Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) has announced that it has closed the previously-announced acquisition of Delaware Basin assets from Devon Energy Production Company, L.P. (“Devon”), a subsidiary of Devon Energy Corporation.
Separately, on October 18, 2018, Carrizo 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 November 19, 2018 (the “Redemption Date”), $130.0 million aggregate principal amount of the notes. The $130.0 million of notes called for redemption represents 100% of the aggregate principal amount of this series of outstanding notes.
The notes will be redeemed at a price of 100.000% of the principal amount thereof plus accrued and unpaid interest on the notes to be redeemed to the redemption date.
The Company's obligation to redeem the Notes on the Redemption Date and pay the redemption price plus accrued and unpaid interest thereon will be conditioned upon and subject to there being made available to the Company under its revolving credit facility a commitment amount of at least $1.1 billion at the Redemption Date (the “Condition”). Satisfaction of the Condition may be waived by the Company in its sole discretion. If the Condition has not been satisfied or waived on or before December 17, 2018, the notice of redemption shall be automatically revoked and of no further effect.
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 on proven, producing oil and gas plays in the Eagle Ford Shale in South Texas and the Permian Basin in West Texas.