PRODUCTION (Bcfe)

2004 Production reached a new
Company record level of 8.32 Bcfe.

PROVED RESERVES (Bcfe)

2004 Total Proved Reserves increased
to 109.3 Bcfe, an increase of 55
percent over year-end 2003 levels.

EBITDA ($MM)

2004 EBITDA exceeded $36.3 million.
EBITDA is de.ned as earnings before
interest, taxes, depreciation, depletion,
amortization, and other non-cash items.

BARNETT SHALE ACREAGE (Net)

Carrizo has increased its total Barnett
Shale Acreage (Net) to 30,717 acres
at year-end 2004 from 4,028 acres at
year-end 2003.