2016 Annual Report

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 hydrocarbon basins primarily in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Niobrara Formation in Colorado, the Utica Shale in Ohio, and the Marcellus Shale in Pennsylvania.

We have successfully grown our production and reserves by being an industry leader in horizontal drilling and completion techniques in unconventional resource plays. To date, we have drilled and completed more than 800 horizontal wells across multiple resource plays. The highly predictable nature of our drilling inventory coupled with our disciplined approach to execution helped us grow production this past year even as the industry slowly emerged from a cyclical trough.

Crude oil plays continue to be the driver of our future production and revenue growth. As of February 17, 2017, we had accumulated approximately 101,600 net acres in the Eagle Ford Shale, 23,500 net acres in the Delaware Basin, 31,300 net acres in the Niobrara Formation, and 25,900 net acres in the Utica Shale. We currently have a drilling inventory of more than 2,200 net locations across our acreage position. This provides us with a solid foundation from which to generate long-term growth in our reserves and production.