B Allen

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

The conference is not being webcast, however a visual copy of the presentation can be accessed on the Company website, http://www.crzo.net, clicking on "Links" and then clicking on "Credit Suisse Energy Conference 9/25/08" (visual only).

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 proven trends in the Barnett Shale area in North Texas and along the onshore Texas and Louisiana Gulf Coast regions. The Company is also engaged in exploration and development activities in the U.K. North Sea. Carrizo controls significant prospective acreage blocks and utilizes advanced 3-D seismic techniques to identify potential oil and gas reserves and drilling opportunities.

     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.

http://www.crzo.net

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 proven trends in the Barnett Shale area in North Texas and along the onshore Texas and Louisiana Gulf Coast regions. The Company is also engaged in exploration and development activities in the U.K. North Sea. Carrizo controls significant prospective acreage blocks and utilizes advanced 3-D seismic techniques to identify potential oil and gas reserves and drilling opportunities.

     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.

Revenues for the three months ended June 30, 2008 were $64.8 million, 97 percent higher than the $32.9 million during the quarter ended June 30, 2007. The increase in revenue was driven primarily by increased natural gas production and higher realized natural gas prices. Production volumes during the three months ended June 30, 2008 were 6.1 Bcfe (67.1 MMcfe/d), 45 percent higher compared to 4.2 Bcfe (46.2 MMcfe/d) during the second quarter of 2007. Carrizo's average natural gas sales price increased 34 percent to $10.12 per Mcf compared to $7.54 per Mcf in the second quarter of 2007 and the average oil sales price increased 92 percent to $122.95 per barrel compared to $64.25 per barrel during the second quarter of 2007. The above prices exclude the cash effect of hedging activities -- prices, including the cash effect of hedges, are presented in the table below.

For the quarter ended June 30, 2008, the Company reported adjusted net income of $19.4 million, or $0.64 and $0.62 per basic and diluted share, excluding the $32.0 million non-cash and/or non-recurring, after-tax expense comprised of (1) the mark-to-market unrealized loss of $25.2 million on derivatives, (2) the stock compensation expense of $0.9 million, (3) the $3.7 million loss on early extinguishment of debt under the Second Lien Facility, and (4) the $2.2 million loss on cash settled interest swaps associated with the termination of the Second Lien Debt facility. The Company reported a net loss of $12.6 million, or $0.42 per basic and diluted share, respectively, for the three months ended June 30, 2008, as compared to net income of $8.1 million, or $0.32 and $0.31 per basic and diluted share, respectively, for the same quarter during 2007.

EBITDA (earnings before interest, income tax, depreciation and amortization expenses, and other non-cash and/or non-recurring items, including the loss on early extinguishment of the Second Lien Debt facility in May 2008) during the second quarter of 2008 was $45.2 million, or $1.49 and $1.45 per basic and diluted share, respectively, as compared to $24.3 million, or $0.94 and $0.91 per basic and diluted share, respectively, during the second quarter of 2007.

Lease operating expenses (excluding production taxes) increased to $7.6 million during the three months ended June 30, 2008 as compared to $4.4 million for the second quarter of 2007, largely due to the increased well count of the Barnett Shale wells and increased transportation costs.

Depreciation, depletion and amortization expenses ("DD&A") were $13.9 million during the three months ended June 30, 2008 ($2.27 per Mcfe) as compared to $10.8 million ($2.57 per Mcfe) during the second quarter of 2007. The increase in DD&A expense was due primarily to an increase in production volumes partially offset by a decrease in the DD&A rate attributable to lower overall finding costs of new reserves.

General and administrative expenses ("G&A") increased to $4.2 million during the three months ended June 30, 2008 from $3.6 million during the same quarter of 2007. The increase in G&A was primarily a result of (1) an increase in compensation and other employee-related expenses and (2) increased legal and consulting fees.

Non-cash stock-based compensation expense was $1.5 million ($0.9 million after tax) for the three months ended June 30, 2008 compared to $1.0 million ($0.7 million after tax) for the same period in 2007.

Net loss on derivatives was $48.2 million during the three months ended June 30, 2008, comprised of (1) $38.7 million ($25.2 million after tax) for the unrealized mark-to-market, non-cash loss on derivatives (comprised of a $43.7 million loss on oil and gas derivatives and a $5.0 million gain on interest rate swaps), (2) a $5.2 million loss for cash settled oil and gas derivatives, (3) a $1.0 million realized loss on the Second Lien Facility interest rate swaps outstanding through May 27, 2008 and (4) a $3.3 million loss on the early settlement of the interest rate swaps in connection with the termination of the Second Lien Facility.

Interest expense, net of amounts capitalized, was $1.3 million for the three months ended June 30, 2008 compared to $3.8 million for the three months ended June 30, 2007. The decrease is largely attributable to the decline in interest rates in 2008.

    Results for the Six Months Ended June 30, 2008 --

    --  Record Production of 12.4 Bcfe, or 68,320 Mcfe/d.

    --  Record Revenue of $118.4 million.

    --  Net Loss of $17.9 million, or Record Adjusted Net income of $33.9
        million before the non-cash and/or non-recurring net charges noted
        below.

    --  Record EBITDA, as defined below, of $84.6 million.

Revenues for the six months ended June 30, 2008 increased by $62.9 million to $118.4 million from $55.5 million during the six months ended June 30, 2007. The increase in revenues was primarily driven by higher natural gas production and higher realized natural gas and oil prices. Production volumes during the six months ended June 30, 2008 were 12.4 Bcfe (68.3 MMcfe/d), 67 percent higher compared to 7.4 Bcfe (40.9 MMcfe/d) during the first half of 2007. Production increased due to the addition of new Barnett Shale wells and the addition of and successful recompletion of wells in the Gulf Coast area. Carrizo's average natural gas sales price increased 26 percent to $9.07 compared to $7.21 per Mcf in the same period of 2007, and the average oil sales price increased 80 percent to $108.79 per barrel from $60.33 per barrel during the first half of 2007.

For the six months ended June 30, 2008, the Company reported record, adjusted net income of $33.9 million, or $1.15 and $1.13 per basic and diluted share, respectively, excluding the $51.9 million of non-cash and/or non-recurring after-tax expenses, comprised of (1) the mark-to-market unrealized loss of $44.1 million on derivatives, (2) the stock compensation expense of $1.9 million, (3) the $3.7 million loss on the early extinguishment of debt under the Second Lien Facility, and (4) the $2.2 million loss on the cash settled interest rate swap associated with the termination of the Second Lien Debt facility. The Company reported a net loss of $17.9 million, or $0.61 per basic and diluted share, respectively, for the six months ended June 30, 2008, as compared to net income of $5.6 million, or $0.22 and $0.21 per basic and diluted share, respectively, for the same period during 2007.

EBITDA (earnings before interest, income tax, depreciation and amortization expenses, and other non-cash and/or non-recurring items, including the loss on early extinguishment of the Second Lien Debt facility in May 2008) during the first half of 2008 was $84.6 million, or $2.86 and $2.83 per basic and diluted share, respectively, as compared to $40.7 million, or $1.59 and $1.54 per basic and diluted share, respectively, during the first half of 2007.

Lease operating expenses (excluding production taxes) increased to $14.8 million during the six months ended June 30, 2008 as compared to $8.4 million for the same period of 2007, largely due to the increased well count of the Barnett Shale wells and higher transportation and other production costs.

Depreciation, depletion and amortization expenses ("DD&A") were $28.0 million during the six months ended June 30, 2008 ($2.25 per Mcfe) as compared to $18.8 million ($2.54 per Mcfe) during the same period of 2007. The increase in DD&A expense was due primarily to an increase in production volumes partially offset by a decrease in the DD&A rate attributable to lower overall finding costs of new reserves.

General and administrative expenses ("G&A") increased to $9.2 million during the six months ended June 30, 2008 from $7.5 million during the same period of 2007. The increase in G&A was primarily a result of (1) an increase in compensation and other employee-related expenses and (2) increased legal and consulting fees.

Non-cash, stock-based compensation expense was $3.0 million ($1.9 million after tax) for the six months ended June 30, 2008 compared to $2.0 million ($1.3 million after tax) for the same period in 2007.

Net loss on derivatives was $78.0 million during the six months ended June 30, 2008, comprised of (1) $67.8 million ($44.1 million after tax) for the unrealized mark-to-market, non-cash loss on derivatives (comprised of a $70.6 million loss on oil and gas derivatives and a $2.8 million gain on interest rate swaps), (2) a $5.7 million loss for cash settled oil and gas derivatives, (3) a $1.2 million realized loss on the Second Lien Facility interest rate swaps outstanding through May 27, 2008 and (4) a $3.3 million loss on the early settlement of the interest rate swaps in connection with the termination of the Second Lien Facility.

Interest expense, net of amounts capitalized, was $4.1 million for the six months ended June 30, 2008 compared to $7.3 million for the same period in 2007. The decrease is largely attributable to the decline in interest rates in 2008.

"We had an excellent quarter," said S.P. "Chip" Johnson IV, Carrizo's President and CEO, "earning record revenues and EBITDA despite bringing online very few new Barnett Shale wells. Our continued focus on drilling in the Barnett Shale, with six operated rigs running, has built up a significant inventory of drilled wells to be completed and brought online in the next four to five months and represents an estimated 78 MMcfe/d of initial net rate. Two frac crews are currently operating."

"We've had continued success in our leasing efforts year-to-date, (1) growing our high-quality acreage position in the Tarrant County Barnett Shale by over 5,500 net acres and at a faster rate than our aggressive development pace, and (2) increasing our position in the Marcellus Shale to over 80,000 net acres in leases and options."

"We were also very successful raising additional capital through our convertible debt offering in May which raised $374 million and put us in a strong liquidity position going forward."

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 proven trends in the Barnett Shale area in North Texas and along the onshore Texas and Louisiana Gulf Coast regions. The Company is also engaged in exploration and development activities in the U.K. North Sea. 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, including but not limited to those relating to the Company's or management's intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, including potential effects or timing, cash flow, the expected timing of drilling of additional wells, expected high rate wells, timing of production, timing of testing, scheduled pipeline hookup, liquidity position and other statements that are not historical facts are forward looking statements that are based on current expectations. Although the Company 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 results and dependence on exploratory drilling activities, operating risks, oil and gas price levels, land issues, availability of equipment, weather and other risks described in the Company's Form 10-K for the year ended December 31, 2007 and its other filings with the Securities and Exchange Commission.

                       (Financial Highlights to Follow)



                           CARRIZO OIL & GAS, INC.
                           STATEMENTS OF OPERATIONS
                                 (unaudited)

                            THREE MONTHS ENDED          SIX MONTHS ENDED
                                 JUNE 30,                   JUNE 30,
                             2008         2007          2008         2007

    Oil and natural gas
     revenues             $64,792,031  $32,890,857  $118,352,437  $55,503,089

    Costs and expenses:
       Lease operating
        expenses            7,629,191    4,424,920    14,829,469    8,440,692
       Production tax       1,599,288    1,135,489     2,791,250    1,822,681
       Depreciation,
        depletion and
        amortization       13,865,099   10,804,772    27,951,720   18,842,563
       General and
        administrative
        expenses            4,167,632    3,601,859     9,276,308    7,501,059
       Accretion expense
        related to asset
        retirement
        obligations            57,938       88,211       115,877      176,421
       Bad debt expense       (95,845)    (275,946)     (166,246)    (275,946)
       Stock-based
        compensation
        expense             1,507,876    1,013,175     2,987,872    1,991,983

    Total costs and
     expenses              28,731,179   20,792,480    57,786,250   38,499,453

    Operating income       36,060,852   12,098,377    60,566,187   17,003,636

    Mark-to-market gain
     (loss) on
     derivatives, net     (38,752,387)   3,678,773   (67,821,157)  (4,383,074)
    Realized gain (loss)
     on derivatives, net   (6,134,291)     401,719    (6,881,098)   2,752,664
    Loss on asset sale            -            -          (3,675)         -
    Other income and
     expenses, net            (19,817)     140,269        51,352      255,783
    Interest income            59,792      110,487       208,078      454,663
    Interest expense,
     net of amounts
     capitalized (1)       (1,314,780)  (3,810,633)   (4,051,213)  (7,278,799)
    Loss on early
     settlement of
     interest rate swap
     on Second Lien debt   (3,340,003)         -      (3,340,003)         -
    Loss on early
     extinguishment of
     Second Lien debt      (5,705,796)         -      (5,705,796)         -

    Income before income
     taxes                (19,146,430)  12,618,992   (26,977,325)   8,804,873

    Income tax expense     (6,524,318)   4,482,193    (9,059,612)   3,212,797

    Net income (loss)
     available to common
     shares              $(12,622,112)  $8,136,799  $(17,917,713)  $5,592,076

    ADJUSTED net income
     available to common
     shares (2)           $19,364,529   $6,224,795   $33,879,865   $9,556,498

    EBITDA (see table
     below)               $45,241,812  $24,270,577   $84,625,664  $40,747,104

    Basic net income
     (loss) per common
     share                     $(0.42)       $0.32        $(0.61)       $0.22

    Diluted net income
     (loss) per common
     share                     $(0.42)       $0.31        $(0.61)       $0.21

    ADJUSTED basic net
     income per common
     share (2)                  $0.64        $0.24         $1.15        $0.37

    ADJUSTED diluted net
     income per common
     share (2)                  $0.62        $0.23         $1.13        $0.36

    Basic weighted
     average common
     shares outstanding    30,296,421   25,701,891    29,547,576   25,680,076

    Diluted weighted
     average common
     shares outstanding    31,108,602   26,553,041    29,952,385   26,508,213

    (1)  Interest
          expense, net of
          amounts
          capitalized,
          consists of the
          following:

         Gross interest
          expense         $(4,942,192) $(6,529,313)  (11,397,071) (12,683,909)
         Capitalized
          interest          3,627,412    2,718,680     7,345,858    5,405,110

    (2)  Excludes the impact of non-cash and/or non-recurring mark-to-market
         gain (loss) on derivatives, stock-based compensation, bad debt
         expense, loss on early extinguishment of Second Lien Debt and loss on
         early settlement of interest rate swap on Second Lien Debt.



                           CARRIZO OIL & GAS, INC.
                           CONDENSED BALANCE SHEETS

                                                 6/30/2008         12/31/07
                                                (unaudited)
    ASSETS:
      Cash and cash equivalents                 $12,045,020       $8,026,161
      Fair value of derivative financial
       instruments                                    -            1,828,934
      Other current assets                       41,632,846       31,760,470
      Deferred income taxes                      15,004,608              324
      Property and equipment, net               937,078,519      646,810,129
      Other assets                               12,113,454        9,166,029
      Investments                                10,738,266       11,070,814

    TOTAL ASSETS                             $1,028,612,713     $708,662,861

    LIABILITIES AND EQUITY:
      Accounts payable and accrued
       liabilities                              $81,727,910      $49,700,330
      Fair value of derivative financial
       instruments                               42,870,313        2,250,766
      Current maturities of long-term
       debt                                           -           39,717,559
      Long-term debt, net of current
       maturities                               389,750,000      252,250,000
      Deferred income taxes                      50,727,245       46,320,253
      Other liabilities                          34,342,738        7,702,153
      Equity                                    429,194,507      310,721,800

    TOTAL LIABILITIES AND EQUITY             $1,028,612,713     $708,662,861

      Income tax expense (benefit) for the three-month periods ended June 30,
      2008 and 2007 include a $(6,701,251) and $4,381,354, respectively,
      provision for deferred income taxes and a $176,933 and $100,839
      respectively, provision for currently payable franchise taxes.



                           CARRIZO OIL & GAS, INC.
                             NON-GAAP DISCLOSURES
                                 (unaudited)


    Reconciliation of       THREE MONTHS ENDED          SIX MONTHS ENDED
     Net Income to EBITDA         JUNE 30,                   JUNE 30,
                             2008         2007          2008         2007

    Net Income           $(12,622,112)  $8,136,799  $(17,917,713)  $5,592,076

    Adjustments:
      Depreciation,
       depletion and
       amortization        13,865,099   10,804,772    27,951,720   18,842,563
      Unrealized mark-
       to-market (gain)
       loss on
       derivatives         38,752,387   (3,678,773)   67,821,157    4,383,074
      Interest expense,
       net of amounts
       capitalized and
       interest income      1,254,988    3,700,146     3,843,135    6,824,136
      Income tax expense
       (benefit)           (6,524,318)   4,482,193    (9,059,612)   3,212,797
      Loss on asset sale          -            -           3,675          -
      Stock based
       compensation
       expense              1,507,876    1,013,175     2,987,872    1,991,983
        Bad debt expense      (95,845)    (275,946)     (166,246)    (275,946)
      Accretion expense
       related to asset
       retirement
       obligations             57,938       88,211       115,877      176,421
      Loss on early
       settlement of
       interest rate
       swap on Second
       Lien debt            3,340,003          -       3,340,003          -
      Loss on early
       extinguishment of
       Second Lien debt     5,705,796          -       5,705,796          -

    EBITDA, as defined    $45,241,812  $24,270,577   $84,625,664  $40,747,104

    EBITDA per basic
     common share               $1.49        $0.94         $2.86        $1.59

    EBITDA per diluted
     common share               $1.45        $0.91         $2.83        $1.54



                           CARRIZO OIL & GAS, INC.
                        PRODUCTION VOLUMES AND PRICES
                                 (unaudited)

    Production volumes-

        Oil and condensate
        (Bbls)                 47,525       62,894       100,545      123,055
        Natural gas (Mcf)   5,816,531    3,826,767    11,830,996    6,672,052
        Natural gas
         equivalent (Mcfe)  6,101,681    4,204,131    12,434,266    7,410,382


    Average sales prices-

        Oil and condensate
         (per Bbl)            $122.95       $64.25       $108.79       $60.33
        Oil and condensate
         (per Bbl) - with
         hedge impact         $113.90       $64.25       $100.57       $60.33
        Natural gas (per Mcf)  $10.12        $7.54         $9.07        $7.21
        Natural gas (per Mcf)
          - with hedge impact   $9.30        $7.63         $8.66        $7.60
        Natural gas equivalent
         (per Mcfe)            $10.61        $7.82         $9.51        $7.49



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

SOURCE Carrizo Oil & Gas, Inc.