Transaction Details: 

Carrizo Oil & Gas, Inc. has agreed to acquire Eagle Ford Shale properties from an affiliate of Sanchez Energy Corporation for $181 million in cash.

Acquisition Highlights:

• Approximately 15,000 net bolt-on acres located primarily in the core volatile oil window of the Eagle Ford Shale in LaSalle, Frio, and McMullen counties, TX
• Estimated net production during September of 3,100 Boe/d (61% oil) from 112 gross (93 net) wells
• Net proved reserves, based on the Company's internal estimates, of 14.5 MMBoe (71% oil, 56% developed)
• Approximately 80 net de-risked drilling locations based on a single layer development in the Lower Eagle Ford Shale, with additional upside potential from stagger-stack development, infill drilling, and additional zones
• Acreage is 100% operated with no additional drilling requirements

Following the closing of the transaction, Carrizo will hold over 100,000 net acres in the Eagle Ford Shale, concentrated in LaSalle, McMullen, and Atascosa counties. Based on the Company's current development spacing assumptions, which include only a single layer within the Lower Eagle Ford Shale, the acquisition increases Carrizo's drilling inventory in the play to approximately 1,100 net locations.

The transaction has an effective date of June 1, 2016, and is currently expected to close by mid-December, 2016. Carrizo plans to fund the acquisition with the proceeds from a separately-announced equity financing.

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