Carrizo Oil & Gas (CRZO) Prices Larger 6M Share Common Stock Offering for Proceeds of $225M

October 25, 2016 5:47 AM EDT

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Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) announced that it has priced an underwritten public offering of 6,000,000 shares of its common stock, which was upsized from the previously announced offering of 5,000,000 shares. Carrizo has also granted the underwriters an option to purchase up to 900,000 additional shares. The total gross proceeds of the offering (before underwriters’ discounts and commissions and estimated offering expenses) will be approximately $225.0 million. Carrizo intends to use a portion of the net proceeds from this offering, and any proceeds from the exercise of the underwriters’ option to purchase additional shares, to fund the purchase price for the pending acquisition of approximately 15,000 net acres in the Eagle Ford Shale (the “Possible Acquisition”). Pending such use, Carrizo expects to use such proceeds temporarily to reduce borrowings under its revolving credit facility. Carrizo intends to use net proceeds not used to pay the purchase price for the Possible Acquisition, including in the event it does not consummate the Possible Acquisition, for general corporate purposes, including future potential acquisitions or a portion of its 2016 and 2017 capital expenditure plans.

In connection with the offering, Citigroup and Wells Fargo Securities are serving as the joint book-runners. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on August 28, 2014. Copies of the preliminary prospectus for the offering may be obtained from the office of Citigroup, via telephone: (800) 831-9146; or standard mail c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, New York 11717; Wells Fargo Securities, 375 Park Avenue, New York, NY 10152, Attn: Equity Syndicate Dept., e-mail: cmclientsupport@wellsfargo.com, phone: 1-800-326-5897.



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