Carrizo Oil & Gas, Inc.
CRZO announced today that it has entered into a joint
venture agreement with subsidiaries of OIL India Ltd. and Indian Oil
Corporation Ltd., both international energy companies based in Delhi,
India. Pursuant to the agreement, OIL and Indian Oil Corp. have
together acquired an undivided 30% non-operated interest in
substantially all of Carrizo's assets and operations prospective for
Niobrara Formation oil development located primarily in Weld and
Adams Counties, Colorado for approximately $82.5 million. Included in
the transaction is the sale of approximately 18,100 net mineral acres
and approximately 555 Boe/day (75% oil) of production from 24 gross
currently producing Carrizo operated wells.
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