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Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Oct 6, 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. Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc. – slide 1
    Nasdaq: CRZO Imperial Capitals 5th Annual Global Opportunities Conference Carrizo Oil & Gas, Inc. October 4, 2011
  2. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc. – slide 3
    Reserve Growth, Production Growth, and Reserve Replacement 12/31 Proved Reserves (Bcfe) Average Daily Production (Mmcfe/d) 900 841.6 120 800 100.8 100 90.5 700 601.9 600 80 70.2 502.6 500 60 400 346.7 47.9 300 40 32.1 210.0 26.3…
  4. Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc. – slide 4
    F&D Costs and Reserve Valuation EV to 2010 Proved Reserves (mcfe) 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 2.00 0.00 UPL DVN CRK RRC MMR FST SFY AXAS COG ENP…
  5. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc. – slide 9
    Carrizo Joint Ventures Carrizo Has Significant Experience in the Formation of Joint Ventures Joint venture with Avista Capital Partners in the Utica Shale, September 2011 Early stage land acquisition program in Utica condensate zone…
  10. Imperial Capitals 5th Annual Global Opportunities 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 Production and unproven acreage metrics from…
  11. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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=2,200) Net 300 MBOE 800 BPD, MCFD F&D Cost 25 / BOE 600 IRR 100 NYMEX Oil 67%…
  13. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc. – slide 15
    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…
  16. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc. – slide 18
    Marcellus Shale JV Operating Areas New York TLM: 11 rigs 16K Acres (w/Avista) Avg. IP 5 MMcf/d Marcellus JV UPL: 75 Hz wells Operations Avg. IP 6.4 Mmcf/d COG: 7 rigs 2 Rigs drilling in NE PA 76 producing wells, 30 WOC acreage…
  19. Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc. – slide 19
    Marcellus Shale Project NE Pennsylvania Susquehanna Operations 1 Rig drilling 5,000 18 stage horizontal wells along route of pipeline Completion operations ongoing on 2 well Bonnice pad Plan to complete and bring on production 6…
  20. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities 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 77 Proved Reserves,…
  24. Imperial Capitals 5th Annual Global Opportunities 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. Imperial Capitals 5th Annual Global Opportunities Conference – Carrizo Oil & Gas Inc. – slide 25
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