Nasdaq: CRZO Rodman & Renshaw Annual Global Investment Conference Carrizo Oil & Gas, Inc. September 13, 2011
Operating Profile Net Shale Acreage Summary Eagle Ford Shale 33,000 Niobrara Shale 62,000 Niobrara Fort Worth Barnett 32,000 Shale Marcellus Marcellus Shale 118,000 Shale Fayetteville Shale 20,000 Fayetteville Shale…
Reserves and Production Growth 12/31 Proved Reserves (Bcfe) Average Daily Production (Mmcfe/d) 900 120 841.6 800 100.8 100 700 90.5 601.9 600 80 502.6 70.2 500 60 400 346.7 47.9 300 40 32.1 210.0 200 26.3…
Reserve Replacement Since 2003, Carrizo has successfully maintained a triple digit reserve replacement ratio 1000% 887% 800% 752% 705% 607% 569% 600% 529% 400% 400% 196% 200% 0% 2003 2004 2005 2006 2007 2008 2009…
Reserves by Region Total 1P 841 BCFE Total 3P 5,286 BCFE(2) 12/31/10(1) 1P 2P/3P 1P 3P 2P/3P Eagle Ford/ Barnett Shale Niobrara Marcellus All Other 1P Net Shale Acreage Summary 2P Eagle Ford Shale 33,000 2P Niobrara…
Capital Program Eagle Ford and Niobrara will account for increase in spending Y/Y US Millions Category 2010 2011 Est. Drilling Barnett Shale 129 66 Marcellus Shale 8 41 Eagle Ford Shale 30 160 Niobrara Shale 12 35 Other areas 15…
Current Financial Position Revolving Credit Facility (due 2016) New facility effective January 2011 340 MM initial borrowing base with interest rate of LIBOR + 2.75% Consortium of 9 banks led by BNP/Paribas Restrictive covenant:…
Hedge Position Type of Volume Daily Volume Avg. Floor Avg. Ceiling Avg. Short Put Basis % of Q2 Gas Period Contract (MMBtu) (MMBtu/d) Price Price Put Price Spread Differential Production Q3 2011 Total Volume 7,636,000 85,000 67.60%…
Eagle Ford Shale Overview 33,000 net acres in condensate window above 10,000 primarily located in LaSalle County Current acreage could provide 230 well locations Evaluating and acquiring additional acreage Drilled 16 and…
Eagle Ford Shale Gas Condensate Window Economics Type Curve Well Only 1,200 Total well cost 7.5 MM 1,000 Reserves Gross 400 MBOE (GOR=2,200) Net 300 MBOE 800 BPD, MCFD F&D Cost 25 / BOE 600 IRR 100 NYMEX Oil 67%…
Eagle Ford Shale Value Components 1.33 BOE 1.6 Mcf dry Gas 4/mmbtu 2 Mcf Assoc Gas Well Analysis Recovered Recovered Plant Component Gal Per MCF Liquids Liquids 1 Bbl Recovery (GPM) (Gal) (Bbl) Wellhead Oil Ethane 3.84 64.5%…
Niobrara Activity Map 61,658 net acres in Weld County, CO No Federal leases; easy oil market access Acreage high-graded with well control from deeper wells Analogs: Noble estimate of 310 Mboe / horizontal in Wattenberg field EOG…
Niobrara Economics Well Only Type Curve 800 90 Total well cost 3.6 MM 700 80 Reserves Gross 300 MBOE 70 600 (GOR=1,000) Net 240 MBOE 60 Oil Rate (BOPD) Cum Oil (MBO) 500 50 F&D Cost 15 / BOE 400 40 IRR (1) 100…
Barnett Shale Overview of Carrizos Position Completed sale of Tier 1 assets for 104 MM Jack Wise Denton 32,000 net acres remaining with YE 2010 total proved reserves of 549 Bcfe Tarrant Parker Additional low-risk probable…
Barnett Shale SE Tarrant County Growth Drivers Current core of Carrizo activity Well productivity continues to improve: Thornton: 8 wells, 39 MMcfd (restricted rates) 3rd party engineer proved EURs: SE Tarrant: 4.4 Bcfe Arlington…
Barnett Shale SE Tarrant Economics 4.4 BCF Well 5.5 BCF Well SE Tarrant Well Performance 5000 125 Total well cost 3.0 MM 3.0 MM 4000 100 Net Reserves (75% NRI) 3.3 Bcf 4.1 Bcf 3000 75 Well Count F&D Cost 0.91 / Mcf 0.73 /…
Marcellus Shale JV Operating Areas New York TLM: 11 rigs 16K Acres (w/Avista) Avg. IP 5 MMcf/d UPL: 75 Hz wells Avg. IP 6.4 Mmcf/d COG: 7 rigs 76 producing wells, 30 WOC Northeast Pa. Recent IP 29 MMcf/d 26K Acres (w/RIL)…
Marcellus Shale Joint Ventures Joint venture with Avista Capital Partners Carrizo initial contribution of existing leasehold; Avista contributed cash Both parties are now 50/50 going forward Carrizo operates allows leveraging of…
Marcellus Shale Project NE Pennsylvania / Southern New York Acreage Transco Current Carrizo horizontal development drilling 22
Marcellus Shale NE PA Economics NE PA Marcellus NE PA Type Curve 10000 Total well cost 6.5 MM 9000 8000 Net Reserves 7.5 Bcf Avg. Daily Prod. Rate, MCFD 7000 6000 F&D Cost 0.87 / Mcf 5000 4000 IRR 6.00 NYMEX 88%…
UK North Sea Huntington Development Project Forties reservoir tested 7,940 Boe/d Appraised with 9 penetrations Development drilling underway 3rd Party gross reserve estimate mid-point of 42 MMBOE, 15% CRZO First production in…
Carrizo Oil & Gas Value Proposition(1) Marcellus Barnett (excl. W Va) Eagle Ford Niobrara N Sea Total Total 3P Reserve Potential, Bcfe 1,114 1,819 552 175 82 3,591 Cumulative Production, Bcfe 76 0 1 0 0 77 Proved Reserves,…
Summary Successfully executing strategy: Outstanding organic growth in reserves and production Leveraging Barnett Shale expertise into other shales Maintaining financial liquidity with JVs and asset sales Reallocating capital from…
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