Carrizo Announces 3.75M Share Public Offering of Common Stock
Carrizo Oil & Gas (NASDAQ: CRZO) announced today the commencement of an underwritten public offering of 3,750,000 shares of its common stock. Carrizo expects to grant the underwriters an option to purchase up to an additional 562,500 shares. Carrizo intends to use the net proceeds from the offering to fund in part its increased capital expenditure plan that takes into account its recently completed Utica Shale acreage acquisition, the second half of the 2013 development of its expanded position in the Utica Shale and the accelerated fracking of a portion of its existing inventory of Eagle Ford wells and for other general corporate purposes.
In connection with the offering, RBC Capital Markets, LLC, Wells Fargo Securities, LLC and Global Hunter Securities, LLC are serving as joint book-running managers and Johnson Rice & Company L.L.C. and Stephens Inc. are acting as senior co-managers. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on April 29, 2011. Copies of the preliminary prospectus for the offering may be obtained from the offices of: RBC Capital Markets, Attn: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, (877) 822-4089; Wells Fargo Securities, 375 Park Avenue, New York, NY 10152, Attn: Equity Syndicate Dept., e-mail: firstname.lastname@example.org, phone: 1-800-326-5897; or Global Hunter Securities, 777 Third Avenue, New York, NY 10017, 646-264-5600.
This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state.
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation, and production of oil and gas primarily from resource plays located in the United States. Carrizo's current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas, the Niobrara Formation in Colorado, the Marcellus Shale in Pennsylvania, and the Utica Shale in Ohio.
Statements in this news release, including but not limited to those relating to use of proceeds and other matters relating to the public offering and other statements that are not historical facts are forward-looking statements that are based on current expectations. Although Carrizo believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward-looking statements include results of operations, market conditions, capital needs and uses and other risks and uncertainties that are beyond Carrizo's control, including those described in the preliminary prospectus, Carrizo's Form 10-K for the year ended December 31, 2012 and its other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made and Carrizo undertakes no obligation to correct or update forward-looking information.
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