Carrizo Oil & Gas, Inc. announced the Company's financial results for the second quarter of 2015 and provided an operational update, which included the following highlights: •Record Oil Production of 22,284 Bbls/d, 21% above the second quarter of 2014 •Total Production of 36,118 Boe/d, 8% above the second quarter of 2014 •Loss From Continuing Operations of $47.0 million, or ($0.92) per diluted share, and Adjusted Net Income (as defined below) of $20.4 million, or $0.39 per diluted share •Adjusted EBITDA (as defined below) of $127.5 million •Raising 2015 crude oil production growth target to 19%

Carrizo reported a second quarter of 2015 loss from continuing operations of $47.0 million, or ($0.92) per basic and diluted share compared to income from continuing operations of $3.2 million, or $0.07 per basic and diluted share in the second quarter of 2014. The loss from continuing operations for the second quarter of 2015 includes certain items typically excluded from published estimates by the investment community. Adjusted net income, which excludes the impact of these items as described in the statements of operations included below, for the second quarter of 2015 was $20.4 million, or $0.40 and $0.39 per basic and diluted share, respectively, compared to $32.4 million, or $0.72 and $0.70 per basic and diluted share, respectively, in the second quarter of 2014.

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