Carrizo Oil & Gas posts 3Q loss

Houston-based Carrizo Oil & Gas, which operates in Weld County, reported Tuesday record oil production in the third-quarter.

However, the company reported a loss of $900,000, or 2 cents per share, primarily due to a $24.7 million unrealized loss on derivatives. The company earned a $21.6 million profit the same period last year.

Carrizo’s third-quarter loss came despite record oil and natural-gas revenue of $96.2 million, up from $51.7 million last year. The company also posted record oil production of 8,652 barrels per day during the third quarter.

Carrizo also said Tuesday that it planned to add a second rig to drill wells in Northern Colorado’s Niobrara formation in the first quarter of next year.

Indian and Chinese oil companies acquired stakes in Carrizo’s Niobrara shale-oil acreage in Northern Colorado earlier this year.

Carrizo shares fell 3.2 percent to $25.13.




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