UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of
Report (date of earliest event reported): May
9, 2007
CARRIZO
OIL & GAS, INC.
(Exact
name of registrant as specified in its charter)
Texas
|
000-22915
|
76-0415919
|
(State
or other jurisdiction of
|
(Commission
|
(I.R.S.
Employer
|
incorporation)
|
File
Number)
|
Identification
No.)
|
1000
Louisiana Street
Suite
1500
Houston,
Texas
|
77002
|
(Address
of principal executive offices)
|
(Zip
code)
|
|
|
Registrant’s
telephone number, including area code: (713)
328-1000
Not
applicable
(Former
name or former address, if changed since last report.)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
2.02. Results
of Operations and Financial Condition.
The
press
release by the Company dated May 9, 2007 concerning financial results for
the
quarter ended March 31, 2007, furnished as Exhibit 99.1 to this report, is
incorporated by reference herein. The press release contains measures which
may
be deemed “non-GAAP financial measures” as defined in Item 10 of Regulation S-K
of the Securities Exchange Act of 1934, as amended. We
discuss EBITDA, as defined in the press release, on a total and a per share
basis for the quarters ended March 31, 2006 and 2007. We believe that EBITDA,
as
defined, may provide additional information about our ability to meet our
future
requirements for debt service, capital expenditures and working capital.
EBITDA,
as defined, is a financial measure commonly used in the oil and natural gas
industry and should not be considered in isolation or as a substitute for
net
income, operating income, cash flows from operating activities or any other
measure of financial performance presented in accordance with generally accepted
accounting principles or as a measure of a company’s profitability or liquidity.
Because EBITDA, as defined, excludes some, but not all, items that affect
net
income, the EBITDA presented in the press release may not be comparable to
similarly titled measures of other companies. We discuss adjusted net income
excluding the non-cash after-tax items mark-to-market unrealized gain (loss)
on
derivatives and stock compensation expense on a total and a per share basis
for
the quarters ended March 31, 2006 and 2007. We believe that this information
will help investors compare results between periods and identify operating
trends that would otherwise be masked by the non-cash after-tax items. The
most
comparable GAAP financial measure, net loss, and information reconciling
the
GAAP and non-GAAP measures were also included in the press release.
None
of
the information furnished in Item 2.02 and the accompanying exhibit will
be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, nor will it be incorporated by reference into any registration
statement filed by the Company under the Securities Act of 1933, as amended,
unless specifically identified therein as being incorporated therein by
reference. The furnishing of the information in this report is not intended
to,
and does not, constitute a determination or admission by the Company, that
the
information in this report is material or complete, or that investors should
consider this information before making an investment decision with respect
to
any security of the Company.
Item
9.01. Financial
Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
|
|
Description
|
99.1
|
|
Press
Release dated May 9, 2007 Announcing Financial Results for the
First
Quarter 2007.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
CARRIZO
OIL & GAS, INC.
By: /s/
Paul F. Boling
Name: Paul
F.
Boling
Title: Vice
President and Chief Financial Officer
Date: May
9, 2007