Carrizo Oil & Gas, Inc. declared 2012 U.S. proved reserves of 115.1 MMboe, including record proved oil reserves of 39.1 MMbbls (a 58% increase year on year) and record PV-10 proved reserves value of $1.4 billion (a 64% increase year on year), and record 2012 production of 9.4 MMboe (a 26% increase year on year), including fourth quarter production above guidance for both oil and gas. All comparisons of 2012 to the prior year are based on 2011 proved reserves of 95.9 MMboe, which are adjusted to exclude 53.8 MMboe of reserves (97% natural gas) associated with 2012 U.S. property sales.

2012 U.S. Proved Reserves, Production and Reserve Replacement

2012 proved reserves in the U.S., as determined by the Company's third-party reserve engineers, were 115.1 MMboe, an increase of 20% from year-end 2011, and are comprised of 39.1 MMbbls of oil, a 58% increase over 2011, 5.4 MMboe of NGLs, a 71% increase over 2011, and 423.7 Bcf of natural gas, a 4% increase over 2011.

Tags: Carrizo Oil & Gas