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From Earlier: Carrizo Oil & Gas Announces Entry Into $82.5 Million Niobrara Joint Venture and Completion of Gulf Coast Sale

Carrizo Oil & Gas, Inc. (NASDAQ: 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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