Carrizo Oil & Gas Inc. (NASDAQ: CRZO) reports the Carrizo board of directors has approved a 2013 drilling and completion program of $500 million to be allocated as follows:

• Eagle Ford shale $385 million

• Marcellus shale $70 million

• Niobrara formation $35 million

• Other drilling activities $10 million

The approved 2013 capital spending plan for land, seismic, and related activities is $124 million.

"This 2013 plan allows us to maintain our current level of drilling activity plus the addition of a new rig working in the Niobrara ...