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Carrizo closes $246M sale of assets in Eagle Ford Shale

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Carrizo closes $246M sale of assets in Eagle Ford Shale

Carrizo Oil & Gas Inc. completed its sale of certain oil and gas assets in the Eagle Ford Shale, receiving about $212 million in proceeds.

The proceeds exclude a deposit of $24.5 million previously made with the company. Carrizo expects to receive a total of $246 million in total, including post-closing adjustments. As of the third quarter of 2017, the assets yielded about 3,400 barrels of oil equivalent per day of associated net production, composed of 63% oil, 19% gas and 18% NGLs.

In addition, the Houston-based oil and gas producer called for redemption of $220 million of its 7.50% senior notes due 2020, representing about 49% of the outstanding notes as of Feb. 1. The redemption price was set at 101.875% of the principal amount, plus accrued and unpaid interest.