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Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Oct 4, 2011 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 1
    Nasdaq: CRZO Johnson Rice Energy Conference Carrizo Oil & Gas, Inc. October 4, 2011
  2. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 2
    Operating Profile Net Shale Acreage Summary Eagle Ford Shale 41,000 Niobrara Shale 62,000 Niobrara Fort Worth Barnett 32,000 Shale Marcellus Marcellus Shale 118,000 Shale Fayetteville Shale 20,000 Fayetteville Shale…
  3. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 3
    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…
  4. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 4
    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…
  5. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 5
    Reserves by Region Total 1P 841 BCFE Total 3P 5,482 BCFE(2) 12/31/10(1) 1P 2P/3P 3P 1P Eagle Ford/ 2P/3P Barnett Shale Niobrara Marcellus All Other 1P Net Shale Acreage Summary Eagle Ford Shale 41,000 2P 2P…
  6. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 6
    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…
  7. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 7
    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:…
  8. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 8
    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%…
  9. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 9
    Carrizo Joint Ventures Joint venture with Avista Capital Partners in the Utica Shale, September 2011 Early stage land acquisition program in Utica condensate zone Investment budget: 130 to 200 million, initially 90% Avista/10%…
  10. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 10
    Liquids Rich Resource Opportunities Reserve Expectations Eagle Ford Shale Acres % drillable Spacing Wells EUR/Well Target (Acres) (MBOE) Reserves (MMBOE) 41,000 90 115 321 400 128.4 Niobrara Shale Acres % drillable Spacing…
  11. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 11
    Eagle Ford Shale Overview Well design and expectations: 41,000 net acres in 70% liquids, 30% rich gas condensate window above 10,000 primarily located in Development well costs of LaSalle County 7.5 - 8.0 million 5,000 laterals,…
  12. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 12
    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=2,000) Net 300 MBOE 800 BPD, MCFD F&D Cost 25 / BOE 600 IRR 100 NYMEX Oil 67%…
  13. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 13
    Eagle Ford Shale Value Components 1.33 BOE 1.6 Mcf dry Gas 4/mmbtu 2 Mcf Recovered Recovered Assoc Gas Well Analysis Plant Liquids Per Liquids Per Component Gal Per MCF Recovery 2 MCF 2 MCF (GPM) (Gal) (Bbl) Wellhead Oil…
  14. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 14
    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…
  15. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 15
    Niobrara Economics Well Only Type Curve 800 90 Total well cost 3.6 MM 80 700 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 40 300 IRR (1)…
  16. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 16
    Barnett Shale Overview of Carrizos Position Tier 1 Core 32,000 net acres remaining after Tier 1 sale primarily in the Barnett core in SE Tarrant and Wise Denton Denton Counties where development economics are among best in…
  17. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 17
    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 /…
  18. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 18
    Marcellus Shale JV Operating Areas New York Marcellus JV TLM: 11 rigs 16K Acres (w/Avista) Operations Avg. IP 5 MMcf/d UPL: 75 Hz wells 2 Rigs drilling in NE PA Avg. IP 6.4 Mmcf/d acreage (40% CRZO) COG: 7 rigs 76 producing…
  19. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 19
    Marcellus Shale Project NE Pennsylvania / Southern New York Acreage Transco Current Carrizo horizontal development drilling 21
  20. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 20
    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%…
  21. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 21
    Utica Shale Area of Activity Carrizo/Avista Utica JV Ohio Formed to acquire acres in Utica condensate zone Capitalized from 130 to 200 million Initial 15,000 acres in Mercer and Trumbull counties Initial ownership 90% Avista/10%…
  22. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 22
    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…
  23. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 23
    Carrizo Oil & Gas Value Proposition(1) Marcellus Barnett (excl. W Va) Eagle Ford Niobrara N Sea Total Total 3P Reserve Potential, Bcfe 1,114 1,819 770 175 82 3,960 Cumulative Production, Bcfe 82 0 2 0 0 84 Proved Reserves,…
  24. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 24
    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…
  25. Johnson Rice Company Energy Conference – Carrizo Oil & Gas Inc. – slide 25
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