Carrizo Oil and Gas (CRZO) released an operational update on its exploration and development activities, and updated its progress in various unconventional resource basins, including the Marcellus Shale.
Carrizo Oil and Gas has 108,000 net acres under lease in the Marcellus Shale. In West Virginia, the company has drilled several vertical test wells and is starting to fracture the wells.
The company has acreage in Susquehanna County, Pennsylvania, and is conducting seismic operations on the acreage and plans to initiate a horizontal development program starting in the Fall 2010. Carrizo Oil and Gas plans 5 vertical, and 6 horizontal wells by the end of 2010.
Carrizo Oil and Gas also has acreage in New York, but any development there is on hold until regulations on drilling are finalized.