Carrizo Oil & Gas, Inc. Announces Record Production and Revenue in Second Quarter 2012 Financial Results

Production volumes during the three months ended June 30, 2012 were 2,393 Mboe, an increase of 82 Mboe, or 4%, from first quarter 2012 production of 2,311 Mboe. The 4% sequential increase in production from the first quarter of 2012 to the second quarter of 2012 was due to the contribution of new wells brought on during the quarter. Second quarter production growth would have been substantially higher had it not been impacted by the sale of Barnett Shale production to Atlas Resource Partners, L.P. ("Atlas") on May 1, 2012. Adjusted revenues were $92.0 million for the second quarter of 2012, which includes oil and gas revenues of $83.8 million and realized hedge gains of $8.2 million, compared to $54.1 million for the second quarter of 2011, which includes oil and gas revenues of $50.7 million and realized hedge gains of $3.4 million. The increase in adjusted revenues was primarily driven by increased oil production, and higher realized hedge gains partially offset by lower gas prices. Including the impact of realized hedges, the Company's average realized oil price increased 4% to $97.97 per barrel for the second quarter of 2012 compared to $93.90 per barrel for the second quarter of 2011 and the average realized gas price decreased 39% to $2.22 per Mcfe for the second quarter of 2012 compared to $3.66 per Mcfe for the second quarter of 2011. Revenues excluding the impact of realized hedges are presented in the table below.