Carrizo Oil and Gas (CRZO) issued an operational update on its activities in the fourth quarter of 2009 on its acreage in the Marcellus Shale. The company has a 50% interest in 218,000 acres in the Marcellus Shale.
Carrizo Oil and Gas drilled 3 vertical wells into the Marcellus Shale on its properties in West Virginia. A fourth well is currently drilling, and the company is waiting for a permit on a fifth well.
Carrizo Oil and Gas has allocated $31 million in capital to be spent on the Marcellus Shale, and will drill nine horizontal wells in 2010.
The company is currently involved with its first horizontal well in the Marcellus Shale, which it is drilling in partnership with Stone Energy (SGY) The Loomis #4 is located in Susquehanna County, Pennsylvania, and Carrizo Oil and Gas has a 12% working interest in the well.