Carrizo earns $9.4M profit

Carrizo Oil & Gas Inc., which operates in Weld County, reported net income of $9.4 million during the first quarter, the company said Tuesday.

Carrizo, which trades on the NASDAQ, posted net income of $700,000, or 2 cents per share, during the same quarter last fiscal year. The company’s first-quarter 2012 profit represented an increase of 24 cents per share.

First-quarter revenue surged to $80.7 million from $52.9 million during the previous first quarter. Increased production and higher oil prices, though partially offset by lower gas prices, drove revenue growth, the company said in an earnings statement.

Carrizo also reported record production of 13.9 billion cubic feet equivalent, a 16-percent increase from the fourth quarter of last fiscal year.

Carrizo in February estimated its proven oil reserves in the Niobrara formation at about 731,000 barrels and proven natural-gas reserves of about 728,000 million cubic feet.

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