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Stephens Fall Investment Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Nov 15, 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. Stephens Fall Investment Conference – Carrizo Oil & Gas Inc. – slide 1
    Nasdaq: CRZO Stephens Inc. Fall Investment Conference Carrizo Oil & Gas, Inc. November 15, 2011
  2. Stephens Fall Investment Conference – Carrizo Oil & Gas Inc. – slide 2
    Operating Profile Net Shale Acreage Summary Eagle Ford Shale 41,000 Niobrara Shale 62,000 Marcellus Niobrara Fort Worth Barnett 32,000 Utica Shale Shale Marcellus Shale 100,595 Shale Barnett Shale Ft. Worth Basin U.K. North…
  3. Stephens Fall Investment 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. Stephens Fall Investment 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. Stephens Fall Investment Conference – Carrizo Oil & Gas Inc. – slide 5
    Reserves and Reserve Potential by Region 4,000 3,575 BCFE(2) 3,500 Net Shale Acreage Summary 3,000 Eagle Ford Shale 41,000 Niobrara Shale 62,000 2,500 Fort Worth Barnett 32,000 Marcellus Shale 100,595 BCFE 2,000…
  6. Stephens Fall Investment Conference – Carrizo Oil & Gas Inc. – slide 6
    Capital Program Eagle Ford and Niobrara will account for increase in spending Y/Y US Millions Category FY 2010 Q1-Q3 2011 FY 2011 Est. Drilling Barnett Shale 129 79 80 Marcellus Shale 8 24 30 Eagle Ford Shale 30 104 200 Niobrara…
  7. Stephens Fall Investment 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. Stephens Fall Investment 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 Q4 2011 Total Volume 7,544,000 82,000 66.78%…
  9. Stephens Fall Investment 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. Stephens Fall Investment 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. Stephens Fall Investment 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 Development well costs of 10,000 primarily located in 7.5 - 8.0 million LaSalle County 5,000 laterals,…
  12. Stephens Fall Investment 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. Stephens Fall Investment 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. Stephens Fall Investment Conference – Carrizo Oil & Gas Inc. – slide 14
    Niobrara Activity Map 61,658 net acres in Weld County, CO Acreage high-graded using resistivity data from deeper wells 7 wells drilled and completed, 1 drilling: First 5 wells test at rates ranging from 650 to 725 BOPD 2…
  15. Stephens Fall Investment Conference – Carrizo Oil & Gas Inc. – slide 15
    Niobrara Economics Well Only Type Curve 800 80 Total well cost 3.6 MM 700 70 Reserves Gross 250 MBOE 600 60 (GOR=1,500) Net 200 MBOE Cum Oil (MBO) Oil Rate (BOPD) 500 50 F&D Cost 18 / BOE 400 40 IRR (1) 100 NYMEX…
  16. Stephens Fall Investment 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. Stephens Fall Investment 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. Stephens Fall Investment 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. Stephens Fall Investment 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 2 well Bonnice pad on production Plan to complete and bring on production 3 well Baker pad…
  20. Stephens Fall Investment 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. Stephens Fall Investment 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 16,600 JV acres in Mercer and Trumbull counties Pennsylvania Initial…
  22. Stephens Fall Investment 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. Stephens Fall Investment 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 1,819 770 146 82 3,931 Cumulative Production, Bcfe 82 0 2 0 0 84 Proved Reserves, Bcfe…
  24. Stephens Fall Investment 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. Stephens Fall Investment Conference – Carrizo Oil & Gas Inc. – slide 25
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