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Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Mar 26, 2012 · 26 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. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 1
    Nasdaq: CRZO 40th Annual Howard Weil Energy Conference Carrizo Oil & Gas, Inc. March 26, 2012
  2. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 2
    Operating Profile Net Shale Acreage Summary Eagle Ford Shale 41,000 Niobrara Shale 58,773 Marcellus Niobrara Fort Worth Barnett 12,500 Utica Shale Shale Marcellus Shale 100,595 Shale Barnett Shale Ft. Worth Basin U.K. North…
  3. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 3
    Reserve Growth, Production Growth, and Reserve Replacement 12/31 Proved Reserves (Bcfe) Average Daily Production (Mmcfe/d) 1000 140 935.6 123.4 900 841.2 120 800 100.8 700 100 90.5 601.9 600 80 70.2 502.6 500 346.7 60 47.9…
  4. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 4
    Liquids Strategy On Track 1,884% increase in oil production since initiating Eagle Ford production in November 2010 Q1 2012 revenues from oil production are expected to be approximately 60% of total revenue Average Monthly Oil…
  5. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 5
    Reserves and Reserve Potential by Region 4,000 3,500 3,196 BCFE(2) 3,000 2,500 Net Shale Acreage Summary 2,000 Eagle Ford Shale 41,000 1,500 Niobrara Shale 58,773 624 BCFE(1) Fort Worth Barnett 12,500 1,000 Marcellus…
  6. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 6
    Capital Program US Millions Category FY 2011 FY 2012 Est. Drilling Eagle Ford Shale 195 320 Niobrara Shale 39 43 Marcellus Shale 47 62 Barnett Shale 100 15 Total Drilling 381 440 Land , Seismic & Other 111 30 North Sea 22 0…
  7. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 7
    Current Financial Position Revolving Credit Facility (due 2016) Facility effective November 2011 340 MM initial borrowing base with interest rate of LIBOR + 2.75% Consortium of 9 banks led by BNP/Paribas (now Wells Fargo)…
  8. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 8
    Hedge Position Type of Volume Daily Volume Avg. Floor Avg. Ceiling Avg. Short Put Basis % of Q4 Gas Period Contract (MMBtu) (MMBtu/d) Price Price Put Price Spread Differential Production Q1 2012 Total Volume 5,096,000 57,000 51.45%…
  9. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual 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 Production and unproven acreage metrics from…
  11. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 11
    Eagle Ford Shale Overview Well design and expectations: 41,000 net acres in 75% liquids, 25% rich gas condensate window above Development well costs of 10,000 primarily located in 7.0 - 8.0 million LaSalle County 5,000 laterals, 18…
  12. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 12
    Eagle Ford Shale Gas Condensate Window Economics Well Only Type Curve 1,000 150 Total well cost 7.5 MM 900 135 Reserves Gross 400 MBOE 800 120 (GOR=2,000) 700 105 Net 300 MBOE Oil Rate (BOPD) Cum Oil (MBO) 600 90 F&D…
  13. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 13
    Eagle Ford Shale Well Performance 100,000 24 90,000 21 80,000 18 70,000 15 60,000 12 Well Count 50,000 9 CUM BO 40,000 6 30,000 3 20,000 0 10,000 -3 0 -6 0 30 60 90 120 150 180 210 240 270 300 330…
  14. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 14
    Eagle Ford Shale Value Components 1.33 BOE 1.6 Mcf dry Gas 2.50/mmbtu 2 Mcf Assoc Gas Recovered NGL NGL Liquids Per Component Pricing Revenue 2 MCF (/Gal) per Bbl Oil Wellhead Oil (Gal) Ethane 0.68 4.95 3.37 Propane 1.29 3.15…
  15. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 15
    Niobrara Activity Map 58,773 net acres in Weld County, CO Acreage high-graded using resistivity data from deeper wells 12 wells on production, 1 flowing back, 1 drilling First 5 wells test at rates ranging from 650 to 725 BOPD 10…
  16. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 16
    Niobrara Why We Like The Niobrara Our geologic model appears to be working Oil-in-place indicators validated by Company and industry well results and core analysis Focus on geo-steering and staying in target B bench zone improves…
  17. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 17
    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) 500 50 Oil Rate (BOPD) F&D Cost 18 / BOE 400 40 IRR (1) 100…
  18. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 18
    Barnett Shale Overview of Carrizos Position Tier 1 Core 12,500 net acres remaining in the Barnett core in SE Tarrant post recent sale where development Wise Denton economics are among best in industry YE 2011 total proved reserves…
  19. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 19
    Marcellus Shale JV Operating Areas New York Marcellus JV 16K Acres (w/Avista) Operations 2 Rigs drilling in NE PA acreage (40% CRZO) 7 wells producing; 5 completed, backlog of 24 C Counties wells drilled waiting on 92.8K…
  20. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 20
    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 5 well Baker pad on production 5 Baker North wells preparing…
  21. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 21
    Marcellus Shale NE PA Economics NE PA Marcellus NE PA Type Curve 10000 4.0 Total well cost 6.8 MM 9000 3.6 8000 3.2 Net Reserves 7.0 Bcf 7000 2.8 Avg Rate (MCFD) Cum Gas (BCF) 6000 2.4 F&D Cost 0.97 / Mcf 5000…
  22. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 22
    Utica Shale Area of Activity Carrizo/Avista Utica JV Ohio Pennsylvania Formed to acquire acres in Utica condensate zone Capitalized from 130 to 200 million Initial 16,600 JV acres in Mercer and Trumbull counties CHK:1,015 blpd…
  23. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 23
    UK North Sea Huntington Development Project Forties reservoir tested 7,940 Boe/d Appraised with 9 penetrations Currently drilling 2nd injection well 3rd Party gross reserve estimate mid-point of 42 MMBOE, 15% CRZO First…
  24. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 24
    Carrizo Oil & Gas Value Proposition(1) Marcellus Barnett (excl. W Va) Eagle Ford Niobrara N Sea Total Total 3P Reserve Potential, Bcfe 1,091 1,633 578 264 82 3,648 Cumulative Production, Bcfe 127 0 4 1 0 132 Proved Reserves,…
  25. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 25
    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 18.9 Bcf of 2012 gas…
  26. Howard Weil 40th Annual Energy Conference – Carrizo Oil & Gas Inc. – slide 26

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