If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate) [X]
(a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
(c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
Part III – Narrative
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
On August 5, 2009, Carrizo Oil & Gas, Inc. (the “Company”) concluded that it would restate its financial statements as of and for the year ended December 31, 2008 and as of and for the three months ended March 31, 2009 after identifying certain non-cash errors largely caused by the fact that (1) the
ceiling test impairment calculations did not take into account correctly the deferred taxes related to the impairment expense and (2) certain unevaluated costs had been incorrectly classified in the full cost pool. Additional information about the restatement is included in the Company’s current report on Form 8-K filed on August 10, 2009. The Company plans to file an annual report on Form 10-K/A for the year ended December 31, 2008 and a quarterly report on Form 10-Q/A for the quarter
ended March 31, 2009 that contains a restatement of certain consolidated financial information. The restated financial statements for the year ended December 31, 2008 will also reflect the Company’s retroactive application, effective as of January 1, 2009, of the Financial Accounting Standards Board’s Staff Position (“FSP”) No. APB 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlements)”,
and FSP Emerging Issues Task Force 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities.”
As a result of the need to first complete and file the annual report on Form 10-K/A for the year ended December 31, 2008 and the quarterly report on Form 10-Q/A for the quarter ended March 31, 2009, the Company will require additional time to complete and file its quarterly report on Form 10-Q for the quarter
and six months ended June 30, 2009 incorporating the restatement of the quarter ended March 31, 2009.