Page K/A 1

Explanatory Note

Carrizo Oil & Gas, Inc. is filing this Amendment No.1 to Form 10-K to amend and restate its original Form 10-K that was filed on April 10, 2005 in order to replace the original Form 10-K, which was an incorrect version of the Form 10-K that was filed due to an error by a third-party Edgar filing service provider, and to include certain other information intended to be contained in the original Form 10-K.

TABLE OF CONTENTS

	PART I..................................................................................................................	2
	Item 1. and Item 2. Business and Properties .............................................	2
	Item 1A. Risk Factors ....................................................................................	23
	Item 1B. Unresolved Staff Comments ..........................................................	30
	Item 3. Legal Proceedings...............................................................................	33
	Item 4. Submission of Matters to a Vote of Security Holders.....................	33
	Executive Officers of the Registrant...........................................................	33
	PART II......................................................................................................................	34
	Item 5. Market for Registrant's Common Stock, Related Shareholder
	Matters and Issuer Purchases of Equity Securities .............................	34
	Item 6. Selected Financial Data.......................................................................	34
	Item 7. Management's Discussion and Analysis of Financial Condition and
	Results of Operations..................................................................................	36
	Item 7A. Qualitative and Quantitative Disclosures About Market Risk ...	56
	Item 8. Financial Statements and Supplementary Data..................................	57
	Item 9. Changes In and Disagreements With Accountants on Accounting
	and Financial Disclosure ..............................................................................	57
	Item 9A. Controls and Procedures ..................................................................	57
	Item 9B. Other Information.................................................................................	61
	PART III ....................................................................................................................	61
	Item 10. Directors and Executive Officers of the Registrant...........................	61
	Item 11. Executive Compensation.......................................................................	61
	Item 12. Security Ownership of Certain Beneficial Owners and Management
	and Related Shareholder Matters..................................................................	61
	Item 13. Certain Relationships and Related Transactions...............................	61
	Item 14. Principal Accountant Fees and Services ..........................................	61
	PART IV.......................................................................................................................	61
	Item 15. Exhibits and Financial Statement Schedules........................................	61