REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The
Board of Directors and Stockholders
Carrizo Oil & Gas, Inc. We
have audited the accompanying consolidated statements of operations, shareholders'
equity, and cash flows of Carrizo Oil & Gas, Inc. for the year ended December
31, 2003. These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit in accordance with
the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion. In
our opinion, the financial statements referred to above present fairly, in all
material respects, the consolidated results of operations and cash flows of Carrizo
Oil & Gas, Inc. for the year ended December 31, 2003, in conformity with U.S.
generally accepted accounting principles. As discussed in
Note 2 to the consolidated financial statements, effective January 1, 2003, the
Company changed its method of accounting for asset retirement obligations. Ernst
& Young LLP Houston, Texas
March 25, 2004 | 
