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News Breaks | | | | October 4, 2012 | | 06:34 EDT |  | CRZO | Carrizo Oil & Gas enters $82.5M Nobrara joint venture
Carrizo Oil & Gas announced that it has entered into a joint venture agreement with subsidiaries of OIL India Ltd. and Indian Oil Corporation Ltd., both international energy companies based in Delhi, India. Pursuant to the agreement, OIL and Indian Oil Corp. have together acquired an undivided 30% non-operated interest in substantially all of Carrizo's assets and operations prospective for Niobrara Formation oil development located primarily in Weld and Adams Counties, Colorado for approximately $82.5M. Included in the transaction is the sale of approximately 18,100 net mineral acres and approximately 555 Boe/day, or 75% oil, of production from 24 gross currently producing Carrizo operated wells. Under the terms of the joint venture, Carrizo is receiving $41.25M in cash and an additional $41.25M in the form of a drilling carry that will be applied to fund a portion of Carrizo's share of future Niobrara development costs. The carry is anticipated to be fully utilized by early 2014. The transaction has an effective date of Oct. 1 and is subject to customary post-closing adjustments, consents and indemnities. | |
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