Exhibit 10.3

INCENTIVE PLAN OF CARRIZO OIL & GAS, INC.
 
Seventh Amendment
 
Carrizo Oil & Gas, Inc., a Texas corporation (the “Company”), having reserved
the right under Section 13 of the Incentive Plan of Carrizo Oil & Gas, Inc. (the
“Plan”), to amend the Plan for any purpose permitted by law, does hereby amend
the Plan as set forth below.
 
The Plan is hereby amended, effective May 23, 2006, to increase the aggregate
number of shares of the Company’s common stock available for issuance under the
Plan by deleting the number “2,350,000” from Section 5 of the Plan and replacing
said number with the number “2,800,000.”
 
IN WITNESS WHEREOF, this Amendment has been executed effective as of May 23,
2006.
 
CARRIZO OIL & GAS, INC.

/s/ Paul F. Boling   
Paul F. Boling
Vice President, Chief Financial Officer, Secretary and Treasurer
 

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