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Carrizo's next credit facility redetermination is scheduled in the first quarter of 2009. The Company expects the growth in reserves and new production resulting from the Company's fourth quarter Barnett development activity should have a favorable impact on this redetermination.

About the Company

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation, and production of oil and natural gas primarily in the Barnett Shale in North Texas and 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 that are not historical facts, including those related to funding of development plans, financial flexibility, growth in reserves, new production and future borrowing base levels, 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 market and other conditions, capital needs and uses, commodity price changes, effects of the global financial crisis on exploration activity and other risks described in Carrizo's Form 10-K for the year ended December 31, 2007 and its other filings with the Securities and Exchange Commission.

     Contact:  Carrizo Oil & Gas, Inc.
               Richard Hunter, Vice President of Investor Relations
               B. Allen Connell, Consultant
               Paul F. Boling, Chief Financial Officer
               (713) 328-1000

SOURCE Carrizo Oil & Gas, Inc.

1. Disaster preparedness

-- Disaster Preparedness Guidelines (http://www.taa.org/assets/PDF/Hurricane%20resources/disaster% 20preparation%20guidelines.pdf), which were developed by TAA's general counsel and include specific information for rental housing owners regarding preparation for a natural disaster and crisis planning

-- Notice to Community Residents about Hurricane Warning (http://www.taa.org/assets/PDF/Hurricane%20resources/notice%20 to%20community%20residents%20about%20hurricane%20warning.pdf), which includes a form developed by TAA to provide information to your residents in advance of a hurricane, as well as a disaster preparedness guide from FEMA and the American Red Cross

-- Preparation Information from the Texas Extension Disaster Education Network (http://texashelp.tamu.edu/004-natural/hurricanes.php), and

-- Are You Ready? An In-Depth Guide to Citizen Preparedness (http://www.fema.gov/pdf/areyouready/areyouready_full.pdf), which is a very detailed guide to disaster preparedness developed by FEMA.

2. Property damage and other post-disaster issues

-- Rental Housing Owners Rights and Legal Responsibilities After a Natural Disaster (http://www.taa.org/assets/PDF/Hurricane%20resources/rental%20 housing%20owners%20rights%20and%20legal%20responsibilities%20 after%20a%20natural%20disaster.pdf), an article from TAA's 2008-09 REDBOOK, and

-- Q&A Regarding Property Damage Caused by a Natural Disaster (http://www.taa.org/assets/PDF/Hurricane%20resources/q&a%20 regarding%20property%20damage%20caused%20by%20a%20natural%20 disaster.doc).

3. Notices and forms that members can use to communicate with their residents both before and after a natural disaster

-- Emergency Post-Disaster Notice to Our Residents (http://www.taa.org/assets/PDF/Hurricane%20resources/emergency %20post%20disaster%20notice%20to%20our%20residents.doc)

-- Lease Addendum for Temporary Increase of Occupancy (http://www.taa.org/assets/PDF/Hurricane%20resources/lease%20 addendum%20allowing%20temporary%20increased%20occupancy%20 because%20of%20fire%20or%20natural%20disaster.doc) and Information Sheet for Occupants (http://www.taa.org/assets/PDF/Hurricane%20resources/ information%20sheet%20for%20occupants.pdf)

-- Termination Notice Due to Natural Disaster (http://www.taa.org/assets/PDF/Hurricane%20resources/ termination%20notice%20due%20to%20natural%20disaster.doc)

-- Sample Letter to Residents Regarding Housing Assistance Before Rent Is Due (http://www.taa.org/assets/PDF/Hurricane% 20resources/sample%20letter%20to%20residents%20regarding%20 housing%20assistance%20before%20rent%20is%20due.doc)

-- Sample Letter to residents Regarding Housing Assistance Post Rent Due (http://www.taa.org/assets/PDF/Hurricane%20 resources/sample%20letter%20to%20residents%20regarding%20 housing%20assistance%20post%20rent%20due.doc), and

-- Lease Addendum for Residents Receiving Direct Assistance from FEMA Due to Natural Disaster (http://www.taa.org/assets/PDF/Hurricane%20resources/lease%20 addendum%20for%20residents%20receiving%20direct%20assistance %20from%20fema%20due%20to%20natural%20disaster.doc).

(Due to the length of URLs above, it may be necessary to copy and paste them into your Internet browser's URL address field.You may also need to remove an extra space in the URL if one exists.)

"Many of the resources we have developed are tried and tested, and were used by rental housing owners who were affected during Hurricane Rita, as well as by those who housed hurricane evacuees after Hurricanes Rita and Katrina," said George B. Allen, CAE, TAA Executive Vice President. "While we certainly are hoping that our rental housing owners won't need these resources, we want to ensure that they are well prepared in the event of a disaster, like Hurricane Ike."

In addition to posting information on its website, TAA is communicating directly with its members in areas that may be impacted by Hurricane Ike, encouraging them to make use of these valuable resources.

TAA has also posted resources for renters on the "Disaster Preparedness and Response" page of its website's "Renter Info" section (www.taa.org/renterinfo/disaster-preparedness).

The Texas Apartment Association is a trade association representing rental housing owners, managers and companies that supply services to the rental housing industry. The Austin-based association has more than 10,000 members who own or manage more than 1.7 million rental housing units in Texas. TAA has 25 local affiliated associations in markets around the state.

SOURCE: Texas Apartment Association

Texas Apartment Association 
Glenda R. Holmes, ABC, 512-479-6252 
TAA Vice President of Communications and Marketing 
glenda@taa.org

"These two results may be due to the same, or different, astrophysical phenomenon," said Jordan Goodman, a University of Maryland professor of physics and principal investigator for Milagro. "However, they both suggest the presence of high-energy particle acceleration in the vicinity of the earth. Our new findings [published in the November 24 issue of Physical Review Letters] point to general locations for the localized excesses of cosmic-ray protons observed with the Milagro observatory."

Cosmic rays are actually charged particles, including protons and electrons that are accelerated to high energies from sources both outside and inside our galaxy. It's unknown exactly what these sources are, but scientists theorize they may include supernovae -- massive stars that explode -- quasars or perhaps from other even more exotic, less-understood sources within the universe. Until recently, it was widely held that cosmic-ray particles came toward Earth uniformly from all directions. These new findings are the strongest indications yet that the distribution of cosmic rays is not so uniform.

When these high energy cosmic ray particles strike the Earth's atmosphere, a large cascade of secondary particles are created in an extensive "air shower." The Milagro observatory -- located in a 60m x 80m x 8m covered pond in the Jemez Mountains near Los Alamos, New Mexico -- "sees" cosmic rays by observing the energetic secondary particles that make it to the surface.

Jordan and his Milagro colleagues used the cosmic-ray observatory to peer into the sky above the northern hemisphere for nearly seven years starting in July 2000. The Milagro observatory is unique in that it monitors the entire sky above the northern hemisphere. Its design and field of view, made it possible for the observatory to record over 200 billion cosmic-ray collisions with the Earth's atmosphere.

This allowed researchers for the first time to see statistical peaks in the number of cosmic-ray events originating from relatively small regions of the sky. Milagro observed an excess of cosmic ray protons in an area above and to the right of Orion, near the constellation Taurus. The other hot spot is a comma-shaped region in the sky near the constellation Gemini.

"Whatever the source of the protons we observed with Milagro, their path to Earth is deflected by the magnetic field of the Milky Way so that we cannot directly tell exactly where they originate," said Goodman. "And whether the regions of excess seen by Milagro actually point to a source of cosmic rays, or are the result of some other unknown nearby effect is an important question raised by our observations."

Even more revelatory observations of cosmic rays and further help solving the mystery of the origin of cosmic rays may come in the form of a new observatory that Jordan and his fellow U.S. Milagro scientists have partnered with colleagues in Mexico to propose to the National Science Foundation. This second-generation experiment named the High Altitude Water Cherenkov experiment (HAWC) would be built at a high-altitude site in Mexico.

More about Milagro

The National Science Foundation (NSF) funded construction of the Milagro through the University of Maryland. Maryland and the Los Alamos National Laboratory are the lead research institutions in Milagro, joined by scientists from 14 other U.S. institutions. The observatory's work was funded by NSF, the US Department of Energy, Los Alamos National Laboratory, and the University of California. For more information on Milagro and HAWC, visit the University of Maryland HAWC website: http://hawc.umd.edu or contact Jordan Goodman, University of Maryland, 301-405-6033 (goodman@umdgrb.umd.edu) or Brenda Dingus, Los Alamos National Laboratory, (dingus@lanl.gov).

Latest results: "Discovery of localized regions of excess 10-TeV cosmic rays," A. A. Abdo, B. Allen, et al., Physical Review Letters.

Explore the ATIC

The Advanced Thin Ionization Calorimeter (ATIC) is an investigation directed to resolving fundamental questions about the shape of the elemental differential energy spectra from the low energy region through the highest practical energies. This ATIC investigation takes advantage of the existing NASA long-duration balloon flight capability in Antarctica and/or the Northern Hemisphere (e.g. Fairbanks). More at: http://www.atic.umd.edu/atic.html

Latest ATIC results: "An excess of cosmic ray electrons at energies of 300-800 GeV," J. Chang, J. H. Adams, et al., Nature 456, 362-365 (20 November 2008

UM Conceived Experiment Finds Mysterious Cosmic Radiation http://www.newsdesk.umd.edu/scitech/release.cfm?ArticleID=1793

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