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Carrizo Oil & Gas Announces Sale of Its Interest in the Huntington Field in the UK North Sea for $184 Million
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced that it has entered into a definitive agreement to sell its wholly owned subsidiary Carrizo UK Huntington Limited, and all of its interest in the Huntington Field in the UK North Sea to a subsidiary of Iona Energy Inc. (TSX VENTURE: INA) for a cash consideration of $184 million. Carrizo expects to net approximately $116 million, after payment of approximately $70 million to retire and close our UK credit facility, working capital adjustments and transaction related costs. This transaction is expected to close on or before the end of January, and is subject to customary closing conditions and purchase price adjustments.

Carrizo Oil & Gas, Inc. Announces Entry Into $82.5 Million Niobrara Joint Venture and Completion of Gulf Coast Sale
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) announced today that it has entered into a joint venture agreement with subsidiaries of OIL India Ltd. and Indian Oil Corporation Ltd., both international energy companies based in Delhi, India. Pursuant to the agreement, OIL and Indian Oil Corp. have together acquired an undivided 30% non-operated interest in substantially all of Carrizo's assets and operations prospective for Niobrara Formation oil development located primarily in Weld and Adams Counties, Colorado for approximately $82.5 million. Included in the transaction is the sale of approximately 18,100 net mineral acres and approximately 555 Boe/day (75% oil) of production from 24 gross currently producing Carrizo operated wells.

Carrizo Oil & Gas Announces Sale of Non-Core Barnett Shale Properties for $190 Million
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced that it has entered into a definitive agreement to sell a portion of its properties in the Barnett Shale (or "Divested Properties") to a subsidiary of Atlas Resource Partners, L.P. (NYSE: ARP) for $190 million in cash. This sale will have an effective date of January 1, 2012 and is expected to close in late April, subject to customary closing conditions and purchase price adjustments.

Carrizo Oil & Gas, Inc. Announces Achievement of Oil Production Goal
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced the achievement of the Company's stated objective of reaching 5,000 net barrels of oil production per day before the end of 2011. The recent initiation of production from seven gross Eagle Ford Shale wells from the Pfluger and Irvin leases and the Speaker #1 in the Niobrara Formation propelled Carrizo's net overall daily oil production to approximately 6,040 barrels on December 26 according to the Company's internal calculations.

Carrizo Oil & Gas, Inc. and Avista Capital Partners Announce Formation of Joint Venture in Utica Shale
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) and Avista Capital Partners announced today that they have entered into a joint venture to acquire and develop acreage in the liquids rich region of the Utica Shale. The JV has closed on its first acquisition of 15,000 net acres in eastern Ohio and northwestern Pennsylvania at an average cost of less than $1,500 per acre. Under the terms of the agreement, Carrizo will own an initial 10% interest in the joint venture properties with Avista owning the remaining 90%. Avista has the right to contribute aggregate funds of up to $130 million to the joint venture, with the ability to raise this amount by an incremental $70 million.

Carrizo Oil & Gas, Inc. Announces $95 Million Joint Venture Agreement With GAIL (INDIA) LIMITED
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced the closing of an unincorporated joint venture with a wholly owned subsidiary of GAIL (INDIA) LIMITED ("GAIL"). Under the joint venture agreement, Carrizo sold 20% of Carrizo's interest in approximately 20,200 net mineral acres leased by the Company in the highly prospective condensate zone of the Eagle Ford Shale for total consideration of $95 million, comprised of $63.65 million in cash and the assumption of an additional $31.35 million of Carrizo's future drilling and development costs ("drilling carry"). The cash proceeds from the transaction were used to reduce the outstanding balance under Carrizo's revolving credit facility. The consideration payable to Carrizo is subject to customary post-closing adjustments and indemnities.