Inactive Instrument

Carrizo Oil & Gas, Inc.

Equities

US1445771033

Carrizo (CRZO) Alert: Johnson Fistel Investigates Proposed Sale of Carrizo Oil & Gas, Inc.; Are Shareholders Getting a Fair Deal?

July 15, 2019 at 09:31 am EDT

SAN DIEGO, July 15, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) ("Carrizo") breached their fiduciary duties in connection with the proposed sale of the Company to Callon Petroleum Company ("Callon").

On July 15, 2019, Carrizo announced that it had signed a definitive merger agreement with Callon. Under the terms of the agreement, Carrizo shareholders will receive a fixed exchange ratio of 2.05 Callon shares for each share of Carrizo common stock they own. This represents $13.12 per Carrizo share based on Callon's closing common stock price on July 12, 2019.

Carrizo shareholders will be subject to the future price fluctuation of Callon's stock price. Following the news, in pre-market trading on July 15, 2019, Callon stock was trading down over 11%.

The investigation concerns whether the Carrizo board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Carrizo shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth; also one Wall Street analyst has a $41.00 price target on the stock. The 52-week high for Carrizo was $29.58.

If you are a shareholder of Carrizo and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.

Additionally, you can [Click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com

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View original content:http://www.prnewswire.com/news-releases/carrizo-crzo-alert-johnson-fistel-investigates-proposed-sale-of-carrizo-oil--gas-inc-are-shareholders-getting-a-fair-deal-300884701.html

SOURCE Johnson Fistel, LLP

Latest news about Carrizo Oil & Gas, Inc.

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Carrizo Oil & Gas, Inc.(NasdaqGM:CRZO) dropped from S&P 600 Energy	19-12-23	CI
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Carrizo Oil & Gas, Inc.(NasdaqGM:CRZO) dropped from S&P Composite 1500	19-12-23	CI
Carrizo Oil & Gas, Inc.(NasdaqGM:CRZO) dropped from NASDAQ Composite Index	19-12-23	CI
Callon Petroleum Company completed the acquisition of Carrizo Oil & Gas Inc. in a merger of equals transaction.	19-12-19	CI
Carrizo Oil & Gas, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2019	19-11-04	CI
Carrizo Oil & Gas, Inc. Reports Unaudited Consolidated Production Results for the Third Quarter and Nine Months Ended September 30, 2019	19-11-04	CI
Lion Point Supports Exploration of Sale Process of Carrizo Oil	19-10-29	CI
Carrizo Oil & Gas, Inc. Provides Production Guidance for the Third Quarter 2019	19-10-16	CI
Carrizo Oil & Gas, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2019	19-08-07	CI
Amerisur Resources : Oil company Amerisur snubs bid overture from French rival Maurel & Prom	19-07-22	RE
Carrizo Oil & Gas : Callon Petroleum to buy Carrizo in quest for strong cash flow	19-07-15	RE
Transcript : Carrizo Oil & Gas, Inc., Callon Petroleum Company - M&A Call	19-07-15
Callon Petroleum Company entered into a definitive agreement to acquire Carrizo Oil & Gas Inc. for approximately $750 million.	19-07-14	CI
Transcript : Carrizo Oil & Gas, Inc., Q1 2019 Earnings Call, May 08, 2019	19-05-08
Carrizo Oil & Gas, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2019	19-05-07	CI
Carrizo Oil & Gas, Inc. Provides Production Guidance for the Second Quarter and Full Year of 2019	19-05-07	CI
Lion Point Discusses with Carrizo Oil	19-05-06	CI
Carrizo Oil & Gas, Inc. Announces Fourteenth Amendment to Credit Agreement	19-03-28	CI
Transcript : Carrizo Oil & Gas, Inc., Q4 2018 Earnings Call, Feb 26, 2019	19-02-26
Carrizo Oil & Gas, Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2018	19-02-25	CI
Carrizo Oil & Gas, Inc. Reports Preliminary Production Results for the Fourth Quarter of 2018; Provides Production Guidance for the Year 2019 and First Quarter of 2019	19-02-06	CI

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Company Profile

Carrizo Oil & Gas, Inc. is an energy company. The Company is engaged in the exploration, development and production of oil and gas from resource plays located in the United States. Its operations are focused in proven, producing oil and gas plays in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania. As of December 31, 2016, the Company's proved reserves of 200 million barrels of oil equivalent (MMBoe) were 64% crude oil, 12% natural gas liquids (NGLs) and 24% natural gas. As of December 31, 2016, it operated approximately 94% of the wells in Eagle Ford in which it held an interest. As of December 31, 2016, it held an average interest of approximately 85% in these operated wells. As of December 31, 2016, it owned leases covering approximately 309,200 gross (179,179 net) acres in the Eagle Ford, Niobrara, Utica and the Delaware Basin areas.

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