Carrizo Oil & Gas, Inc. 2005 Annual Report Cover Company Profile Highlights Shareholders Letter Barnett Shale Trend Other Resource Plays Texas Gulf Coast Areas of Interest Louisiana Gulf Coast Areas of Interest Other Areas of Interest Item 1 and Item 2 Business and Properties Item 1A. Risk Factors Item 1B. Unresolved Staff Comments Item 3 Legal Proceedings Item 4 Submission of Matters to a Vote of Security Holders Executive Officers of the Registrant Part II Item 5 Market for Registrant's Common Stock Related Shareholder Matters and Issue Purchases of Equity Securities Item 6 Selected Financial Data Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operation Item 7A Qualitative and Quantitative Disclosures About Market Risk Item 8 Financial Statements and Supplementary Data Item 9 Changes In and Disagreements With Accountants on Accounting Item 9A Controls and Procedures Item 9B Other Information Part III 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 Part IV Item 15 Exhibits, Financial Statement Schedules and Reports on Form 8-K Reports of Independent Registered Public Accounting Firms Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Shareholders' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Corporate Information