Carrizo Oil and Gas

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In August, 2008 Houston, Texas-based Carrizo Oil and Gas (CRZO) announced that its Marcellus shale leasehold consisted at the time of leases and options amounting to 80,000 net acres.

In November, 2008 Carrizo released news of a joint venture with the private equity firm Avista Capital Partners. The two companies planned to invest $150 million in acquiring and developing Marcellus shale acreage in its leasehold. By March, 2009, the company's leasehold had gone over 200,000 net acres. The partners' participating interests in developing this acreage will generally be on a 50/50 basis.

A January, 2009 report indicated Carrizo drilled two Marcellus wells at the end of 2008. It also has applied for permits to drill seven more Marcellus wells. The company is planning to drill a well in March, 2009 in Clearfield, Pennsylvania. It was announced in March, 2009 the partners will drill ten vertical Marcellus wells in 2009.

In a May, 2009 update the company announced it was in the process of finishing drilling an 8,600 ft. deep test well in Centre County, Pa. Well cores and driling logs were being studied to design a fracture stimulation plan.

The company had applied for permits for five vertical wells in Northern West Virginia to test its acreage there. At the time, it was not pursuing any new Marcellus leasing except in Susquehanna County, Pa. where it owns approximately 12,000 acres with partners. Carrizo was looking into a possible joint venture or farm-out agreement for its West Virginia acreage.

The company also controls acreage in Wayne County, Pa. and Cuyahoga County, New York.

Carrizo planned to drill the five West Virginia wells during the summer months of 2009. The locations selected were based upon well control and 2-d seismic testing. The company has acreage in four different counties in West Virginia. Horizontal drilling awaits the results of the aforementioned vertical well program. However, the same company update also mentioned that the company potentially could go directly to horizontals in Susquehanna County, Pa. In that case 3-d seismic would still first be undertaken. The update mentioned that the pipeline infrastructure available to Carrizo was at its best in West Virginia, but still under construction in Susquehanna County, and only just adequate for a couple of vertical wells in Centre County, Pa.

• S. P. "Chip" Johnson, IV is President and CEO of Carrizo Oil and Gas.
• Paul F. Boling is Vice President, CFO, Secretary and Treasurer.
• J. Bradley Fisher is the company's Vice President and COO.