CARRIZO OIL & GAS, INC. (NASDAQ:CRZO) Files An 8-K Completion of Acquisition or Disposition of Assets

CARRIZO OIL & GAS, INC. (NASDAQ:CRZO) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01Completion of Acquisition or Disposition of Assets.

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On December 11, 2017, Carrizo Oil & Gas, Inc. (the “Company”), along with its wholly-owned subsidiary Carrizo (Eagle Ford) LLC entered into a purchase and sale agreement with EP Energy E&P Company, L.P. to sell a portion of its assets in the Eagle Ford Shale for an agreed upon price of $245.0 million, with an effective date of October 1, 2017, subject to adjustment and customary closing terms and conditions. On December 11, 2017, the Company received $24.5 million as a deposit and on January 31, 2018, the Company received $211.7 million at closing, subject to post-closing adjustments, for aggregate net proceeds of $236.2 million, which includes preliminary purchase price adjustments primarily related to the net cash flows from the effective date to the closing date.

Item 8.01Other Events.

In accordance with the credit agreement governing the Company’s revolving credit facility, concurrent with closing of the disposition of assets described in Item 2.01 of this Current Report on Form 8-K, the Company’sborrowing basehas been decreasedfrom$900.0 millionto$830.0 million, with the elected commitment amount remaining unchanged at $800.0 million. The decreased borrowing base is effective January 31, 2018 until the next borrowing base redetermination in Spring 2018.

Item 9.01Financial Statements and Exhibits.

(b)Pro forma financial information.

Unaudited pro forma condensed consolidated financial statements for the year ended December 31, 2016 and the nine months ended September 30, 2017 reflecting the Divestiture are attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

(d)Exhibits.


CARRIZO OIL & GAS INC Exhibit
EX-99.1 2 ex991proformafinancialstat.htm EXHIBIT 99.1 PRO FORMA FINANCIAL STATEMENTS Exhibit Exhibit 99.1CARRIZO OIL & GAS,…
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About CARRIZO OIL & GAS, INC. (NASDAQ:CRZO)

Carrizo Oil & Gas, Inc. is an energy company. The Company is engaged in the exploration, development and production of oil and gas from resource plays located in the United States. Its operations are focused in proven, producing oil and gas plays in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania. The Company has a total production of over 13.4 million barrels of oil equivalent (MMBoe) per year. The Company’s proved reserves of over 170.6 MMBoe are over 64% crude oil, 12% natural gas liquids (NGLs) and 24% natural gas. It operates over 90% of the wells in Eagle Ford in which it holds an interest. It holds an average interest of over 88% in these operated wells. It owns leases covering approximately 291,610 gross (165,470 net) acres in the Eagle Ford, Niobrara, Utica and the Delaware Basin areas. It operates over 70 gross wells drilled in the Eagle Ford.

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