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Carrizo Oil/Gas Closes USD 215m Acquisition of Delaware Basin Properties.

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Vincent

MANews-(C)2009-2018

18 October 2018 - Texas, US-based energy company Carrizo Oil and Gas, Inc. (NASDAQ: CRZO) has agreed to acquire Delaware Basin properties from Oklahoma, US-based onshore exploration and production group Devon Energy Corp. for USD 215m in cash, the company said.

The acquisition is currently expected to close during the fourth quarter of 2018 and increases the company's acreage position in the Delaware Basin to approximately 46,000 net acres on a pro forma basis.

Subject to market conditions, the company plans to fund the purchase price with net proceeds from an equity offering announced concurrently with this release.

Carrizo will acquire approximately 10,600 gross (9,600 net) acres located in the Delaware Basin in Reeves and Ward counties, with the majority of the position adjacent to the company's existing acreage with a net production of approximately 2,500 Boe/d (60% oil).

Carrizo Oil and Gas, Inc. is engaged in the exploration...

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