Carrizo Oil and Gas Revenue and Competitors

Carrizo Oil & Gas, Inc. (Nasdaq National Market - CRZO) is a Houston-based energy company engaged in the exploration, development, exploitation and production of oil and natural gas. The Company’s exploration efforts utilize advanced 3-D seismic techniques to identify potential oil and gas reserves and drillsites. The Company has typically sought to control significant prospective acreage blocks for targeted 3-D surveys. Since its formation in 1993, the Company assembled over 400,000 gross acres under lease or option and has acquired over 4,100 square miles of 3-D seismic data, the majority of which is in 54 project areas in proved producing onshore trends along the Texas and Louisiana Gulf Coast regions. After the 3-D seismic data is processed and analyzed, Carrizo seeks to retain such acreage as it deems most prospective and usually releases such acreage as it believes is not prospective. As of December 31, 2001, Carrizo had 128,602 gross acres in Texas and Louisiana under lease or option, most of which is covered by the Company’s 3-D seismic data. From the 3-D data acquired to date, Carrizo has identified and amassed a large well prospect inventory with as many as 250 potential drillsites. The Company anticipates, based on its past experience, that as its existing 3-D data is further evaluated, additional well prospects will be generated. The Company’s working interest in the projects varies from 15 percent up to 100 percent and averages approximately 50 percent.