Carrizo Oil & Gas Inc. announced that it has entered into a joint venture agreement with subsidiaries of OIL India Ltd. and Indian Oil Corporation Ltd., both international energy companies based in Delhi, India.

Pursuant to the agreement, OIL and Indian Oil Corp. have together acquired an undivided 30% non-operated interest in substantially all of Carrizo's assets and operations prospective for Niobrara formation oil development located primarily in Weld and Adams counties, Colo., for approximately $82.5 million. Included in the transaction, is the sale of approximately 18,100 net mineral acres ...