 for U.S., Canadian and International callers. Replay available through Monday, November 16, 2009 at 11:59 AM Central Standard Time. A simultaneous webcast of the call may be accessed over the internet at: ...
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Carrizo Oil & Gas, Inc. Announces Third Quarter Financial Results

HOUSTON, Nov. 9 /PRNewswire-FirstCall/ -- Carrizo Oil & Gas, Inc. (Nasdaq: CRZO - News) today reported the Company's financial results for the third quarter and nine months ended September 30, 2009 which included the following highlights: (Logo: http://www.newscom.com/cgi-bin/prnh/20030523/CRZOLOGO )Results for the Third Quarter 2009 --Production volumes during the third quarter of 2009 were 8.21 Bcfe, 37 percent higher compared to 5.98 Bcfe during the third quarter of 2008. The increase was largely due to new production contributions from Barnett Shale development. Adjusted revenues from the sale of oil and natural gas production, which includes oil and gas revenues of $27.3 million and realized hedge settlements of $18.7 million, for the third quarter of 2009 were $46.0 million, as compared to $56.9 million during the third quarter of 2008. The decrease in adjusted revenues was primarily driven by significantly lower realized oil and natural gas prices, partially offset by increased production. Carrizo's average oil sales price decreased 42 percent to $66.25 per barrel compared to $114.16 per barrel for the third quarter of 2008 and the average natural gas sales price decreased 40 percent to $5.43 per Mcf compared to $9.05 per Mcf...
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Q3 2009 Carrizo Oil & Gas, Inc. Earnings Release - 11:00 am ET

Earnings Announcements for Monday, November 9CompanySymbolTimeConferenceCall4Kids EntertainmentKDEBefore Market OpenAbatixABIX.PKAfter Market CloseAbraxas PetroleumAXASAfter Market CloseListenACADIA PHARMACEUTICALS INCACADAfter Market CloseADVANCED BATTERY TECHNOLOG INCABATAfter Market CloseAdvanced PhotonixAPIAfter Market CloseListenAdvanta CorporationADVNATime Not SuppliedAdvocatAVCAAfter Market CloseListenAlbany Molecular ResearchAMRIBefore Market OpenAlesco Financial Inc.AFNAfter Market CloseAlexza Pharmaceuticals Inc.ALXAAfter Market CloseListenAlliance One International, Inc.AOIAfter Market CloseAllianz SEAZSEY.PK01:30 am ETListenALLION HEALTHCARE INCALLITime Not SuppliedALPHATEC HOLDINGS INCATECTime Not SuppliedAmerican CareSource Holdings, Inc.ANCIAfter Market CloseA...
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CARRIZO OIL & GAS INC Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exh

Item 2.02. Results of Operations and Financial Condition. The press release dated November 9, 2009 concerning financial results of Carrizo Oil & Gas, Inc. (the "Company") for the quarter and nine months ended September 30, 2009, furnished as Exhibit 99.1 to this report, is incorporated by reference herein. The press release contains measures which may be deemed "non-GAAP financial measures" as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended. We discuss EBITDA, as defined in the press release, on a total and a per share basis for the quarters ended September 30, 2008 and 2009 and for the nine months ended September 30, 2008 and 2009. We believe that EBITDA, as defined, may provide additional information about our ability to meet our future requirements for debt service, capital expenditures and working capital. EBITDA, as defined, is a financial measure commonly used in the oil and natural gas industry and should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance presented in accordance with generally accepted accounting principles or as a measure of a company's profitability or liquidity. Because EBITDA, as defined, excludes some, but not all, items that affect net income, the EBITDA presented in the press release may not be comparable to similarly titled measures of other companies. We discuss adjusted net income excluding the non-cash after-tax items comprised of marked-to-market unrealized loss on derivatives, stock compensation expense, non-cash interest expense and non-cash contribution expense on a total and a per share basis for the quarters ended September 30, 2008 and 2009. We also discuss adjusted net income excluding the non-cash after-tax items comprised of non-cash impairment of oil and natural gas properties, marked-to-market unrealized loss on derivatives, stock compensation expense, non-cash inte...
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Carrizo Oil & Gas upgraded by Sun Trust Rbsn Humphrey

DateResearch FirmActionFromTo16-Nov-09Sun Trust Rbsn HumphreyUpgradeNeutralBuy13-Oct-09Sun Trust Rbsn HumphreyDowngradeBuyNeutral6-Jul-09BMO Capital MarketsUpgradeMarket PerformOutperform12-Mar-09Jefferies & CoDowngradeBuyHold17-Nov-08SMH CapitalInitiatedBuy16-Oct-08Jefferies & CoUpgradeHoldBuy11-Jul-08WachoviaUpgradeMkt PerformOutperform9-May-08CapitalOne southcoastUpgradeNeutralAdd29-Feb-08CapitalOne southcoastDowngradeAddNeutral25-Feb-08JP MorganInitiatedNeutral21-Feb-08KeyBanc Capital MktsUpgradeHoldBuy19-Feb-08Dahlman RoseDowngradeBuyHold12-Feb-08Sun Trust Rbsn HumphreyUpgradeNeutralBuy4-Jan-08Johnson RiceDowngradeOverweightEqual Weight18-Oct-07Sun Trust Rbsn HumphreyDowngradeBuyNeutral10-Oct-07KeyBanc Capital MktsDowngradeBuyHold17-Jul-07Jefferies & CoDowngradeBuyHold29-Jun-07BMO Capital MarketsDowngradeOutperformMarket Perform5-Jun-07Sun Trust Rbsn HumphreyInitiatedBuy19-Apr-07WachoviaDowngradeOutperformMkt Perform27-Mar-07KeyBanc Capital Mkts / McDonaldUpgradeHoldBuy2-Mar-07Jefferies & CoInitiatedBuy3-Jan-07KeyBanc Capital Mkts / McDonaldDowngradeBuyHold14-Dec-06RBC Capital MktsInitiatedOutperform14-Nov-06CapitalOne southcoastInitiatedBuy20-Sep-06WachoviaInitiatedOutperform31-Aug-05First AlbanyInitiatedStrong Buy8-Jul-05Jefferies & CoInitiatedBuy7-Feb-05Harris NesbittUpgradeNeutralO...
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CARRIZO OIL & GAS INC Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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Carrizo Oil & Gas Third Quarter 2009 Financial Results Call scheduled for 2:00 pm ET today

Call DetailsCarrizo Oil & Gas Third Quarter 2009 Financial ResultsMon, Nov 9, 2009, 2:00 pm EasternAbout Carrizo Oil & Gas, Inc. (NasdaqGS:CRZO)Carrizo Oil & Gas, Inc., together with its subsidiaries, engages in the exploration, development, and production of natural gas and oil, primarily in the United States. The company focuses on proven and producing natural gas and oil geologic trends in the Barnett Shale area in North Texas with a focus on Southeast Tarrant County, Texas; the Marcellus Shale play in Pennsylvania, New York, West Virginia, and Virginia; and Fayetteville in Arkansas, Barnett/Woodford in West Texas/New Mexico, Floyd/Neal in Mississippi, and the New Albany in Kentucky/Illinois, as well as other properties in the U.K. North Sea. It also explores for, develops, and produces natural gas and oil from traditional geologic trends along the onshore Gulf Coast area in Texas, Louisiana, and Alabama, primarily in the Miocene, Wilcox, Frio, and Vicksburg trends. As of December 31, 2008, the company had approximately 82,331 gross mineral acres under lease and 864 gross and net mineral acres subject to lease options in the Barnett Shale; 230,148 gross acres in the Marcellus shale trend; and data licenses for approximately 8,527 square miles of 3-D seismic data and controlled 40,009 net acres of leasehold in the Gulf Coast area. It had total proved reserves of 502,584 million cubic feet equivalent of oil and natural gas. Carrizo Oil & Gas, Inc. was founded in 1993 and is based in Houston, Texas.More Info:Quote |Chart |News |Profile |...
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