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recently as Vice President, Finance. Mr.
Boling is a CPA and holds a B.B.A. from Baylor University.
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. Mr. Greene was the Eastern Area Deepwater
Exploration Manager for Vastar Resources, Inc. from August 1997
to September 2000. He spent the previous 14 years with Vastar Resources,
Inc., ARCO International and ARCO, where he held various technical
and managerial positions, including Director of Joint Ventures Onshore
Gulf Coast and Director of Geophysical Interpretation Research.
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 our land activities since joining us in March 1997 and was elected
Vice President of Land 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 us,
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 holds a B.S. degree in Petroleum Engineering
from Texas A&M University.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON
STOCK, RELATED SHAREHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock, par value $0.01 per
share, commenced trading on the Nasdaq National Market on August
6, 1997 under the symbol CRZO. The following table sets forth the
high and low bid prices per share of our common stock on the Nasdaq
National Market for the periods indicated. The sales information
below reflects interdealer prices, without retail mark-ups, mark-downs
or commissions and may not necessarily represent actual transactions.
The closing market price of our common
stock on March 25, 2004 was $6.55 per share. As of March 25, 2004,
there were an estimated 65 record owners of our common stock.
We have not paid any dividends on our
common stock in the past and do not intend to pay such dividends
in the foreseeable future. We currently intend to retain any earnings
for the future operation and development of our business, including
exploration, development and acquisition activities. Our credit
agreement with Hibernia National Bank and the terms of our senior
subordinated notes restrict our ability to pay dividends. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations--Liquidity
and Capital Resources."
In February 2004 in connection with our
public offering, Mellon Ventures, L.P. exercised all of its warrants
to purchase 168,422 shares of our common stock issued in 2002 and
61,199 of its warrants to purchase shares issued in 1999 on a cashless
"net exercise" basis. This transaction was exempt from the registration
requirements of the Securities Act of 1933, as amended, by virtue
of Section 4(2) as a transaction not involving any public offering
and by virtue of Section 3(a)(9).
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