Carrizo Oil & Gas Announces Partial Redemption of 7.50% Senior Notes Due 2020

November 28, 2017

HOUSTON–(BUSINESS WIRE)–Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced that
it has delivered a notice to the trustee for its 7.50% Senior Notes due
2020 (CUSIP No. 144577 AF0) under which it called for redemption on
December 28, 2017 $150 million aggregate principal amount of the
outstanding notes, representing 25% of the aggregate principal amount of
this series of outstanding notes.

The notes will be redeemed at a redemption price of 101.875% of the
principal amount thereof plus accrued and unpaid interest on the notes
to be redeemed to the redemption date. The funds to be used for the
redemption are expected to primarily be proceeds from Carrizo’s
previously-announced divestiture program, including the sale of
properties in the Marcellus Shale and Utica Shale.

David Pitts, Carrizo’s Vice President and CFO, commented on the
announcement, “Consistent with our leverage reduction goals, we are
using the divestiture proceeds we have received to date to retire a
portion of our senior notes. We expect to receive additional cash
proceeds in early 2018, and currently expect to allocate this to further
debt reduction.”

Selection of the notes for redemption will be made by the trustee in
accordance with the terms of the indenture governing such notes based on
The Depository Trust Company’s method that most nearly approximates pro
rata selection unless otherwise required by law; provided, that notes
and portions of notes selected shall be in amounts of $2,000 or whole
multiples of $1,000 in excess of $2,000, except that if all of the notes
of a registered holder are to be redeemed, the entire outstanding amount
of notes held by such registered holder, even if not a multiple of
$1,000, shall be redeemed.

This news release shall not constitute a notice of redemption with
respect to or an offer to purchase or sell (or the solicitation of an
offer to purchase or sell) any securities.

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. Our current operations
are principally focused in proven, producing oil and gas plays primarily
in the Eagle Ford Shale in South Texas and the Permian Basin in West
Texas.

Statements in this news release, including but not limited to those
relating to the proposed redemption, further debt reduction, the
disposition program including the timing and effects of either of them,
proceeds to be used for the redemption and other statements that are not
historical facts, are forward-looking statements that are based on
current expectations. Although Carrizo 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 terms of the redemption, further results of the
disposition program, other sources and uses of funds for Carrizo,
actions by purchasers and debt holders, results of operations, market
conditions, capital needs and uses and other risks and uncertainties
that are beyond Carrizo's control, including those described in
Carrizo's Form 10-K for the year ended December 31, 2016 and in its
other filings with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date on which such
statement is made, and Carrizo undertakes no obligation to correct or
update forward-looking information.