Carrizo Looking for eagle Ford Opportunities
Carrizo Oil & Gas Inc., is looking to increase their Eagle Ford holdings, according to one news source.
Related: Carrizo Focuses on Eagle Ford
Executives at Carrizo told investors in February that their total 2016 CapEx program is focused on the Eagle Ford. After a strong second quarter, the company is moving forward with additional opportunities to expand in the region.
Express News reported yesterday that Carrizo has been in talks with private equity investors about teaming up to acquire fields in the Eagle Ford Shale region of Texas. CEO Chip Johnson said the company is looking for a co-investor for potential transactions of $1 billion or more.
Carrizo increased capital expenditures for the Eagle Ford due to the strong results. Analysts expect a 10% oil production growth in 2017. Company stock stock has added 18.4% over the past four weeks.
Carrizo’s second quarter Eagle Ford highlights include:
- Drilled 19 gross (18.3 net) operated wells during the second quarter and completed 19 gross (18.0 net) wells.
- Crude oil production from the play was approximately 21,200 Bbls/d for the quarter, down from the prior quarter as production was impacted by significant downtime associated with planned shut-ins for offsetting completion activity.
- At the end of the quarter, Carrizo had 33 gross (32.1 net) operated Eagle Ford wells waiting on completion, equating to net crude oil production potential of more than 12,000 Bbls/d.
- Operating two rigs in the Eagle Ford and currently expects to drill approximately 67 gross (63 net) operated wells and complete 73 gross (68 net) operated wells in the play during 2016.