Carrizo - Atlas Deal Provides Cash for the Eagle Ford

Carrizo Oil and Gas has agreed to sell a portion of its Barnett Shale assets to Atlas Energy for $190 million. The deal provides capital that Carrizo will use to execute its liquids  growth strategy, which is primarily focused in the Eagle Ford.

The Company intends to use the net proceeds from this sale to repay borrowings under its revolving credit facility and use the excess proceeds to partially fund its 2012 capital expenditures plan, largely in the Eagle Ford play.

This deal is probably not the last deal you'll see this year in which operators shift resources from dry-gas to wet plays like the Eagle Ford

Read the full press release at crzo.net