CARRIZO OIL & GAS, INC. IS A HOUSTON-BASED ENERGY COMPANY ACTIVELY ENGAGED IN THE EXPLORATION, DEVELOPMENT, AND PRODUCTION OF OIL AND GAS FROM RESOURCE PLAYS LOCATED IN THE UNITED STATES.
Our current operations are principally focused in proven, producing oil and gas shales primarily in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Niobrara Formation in Colorado, the Utica Shale in Ohio, and the Marcellus Shale in Pennsylvania.
We have grown our production and reserves over the last 10+ years by focusing on horizontal drilling and completion in unconventional resource plays. We are an industry leader in horizontal development drilling, having drilled and completed more than 800 extended-reach horizontal wells in approximately 15 different resource plays. The highly predictable nature of our drilling inventory provides us with a great deal of precision, as we can quickly and effectively adjust our activity in response to changes in commodity prices.
The company has accumulated significant expertise in the drilling and completion of complex extended reach horizontal wells in shale plays, from densely populated urban areas to difficult terrains. Our business strategy is to leverage this core competency in pursuing exploitation and development opportunities in the most prospective North American resource shale regions. This strategy has led to significant success the Eagle Ford Shale of South Texas where we are one of the lowest cost, fastest growing operators.
In April of 2010 we announced the initiation of oil focused horizontal development programs in the Eagle Ford Shale in South Texas where we have accumulated ~88,000 net acres and in the Niobrara Formation in Northeastern Colorado where we have accumulated ~32,100 net acres. We have experienced impressive results in both these areas with 100% drilling success and strong production growth. More recently, we have built a position in the emerging Utica Shale in Eastern Ohio, where we hold ~26,700 net acres, as well as the Wolfcamp Shale in the West Texas Delaware Basin, where we hold ~22,200 net acres. We also maintain an option on natural gas prices through our position in the Marcellus Shale in Appalachia, where we have accumulated ~17,700 net acres.
In 2015, we spent $544 million on oil and gas operations and have budgeted $430 million for 2016 activities.