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IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. · Apr 12, 2011 · 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. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 1
    Nasdaq: CRZO 2011 New York IPAA Oil and Gas Investor Conference Carrizo Oil & Gas, Inc. April 12, 2011
  2. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 2
    Operating Profile Net Shale Acreage Summary Fort Worth Barnett 45,000 Marcellus Shale 118,000 Niobrara Fayetteville Shale 20,000 Shale Marcellus Eagle Ford Shale 20,000 Shale Niobrara Shale 62,000 Fayetteville Shale…
  3. IPAA Oil Gas Investment Symposia New York – 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. IPAA Oil Gas Investment Symposia New York – 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. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 5
    Reserves by Region Total 1P 841 BCFE Total 3P 5,249 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 Fort Worth Barnett 45,000 2P…
  6. IPAA Oil Gas Investment Symposia New York – 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 75 Marcellus Shale 8 41 Eagle Ford Shale 30 130 Niobrara Shale 12 35 Other areas…
  7. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 7
    Current Financial Position Revolving Credit Facility (due 2016) New facility effective January 2011 350 MM initial borrowing base with interest rate of LIBOR + 2.75% Consortium of 9 banks led by BNP/Paribas Restrictive covenant:…
  8. IPAA Oil Gas Investment Symposia New York – 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 2011 Total Volume 7,095,000 78,833 70.92%…
  9. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 9
    Barnett Shale Overview of Carrizos Position Well-established position with substantial upside on Jack Wise Denton existing, high-graded acreage position 45,000 net acres leased; potential for 350 additional Tarrant horizontal…
  10. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 10
    Barnett Shale Overview of Carrizos Position (contd) Core Core SE South Tier 1 Tier 2 Wise Tarrant Denton Jack Denton IP, Mcfd 4,000 3,000 1,500 1,200 EUR, Bcf 4.4 2.7 1.8 0.8 Tarrant Cost, MM 3.0 3.0 2.1 1.5 Thickness 400…
  11. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 11
    Barnett Shale SE Tarrant County Growth Drivers Current core of Carrizo activity Midstream infrastructure built-out mid-year 2011 Well productivity continues to improve: RiceLoh: 5 wells, 21 MMcfd IP Ervin: 5 wells, 25 MMcfd IP 3rd…
  12. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 12
    Barnett Shale SE Tarrant Economics 4.4 BCF Well 5.5 BCF Well SE Tarrant Well Performance 4,000 100 Total well cost 3.0 MM 3.0 MM Net Reserves (75% NRI) 3.3 Bcf 4.1 Bcf 3,000 75 Well Count F&D Cost 0.91 / Mcf 0.73 / Mcf…
  13. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 13
    Barnett Shale Reserve Summary Core/SE Tarrant Tier 1 Tier 2 Total Net Acreage 21,000 16,000 8,000 45,000 % Drillable 75% 65% 33% Average Well Spacing, acres/well 45 45 80 Net Wells (1) 333 213 33 579 Average EUR/Well, Bcfe 4.2…
  14. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 14
    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 20.5 MMcf/d 26K Acres (w/RIL)…
  15. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 15
    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…
  16. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 16
    Marcellus Shale Project NE Pennsylvania / Southern New York Acreage Transco Current Carrizo horizontal development drilling 18
  17. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 17
    Marcellus Shale NE PA Economics NE PA Marcellus NE PA Type Curve 10000 Total well cost 3.6 MM 9000 8000 Net Reserves 5.3 Bcf Avg. Daily Prod. Rate, MCFD 7000 6000 F&D Cost 0.68 / Mcf 5000 4000 IRR 6.00 NYMEX…
  18. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 18
    Liquids Rich Resource Opportunities Reserve Expectations Eagle Ford Shale Acres % drillable Spacing Wells EUR/Well Target (Acres) (MBOE) Reserves (MMBOE) 20,000 80 140 114 400 45.6 Niobrara Shale Acres % drillable Spacing…
  19. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 19
    Eagle Ford Shale Overview 20,371 net acres in condensate window above 10,000 Current acreage could provide 114 well locations depending on lateral length and spacing Acreage located primarily in LaSalle and Dimmit counties…
  20. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 20
    Eagle Ford Shale Gas Condensate Window Economics Type Curve Well Only 1,200 Total well cost 6.5 MM 1,000 Reserves Gross 400 MBOE (GOR=2,200) Net 300 MBOE 800 BPD, MCFD F&D Cost 21.67 / BOE 600 IRR 90 NYMEX Oil 84%…
  21. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 21
    Niobrara Activity Map 61,658 net acres in Weld County, CO Pursuing opportunistic bolt on deals No Federal leases; easy oil market access Acreage high-graded with well control from deeper wells Analogs: Noble estimate of 310 Mboe /…
  22. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 22
    Niobrara Economics Well Only Type Curve 600 Total well cost 3.6 MM 500 Reserves Gross 300 MBOE (GOR=1,200) Net 240 MBOE 400 F&D Cost 15 / BOE BOPD 300 IRR (1) 90 NYMEX 146% 200 75 NYMEX 84% 100 60 NYMEX 41% 0 0…
  23. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 23
    UK North Sea Huntington Development Project Forties reservoir tested 7,940 Boe/d Appraised with 9 penetrations Development plan approved, drilling to start in April 2011 Financing in place 3rd Party gross reserve estimate…
  24. IPAA Oil Gas Investment Symposia New York – 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 1,354 1,819 274 171 82 3,700 Cumulative Production, Bcfe 91 0 0 0 0 91 Proved Reserves,…
  25. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 25
    Summary Successfully executing strategy: Outstanding organic growth in reserves and production Leveraging Barnett Shale expertise into other shales Moving to more liquids rich plays, first results encouraging Maintaining financial…
  26. IPAA Oil Gas Investment Symposia New York – Carrizo Oil & Gas Inc. – slide 26
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