HOUSTON, Oct. 24, 2016 (GLOBE NEWSWIRE) -- Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) announced today that it has
commenced an underwritten public offering of 5,000,000 shares of its common stock. Carrizo has also granted the underwriters an
option to purchase up to 750,000 additional shares. The underwriters may offer the shares of common stock from time to time for
sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated
transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at
negotiated prices. Carrizo intends to use a portion of the net proceeds from this offering, and any proceeds from the exercise of
the underwriters’ option to purchase additional shares, to fund the purchase price for the pending acquisition of approximately
15,000 net acres in the Eagle Ford Shale (the “Possible Acquisition”). Pending such use, Carrizo expects to use such proceeds
temporarily to reduce borrowings under its revolving credit facility. Carrizo intends to use net proceeds not used to pay the
purchase price for the Possible Acquisition, including in the event it does not consummate the Possible Acquisition, for general
corporate purposes, including future potential acquisitions or a portion of its 2016 and 2017 capital expenditure plans.
In connection with the offering, Citigroup and Wells Fargo Securities, LLC are serving as the joint book-running
managers. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange
Commission on August 28, 2014. Copies of the preliminary prospectus for the offering may be obtained from the office of Citigroup
Global Markets Inc., via telephone: (800) 831-9146; email: prospectus@citi.com; or standard mail c/o Broadridge Financial Services, 1155 Long Island
Avenue, Edgewood, New York 11717; Wells Fargo Securities, LLC, 375 Park Avenue, New York, NY 10152, Attn: Equity Syndicate Dept.,
e-mail: cmclientsupport@wellsfargo.com, phone: 1-800-326-5897.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities
nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, and
production of oil and gas 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 Delaware Basin in West Texas, the
Niobrara Formation in Colorado, the Utica Shale in Ohio, and the Marcellus Shale in Pennsylvania.
Statements in this news release that are not historical facts, including but not limited to those relating
to the proposed public offering, the use of proceeds from the proposed public offering and other matters relating to the public
offering, the consummation of the Possible Acquisition 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 satisfaction of closing conditions of the Possible
Acquisition, failure of the Possible Acquisition to close, integration and other acquisition risks, actions by the seller in the
Possible Acquisition, 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 prospectus, Carrizo's Form 10-K for the year ended December 31, 2015 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. We may not consummate
the Possible Acquisition and the closing of the offering is not conditioned upon the consummation of the Possible
Acquisition.
Source: Carrizo Oil & Gas, Inc
Contact: Jeffrey P. Hayden, CFA, VP - Investor Relations (713) 328-1044 Kim Pinyopusarerk, Manager - Investor Relations (713) 358-6430
