HOUSTON–(BUSINESS WIRE)–Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced that it has commenced, subject to market and other conditions, an underwritten public offering of 9,500,000 shares of its common stock. The underwriters may offer the shares of common stock from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
Carrizo intends to use the net proceeds from the offering to fund the purchase price for the pending acquisition of assets from Devon Energy Production Company, L.P., as described in Carrizo’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2018, that is due at closing, and for general corporate purposes, including funding future potential acquisitions or a portion of its 2018 capital expenditure plan. Pending such uses, Carrizo intends to use the net proceeds from the offering to reduce borrowings under its revolving credit facility. If the pending acquisition is not consummated, Carrizo intends to use net proceeds from the offering for general corporate purposes, including funding future potential acquisitions or a portion of its 2018 capital expenditure plan.
In connection with the offering, Citigroup and Goldman Sachs & Co. LLC are serving as the joint book-running managers. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on October 25, 2017. Copies of the preliminary prospectus for the offering may be obtained from the offices of Citigroup Global Markets Inc., via telephone: (800) 831-9146 or standard mail c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, phone: (866) 471-2526, facsimile: (212) 902-9316, email: firstname.lastname@example.org.