Carrizo Oil & Gas has announced a new strategy to significantly increase its crude oil and liquids production and reserves by early next year
The firm plans to make acquisitions in a condensate and natural gas liquids play in the Eagle Ford Shale Formation in Texas and in the oil play in the Niobrara Formation in Colorado, USA.
Carrizo has increased its capital budget to $225m, of which $30m will tie up the Eagle Ford acreage and $25m will be used to buy rights to about 50,000 acres in the Niobrara shale.
The firm will offer 2.5 million shares of stock to fund the increase from the previously announced target of $170m.