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Carrizo contributed the majority of its interests
in the Powder River Basin into Pinnacle Gas Resources, Inc. (PGR)
in June 2003 for an approximate 26.9 percent equity interest in the
new entity at year- end 2003. PGR drilled 124 gross wells in the second
half of 2003 making it one of the basin's most active developers.
Current plans call for completion of production facilities and dewatering
operations in addition to another active drilling program in 2004.
PGR holds an undivided interest in approximately
90,000 net acres of leasehold, placing it among the top ten companies
in the Basin.
Pinnacle is completely self funded and has no
impact on Carrizo's drilling budget.
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The Barnett Shale natural gas trend in the
Forth Worth Basin in North Texas has become a prolific source of predictable,
low risk natural gas reserves and now ranks as the largest producing
natural gas field in Texas. Typical vertical wells average between
0.5 and 1.0 Bcf of gross reserves. During the second half of 2003,
the Company acquired the rights to approximately 4,100 net mineral
acres in the Barnett Shale trend. At year-end 2003, Carrizo owned
an interest in 6 wells and was participating in an active development
program on its acreage. During 2004, the Company plans to continue
to develop the acreage it has already acquired and to expand its leasing
efforts in the play. |
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In the United Kingdom's 21st Round of Licensing,
we have been awarded seven acreage blocks totaling over 209,000 acres.
The blocks are located within the mature producing areas of the Central
and Southern North Sea and consist of one ''Traditional'' and three
''Promote" licenses. The U.K. North Sea is a natural extension to
our business plan, technical analyses, and portfolio management. Our
blocks are in the proven hydrocarbon trends with established infrastructure,
available 3-D seismic data5ets and significant exploration potential.
We plan to promote our interests to other parties experienced in drilling
and operating in this region. |
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