Carrizo Oil & Gas Announces Closing of Eagle Ford Shale Divestiture and Partial Redemption of Its 7.50% Senior Notes Due 2020

HOUSTON --(BUSINESS WIRE)-- Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced that it closed the previously-announced sale of a portion of its assets in the Eagle Ford Shale on January 31, 2018 . Carrizo received approximately $212 million at closing, subject to post-closing adjustments; this excludes the previously-received deposit of $24.5 million . Including the previously-received deposit as well as the resolution of the post-closing adjustments, Carrizo currently expects the total received proceeds to be approximately $246 million .

On January 31, 2018 , Carrizo also delivered a notice to the trustee for its 7.50% Senior Notes due 2020 (CUSIP No. 144577 AF0) (the “notes”) under which it called for redemption on March 2, 2018 , $220 million aggregate principal amount of the outstanding notes. This is in addition to the currently pending partial redemption of $100 million aggregate principal amount of notes scheduled to occur on February 18, 2018 . The $220 million of notes called for redemption represents approximately 49% of the aggregate principal amount of this series of outstanding notes as of today and approximately 63% of the aggregate principal amount of the notes that will be outstanding following completion of the previously-announced redemption of the $100 million aggregate principal amount of notes.

The notes will be redeemed at a price of 101.875% of the principal amount thereof plus accrued and unpaid interest on the notes to be redeemed to the redemption date. Selection of the notes for redemption will be made by the trustee in accordance with the terms of the indenture governing such notes based on The Depository Trust Company's method that most nearly approximates pro rata selection unless otherwise required by law; provided, that notes and portions of notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess of $2,000 , except that if all of the notes of a registered holder are to be redeemed, the entire outstanding amount of notes held by such registered holder, even if not a multiple of $1,000 , shall be redeemed.

This news release shall not constitute a notice of redemption with respect to or an offer to purchase or sell (or the solicitation of an offer to purchase or sell) any securities.

Carrizo Oil & Gas, Inc. is a Houston -based energy company actively engaged in the exploration, development, and production of oil and gas from resource plays located in the United States . Our current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas and the Permian Basin in West Texas .

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