Re:     Reserves
Evaluation to the Interests of Carrizo Oil & Gas, Inc.
Camp Hill Field Heavy Oil Properties, Anderson County, Texas
  heavy oil
 proved developed proved undeveloped reserves.




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Carrizo Oil & Gas, Inc.
    
    Camp Hill Field Reserve Study
Anderson County, TX
 SUMMARY
ESTIMATED PROVED RESERVES AND FUTURE CASH FLOWS  CAMP HILL FIELD, ANDERSON CO., TX
TO THE INTERESTS OF CARRIZO OIL & GAS, INC., EFFECTIVE
1/1/2009
 Net
    
    

Future
Cash Flows, Before NPI (M$)Reserves Mbbls
    
    
    Undiscounted
    
    
    Discounted at 10%Existing Patterns18 Pattern-Proved Producing
    
    
    3.4
    
    
    
    -218.6
    
    
    
    -208.518 Pattern-Proved Non-Producing
    
    
    716.7
    
    
    
    14,886.5
    
    
    
    11,458.718 Pattern Proved-Developed
    
    
    720.1
    
    
    
    14,667.9
    
    
    
    11,250.310 Pattern-Proved Producing
    
    
    8.3
    
    
    
    -149.4
    
    
    
    -142.510 Pattern-Proved Non-Producing
    
    
    0.0
    
    
    
    0.0
    
    
    
    0.010 Pattern Proved-Developed
    
    
    8.3
    
    
    
    -149.4
    
    
    
    -142.5Royal Proved Producing
    
    
    0.6
    
    
    
    -4.6
    
    
    
    -4.4Rosson Proved Producing
    
    
    0.3
    
    
    
    -6.2
    
    
    
    -5.9Hanks Proved Producing
    
    
    0.2
    
    
    
    -13.3
    
    
    
    -12.7Gilbert Proved Producing
    
    
    0.0
    
    
    
    -4.4
    
    
    
    -4.2Moore B Proved Developed Non-Producing
    
    
    125.3
    
    
    
    2,739.9
    
    
    
    2,127.0Hanks Proved Developed Non-Producing
    
    
    25.3
    
    
    
    537.2
    
    
    
    417.9Temple Eastex Proved Developed Non-Producing
    
    
    70.0
    
    
    
    1,495.3
    
    
    
    1,161.6C. Rosson Proved Developed Non-Producing
    
    
    40.1
    
    
    
    869.7
    
    
    
    675.2Royal Proved Developed Non-Producing
    
    
    2,219.3
    
    
    
    48,252.2
    
    
    
    30,020.6Total Proved-Developed
    
    
    3,209.6
    
    
    
    68,384.3
    
    
    
    45,483.0Future PatternsDelaney A Lease
    
    
    846.2
    
    
    
    14,618.5
    
    
    
    3,927.8Temple Eastex C Lease
    
    
    1,347.7
    
    
    
    25,685.1
    
    
    
    5,670.0Moore A Lease
    
    
    134.9
    
    
    
    2,421.6
    
    
    
    397.9Hanks Lease
    
    
    192.7
    
    
    
    2,767.5
    
    
    
    1,255.5C, Rosson
    
    
    1,610.5
    
    
    
    27,476.8
    
    
    
    9,771.8Royall
    
    
    858.1
    
    
    
    14,959.8
    
    
    
    6,335.1Total Proved Undeveloped
    
    
    4,990.2
    
    
    
    87,929.2
    
    
    
    27,358.1Total Proved
    
    
    8,199.8
    
    
    
    156,313.5
    
    
    
    72.841.1
 FUTURE
CASH FLOW  TOTAL PROJECT BY YEAR (AFTER NPI)
 Future Cash Flows After NPI (M$)Year
    
    Undiscounted
    
    
    Discounted at 10%2009
    
    
    -2,903.6
    
    
    
    -2,768.52010
    
    
    4,718.7
    
    
    
    4,090.12011
    
    
    19,400.2
    
    
    
    15,287.12012
    
    
    9,249.2
    
    
    
    6,625.72013
    
    
    8,983.8
    
    
    
    5,850.52014
    
    
    13,086.8
    
    
    
    7,747.72015
    
    
    11,119.6
    
    
    
    5,984.62016
    
    
    6,722.0
    
    
    
    3,288.92017
    
    
    11,781.4
    
    
    
    5,240.42018
    
    
    9,716.4
    
    
    
    3,928.92019
    
    
    5,577.2
    
    
    
    2,050.22020
    
    
    5,982.2
    
    
    
    1,999.22021
    
    
    10,247.7
    
    
    
    3,113.32022
    
    
    7,397.9
    
    
    
    2,043.22023
    
    
    9,299.3
    
    
    
    2,334.82024
    
    
    6,853.0
    
    
    
    1,564.22025
    
    
    7,840.9
    
    
    
    1,627.02026
    
    
    3,332.9
    
    
    
    628.72027
    
    
    1,922.3
    
    
    
    329.72028
    
    
    425.1
    
    
    
    66.32029
    
    
    29.3
    
    
    
    4.2TOTAL
    
    
    150,782.2
    
    
    
    71,036.0
 February 13, 2009
    
    Page 2
    
    Fairchild & Stan




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Carrizo Oil & Gas, Inc.
    
    Camp Hill Field Reserve Study
Anderson County, TX
        
  
  February 13, 2009
    
    Page 3
    
    Fairchild & Stan