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Baker Botts Represents Carrizo Oil & Gas, Inc. in $215 Million Acquisition of Devon Energy Corporation’s Delaware Basin Properties 

Release
Deal Description: August 14, 2018 – Carrizo Oil & Gas, Inc. (Nasdaq:CRZO) (“Carrizo”) announced that it has agreed to acquire Delaware Basin properties from Devon Energy Corporation (“Devon”) for $215 million in cash, subject to customary closing adjustments. 

Acquisition Highlights

Approximately 10,600 gross (9,600 net) acres located in the Delaware Basin in Reeves and Ward counties, with the majority of the position adjacent to Carrizo ’s existing acreage
High degree of operational control with more than 90% of net acreage operated
Minimal near-term drilling obligations as 94% of the acreage is held by production
Low average royalty of approximately 20%
Net production of approximately 2,500 Boe/d (60% oil) 
More than 100 net potential de-risked drilling locations identified across the Wolfcamp A and B based on 7,000-ft. laterals, with significant upside potential from additional zones, further delineation, and future downspacing
Includes salt-water disposal wells that can be integrated into Carrizo ’s system
Significant opportunities to generate efficiencies from increased scale, extension of lateral lengths, and integration of infrastructure

The acquisition is currently expected to close during the fourth quarter of 2018 and increases Carrizo’s acreage position in the Delaware Basin to approximately 46,000 net acres on a pro forma basis.

Baker Botts L.L.P. represented Carrizo in the acquisition.

Baker Botts Lawyers/Office Involved: 

Gene Oshman (Partner, Houston); Luke Burns (Associate, Houston); Justin Clune (Associate, Houston); Jon Lobb (Partner, Houston); Matthew Larsen (Partner, Houston); Jordan Hahn (Associate, Houston) 
 

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