Minimum rentals, drilling obligations and scheduled seismic data purchases for each of the five years subsequent to December 31, 2007 are as follows (in thousands):

8.     SHAREHOLDERS' EQUITY AND STOCK INCENTIVE PLAN

Shareholders’ Equity

The following is a summary of changes in the Company’s common stock shares:

In September 2007, the Company sold 1.8 million shares of its common stock to certain qualified investors in a registered direct offering at a price of $41.40 per share. The number of shares sold was approximately 6.8% of the Company’s fully dilutedshares outstanding before the offering. The Company used substantially all of the net proceeds to fund in part its capital expenditure program, including its drilling and leasing programs in the Barnett Shale and appraisal well drilling in the North Sea.Pending those uses, the Company used a portion of the net proceeds of approximately $72.0 million to repay $54 million of outstanding borrowings under the Senior Credit Facility.

In July 2006, the Company sold 1.35 million shares of the Company’s common stock to institutional investors at a price of $26.00 per share in a private placement. The number of shares sold was approximately 5.4% of the Company’s fully diluted shares outstanding before the offering. The net proceeds, after deducting placement agents’ fees but before paying offering expenses, of approximately $33.7 million were principally used to fund a portion of the Company’s 2006 capital expenditures program.

In June 2005, the Company sold 1.2 million shares of the Company’s common stock to institutional investors at a price of $15.25 per share in a private placement. The number of shares sold was approximately 5% of the fully diluted shares outstandingbefore the offering. The net proceeds, after deducting placement agents’ fees but before paying offering expenses, were approximately $17.2 million. The Company used the proceeds from the private placement to fund a portion of its capital expenditure program for 2005, including the drilling programs in the Barnett Shale and onshore Gulf Coast areas.

Stock Incentive Plan

In June 1997, the Company established the Incentive Plan of Carrizo Oil & Gas, Inc. (the “Incentive Plan”), which authorizes the granting of stock options and stock awards to directors, employees and independent contractors. The Company may grant awards of up to 2,800,000 shares under the Incentive Plan and has granted options and restricted stock covering 2,158,506 sharesthrough December 31, 2007, net of forfeitures.