Carrizo Oil & Fuel Expands Operations in Permian Basin

Carrizo Oil & Fuel has successfully completed the acquisition of 10,000 additional acres in the Permian Basin, significantly expanding its operational footprint in one of North America's most productive oil and gas regions. This expansion has contributed to the corporation's record Q4 2024 financial results.

Acquisition Details

• Total acreage acquired: 10,000 acres
• Location: Core area of the Permian Basin
• Estimated reserves: 50 million barrels of oil equivalent
• Existing infrastructure included in acquisition

Strategic Importance

This expansion strengthens the corporation's position in the Permian Basin through:

• Increased operational scale and efficiency
• Access to premium drilling locations
• Enhanced infrastructure utilization
• Improved cost structure through economies of scale

Development Plans

The corporation has outlined a comprehensive development strategy, incorporating its new carbon capture technology:

• Initial development of 20 well locations in 2025
• Implementation of advanced drilling technologies
• Integration with existing operations
• Environmental impact minimization measures

"This strategic acquisition aligns perfectly with the corporation's growth strategy and strengthens its position as a leading operator in the Permian Basin. The additional acreage provides premium drilling locations and significant operational synergies."

Financial Impact