Mar 3 · 11:36:00 AM · Source: Company Press Release

Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced record year-end proved reserves and record production for the fourth quarter and full year 2009. Year-end proved reserves were a record 601.9 Bcfe based on reports from Carrizo's third-party reserve engineers. This is an increase of approximately 20% over the year-end 2008 proved reserves of 502.6 Bcfe. The calculation of these reserves was based on oil and natural gas prices of $56.10 per barrel and $3.30 per Mcf, respectively. These prices reflect the SEC's new pricing methodology, which requires the use of the trailing 12-month arithmetic average of the price on the first day of the month. These prices were 40% higher and 34% lower than the prices used at the end of 2008 for oil and natural gas, respectively. This reserve increase equates to the replacement of 400% of 2009 production.
Additional reports and adjustments are in the full statement, not all positive. But the company is pleased it had an excellent operational year in net reserve additions, despite its reduced drilling program and the impact of lower prices.

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by Jeffrey Epstein