Carrizo Oil & Gas, Inc. 2003 Annual Report Cover Company Profile Highlights Shareholders Letter 3-D Seismic Projects 2004 Proposed Wells Item 1and Item 2 Business & Properites Item 3 Legal Proceedings Item 4 Submission of Matters to a Vote of Security Holders Executive Officers of the Registrant Item 5 Market for Registrant's Common Stock Item 6 Selected Financial Data Item 7 Management's Discussion and Analysis Item 7a Qualitativeand Quantitative Disclosures Item 8 Financial Statements and Supplementary Data Item 9 Changes In and Disagreements With Accountants on Accounting Item 9a Controls and Procedures Item 10 Directors and Executive Officers Item 11 Executive Compensation Item 12 Security Ownership of Certain Beneficial Owners and Management Item 13 Certain Relationships and Related Transactions Item 14 Principal Accountant Fees and Services Item 15 Exhibits, Financial Statement Schedules and Reports on Form 8-K Reports of Independent Auditors and Independent Public Accountants Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Shareholders' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Corporate Information