Carrizo Oil (CRZO) Increases Credit Facility Commitments by $25M to $284M; Names Wells Fargo as New Administrative Agent

June 8, 2009 9:29 AM EDT

Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced the addition of Wells Fargo Bank, NA and Calyon New York Branch to its banking syndicate and the net increase of commitments under its credit facility to $284 million from $259 million. As described in an 8-K filing on May 27th, Wells Fargo joined the Carrizo banking syndicate as administrative agent on May 20th by assuming $50 million of Guaranty Bank's credit commitment. On June 5th, Calyon also joined the banking syndicate, increasing the total credit commitments to $284 million. These events also raise the number of member banks from seven to nine.

Chief Financial Officer Paul F. Boling stated, "We are very pleased to announce the increase in total firm credit commitments to $284 million. The addition of Wells Fargo, as administrative agent, and Calyon further diversifies and strengthens our banking consortium. In this environment of tightened credit availability, we believe today's announcement affirms the continued confidence in Carrizo's underlying asset base and core business strategy. We plan to continue to balance our 2009 capital expenditures with free cash flow and have no plans to make use of this increase in credit availability."

Carrizo's next credit facility borrowing base redetermination is scheduled for the fall of 2009.

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