Carrizo commences offering of 4.5M shares of common stock

Carrizo Oil & Gas Inc. (Nasdaq: CRZO), a Houston-based company that drills oil wells in Weld County, has begun a public offering of 4.5 million shares of its common stock.

Carrizo said Monday it intends to use proceeds from this offering, and any proceeds from the exercise of the underwriters’ option to purchase additional shares, to repay debt under its revolving credit facility and for general corporate purposes.

Carrizo has also granted the underwriters, Citigroup Global Markets Inc. and Goldman, Sachs & Co., an option to purchase as many as 675,000 additional shares.

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The underwriters propose to offer the shares of common stock from time to time for sale in one or more transactions in various markets.

Carrizo shares fell 2 points, or 4 percent, to close at $45.31 Tuesday.