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Carrizo Oil & Gas, Inc. Announces Sale of Interest in Michael Petroleum Corporation.

HOUSTON, July 10 /PRNewswire/ --

Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced that it has agreed to sell its interest in Michael Petroleum Corporation ("MPC") pursuant to an agreement between MPC and its shareholders for the sale of a majority interest in MPC to Calpine Natural Gas Company ("CNGC"), a subsidiary of Calpine Corp. (NYSE: CPN). Carrizo obtained its interest in MPC as a finder's fee in September 2000.

The Company expects to receive total cash proceeds of between $5.5 and $5.7 million, of which approximately $5.5 million is expected to be paid to the Company on August 15, 2001, resulting in a book gain of approximately $3.9 million being reflected in the third quarter 2001 financial results.

Carrizo Oil & Gas, Inc., is a Houston-based energy company engaged in the exploration, development, exploitation and production of oil and natural gas in proven onshore trends along the Texas and Louisiana Gulf Coast regions. Carrizo controls significant prospective acreage blocks and utilizes advanced 3-D seismic techniques to identify potential oil and gas reserves and drilling opportunities.

Statements in this news release, including but not limited to those relating to expected cash proceeds, expected cash gains, expected timing of receipt of payments or proceeds by the Company and other statements that are not historical facts are forward looking statements that are based on current expectations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward looking statements include the outcome and timing of the proposed sale of MPC to CNGC, the failure of the proposed sale to occur or occur as currently contemplated and other risks described in the Company's most recent Form 10-K and other filings with the Securities and Exchange Commission.

Contact: Carrizo Oil & Gas, Inc.

B. Allen Connell, Director of Investor Relations

Frank A. Wojtek, Chief Financial Officer

(281) 496-1352

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Publication:PR Newswire
Geographic Code:1USA
Date:Jul 10, 2001
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