Carrizo Oil & Gas Announces Borrowing Base Redetermination

HOUSTON, Oct. 9, 2014 (GLOBE NEWSWIRE) -- Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) today announced that its banking syndicate, led by Wells Fargo as administrative agent, has completed their semi-annual borrowing base redetermination, resulting in an increase to the borrowing base from $570.0 million to $675.0 million. However, the Company has elected to limit the lenders' aggregate commitment to $585.0 million. The lenders' aggregate commitment can be increased to the full $675.0 million by increasing the commitment of one or more lenders. The next redetermination of the borrowing base is expected in the Spring of 2015.

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, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania.

CONTACT: Jeffrey P. Hayden, CFA, VP - Investor Relations (713) 328-1044 David L. Pitts, Chief Financial Officer (713) 328-1000

Source:Carrizo Oil & Gas, Inc.