Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today provided the
following statement in response to the schedule 13D filed by Lion Point
Capital.
Carrizo welcomes regular and thoughtful engagement with its shareholders
and seriously considers all suggestions that may enhance shareholder
value. While the Company has a history of robust shareholder
communications, Carrizo does not comment on specific discussions with
shareholders.
Carrizo’s Board and management team are focused on creating shareholder
value by executing on the Company’s strategy of driving free cash flow
by generating prudent, high-return production growth and reducing
leverage. While the Company believes that its significant drilling
inventory in two of the highest-return plays in North America positions
it to deliver on these goals in the current pricing environment, its
Board and management team will continue to evaluate any and all
opportunities, including transactions with other companies, that could
generate superior returns for shareholders.
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 response to 13D filing, corporate strategy, goals,
growth, reducing leverage, evaluating opportunities, returns,
strengthening balance sheet, expectation of continuing communication,
shareholder value, 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 actions
and responses by shareholders and potential transaction parties, results
of operations, market conditions, capital needs and uses well costs,
results of wells and testing, failure of actual production to meet
expectations, performance of rig operators, availability of gathering
systems, costs of oilfield services, actions by governmental
authorities, joint venture partners, industry partners, lenders and
other third parties, actions by purchasers or sellers of properties,
integration and other risks and effects of acquisitions and
dispositions, risks regarding financing, commodity price changes,
effects of the global economy on exploration activity, results of and
dependence on exploratory drilling activities, operating risks,
right-of-way and other land issues, availability of capital and
equipment, weather and other risks and uncertainties, some of which are
beyond Carrizo's control, including those described in Carrizo's Form
10-K for the year ended December 31, 2017 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190506005535/en/
Copyright Business Wire 2019
Source: Business Wire
(May 6, 2019 - 12:00 PM EDT)
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