The Company anticipates, based on its past experience, that as
its 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.
Carrizo also owns approximately 55,000 net mineral acres prospective
for coalbed methane in the Powder River Basin in Wyoming/Montana
and Southwestern Wyoming on which the Company has engaged in an
active drilling and production program.
Since inception, the Company has participated in the drilling of
263 gross wells (82 net) in Texas and Louisiana with a 66 percent
commercial success rate through year-end 2002. During 2002, the
Company participated in the drilling of 20 gross (seven net) wells
in Texas and Louisiana with an 85 percent commercial success rate.
The Company anticipates participating in up to 28 gross wells during
2003.
The Company operates 85 producing oil and natural gas wells and
currently has a production mix of approximately 60 percent natural
gas and 40 percent oil and condensate.
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