HOUSTON, Oct. 24, 2016 (GLOBE NEWSWIRE) -- Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) announced today that it has priced an underwritten public offering of 6,000,000 shares of its common stock, which was upsized from the previously announced offering of 5,000,000 shares. Carrizo has also granted the underwriters an option to purchase up to 900,000 additional shares. The total gross proceeds of the offering (before underwriters’ discounts and commissions and estimated offering expenses) will be approximately $225.0 million. Carrizo intends to use a portion of the net proceeds from this offering, and any proceeds from the exercise of the underwriters’ option to purchase additional shares, to fund the purchase price for the pending acquisition of approximately 15,000 net acres in the Eagle Ford Shale (the “Possible Acquisition”). Pending such use, Carrizo expects to use such proceeds temporarily to reduce borrowings under its revolving credit facility. Carrizo intends to use net proceeds not used to pay the purchase price for the Possible Acquisition, including in the event it does not consummate the Possible Acquisition, for general corporate purposes, including future potential acquisitions or a portion of its 2016 and 2017 capital expenditure plans.

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas from resource plays located in the United States. Carrizo’s current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Niobrara Formation in Colorado, the Utica Shale in Ohio, and the Marcellus Shale in Pennsylvania.