Jeremy T. Greene was elected Vice President of Exploration in August 2002. From September 2000 to August 2002 he was the Deepwater Gulf of Mexico Division Specialist for EOG Resources, Inc. He spent the previous 17 years with Vastar Resources, Inc., ARCO, and ARCO International where he held various technical and managerial positions, including Director of Joint Ventures Onshore Gulf Coast, Director of Geophysical Interpretation Research, and Eastern Deepwater Exploration Manager, including the position of Eastern Area Deepwater Exploration Manager for Vastar Resources, Inc. from August 1997 to September 2000. Mr. Greene received his B.S. in Geophysical Engineering from the Colorado School of Mines, and his M.S. in Geophysics from the University of Texas at Austin.

Kendall A. Trahan has been head of the Company's land activities since joining the Company in March 1997 and was elected Vice President of Land of the Company in June 1997. From 1994 to February 1997, he served as a Director of Joint Ventures Onshore Gulf Coast for Vastar Resources, Inc. From 1982 to 1994, he worked as an Area Landman and then a Division Landman and Director of Business Development for Arco Oil & Gas Company. Prior to that, Mr. Trahan served as a Staff Landman for Amerada Hess Corporation and as an independent Landman. He holds a B.S. degree from the University of Southwestern Louisiana.

J. Bradley Fisher has served as Vice President of Operations since July 2000 and General Manager of Operations from April 1998 to June 2000. Prior to joining the Company, Mr. Fisher was the Vice President of Engineering and Operations for Tri-Union Development Corp. from August 1997 to April 1998. He spent the prior 14 years with Cody Energy and its predecessor Ultramar Oil & Gas Limited where he held various managerial and technical positions, last serving as Senior Vice President of Engineering and Operations. Mr. Fisher hold a B.S. degree in Petroleum Engineering from Texas A&M University.

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED SHAREHOLDER MATTERS

The Company's common stock, par value $0.01 per share (the "Common Stock"), has been publicly traded through the Nasdaq National Market tier of The Nasdaq Stock Market under the symbol CRZO since the Company's initial public offering (the "Offering") effective August 6, 1997. The following table sets forth the quarterly high and low bid prices for each indicated quarter.

There were approximately 48 shareholders of record (excluding brokerage firms and other nominees) of the Company's Common Stock as of March 19, 2003.

The Company has not paid any dividends in the past and does not intend to pay cash dividends on its Common Stock in the foreseeable future. The Company currently intends to retain any earnings for the future operation and development of its business, including exploration, development and acquisition activities. The Company's credit agreement with Hibernia National Bank and the terms of its 9% Senior Subordinated Notes, restrict the Company's ability to pay dividends. See "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Liquidity and Capital Resources".

23