Carrizo Oil & Gas (CRZO) to Offer 5M Shares

October 24, 2016 4:11 PM EDT

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Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) announced today that it has commenced an underwritten public offering of 5,000,000 shares of its common stock. Carrizo has also granted the underwriters an option to purchase up to 750,000 additional shares. The underwriters may offer the shares of common stock from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. 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, LLC are serving as the joint book-running managers.



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