| |
11. SHAREHOLDERS' EQUITY
In the first quarter of 2004, the Company completed
the public offering of 6,485,000 shares of common stock at $7.00
per share. The offering included 3,655,500 newly issued shares offered
by the Company and 2,829,500 shares offered by certain existing
selling shareholders. The Company did not receive any proceeds from
the shares sold by the selling shareholders. The Company used part
of the net proceeds from this offering to accelerate its drilling
program and to retain larger interests in portions of its drilling
prospects that the Company otherwise would sell down or for which
the Company would seek joint partners and for general corporate
purposes. Initially, the Company used a portion of the net proceeds
to repay the $7 million outstanding principal amount under its revolving
credit facility and to complete an $8.2 million Barnett Shale acquisition
on February 27, 2004.
The Company issued 413,965 and 7,570,109 shares
of common stock during the years ended December 31, 2003 and 2004,
respectively. In June of 1997, the Company established the Incentive
Plan of Carrizo Oil & Gas, Inc. (the "Incentive Plan"). The shares
issued during the year ended December 31, 2003 were the result of
the exercise of options granted under the Company's Incentive Plan.
The shares issued during the year ended December 31, 2004, consisted
of 3,655,500 shares issued through the public offering, 2,159,627
shares issued through the exercise of warrants, 1,318,124 shares
issued through the conversion of Series B Preferred Stock and the
balance issued through the exercise of options granted under the
Company's Incentive Plan.
The following table summarizes information
for the options outstanding at December 31, 2004:
The Company may grant options ("Incentive Plan
Options") to purchase up to 2,350,000 shares under the Incentive
Plan and has granted options covering 1,955,168 shares through December
31, 2004. Through December 31, 2004, 739,656 stock options had been
exercised. A summary of the status of the Company's stock options
at December 31, 2002, 2003 and 2004 is presented in the table below:
|
|
