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Carrizo uses the equity method of accounting
to record its minority ownership in the operations of Pinnacle,
formed in June 2003. Accordingly, the proved reserve tables, above,
do not include the Company's interest ownership, 22.7% on a fully
diluted basis, in the proved reserves of Pinnacle at the end of
2004, or an estimated 5.6 Bcfe of proved reserves.
Standardized Measure
The standardized measure of discounted future
net cash flows relating to the Company's ownership interests in
proved oil and natural gas reserves as of year-end is shown below:
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