Higher gas production and market prices helped Carrizo Oil & Gas Inc., Houston, (Nasdaq: CRZO)  post $64.8 million in revenues for the second quarter—a 97% increase over the $32.9 million reported in 2007’s second quarter.

“We had an excellent quarter earnings with record revenues despite bringing online very few new Barnett shale wells,” says Carrizo chief executive S.P. (Chip) Johnson IV. “Our continued focus on drilling in the Barnett shale, with six operated rigs running, has built up a significant inventory of drilled wells to be completed and brought online in the next four to five months and represents an estimated 78 million cubic feet equivalent per day of initial net rate. Two frac crews are currently operating."

He adds that the company has increased in the Barnett by more than 5,500 acres and has added more than 80,000 acres to its Marcellus shale holdings.

Production volumes for the second quarter were 6.1 billion cubic feet equivalent (67.1 million cubic feet equivalent per day), 45% higher compared with 4.2 billion cubic feet equivalent (46.2 million cubic feet equivalent per day) during the second quarter of 2007. Carrizo’s average natural gas sales price increased 34% to $10.12 per thousand cubic feet compared to $7.54 per thousand cubic feet in the second quarter of 2007 and the average oil sales price increased 92% to $122.95 per barrel compared with $64.25 per barrel in 2007.

Carrizo has E&P operations in the Barnett shale area in North Texas and along the onshore Texas and Louisiana Gulf Coast regions. The company is also engaged in exploration and development activities in the U.K. North Sea. JAS