Carrizo Oil & Gas Inc. (NASDAQ: CRZO) priced a public offering of 4.5 million common shares at $45.50 each, the company said March 16.

Underwriters were granted an option to purchase 675,000 additional shares.

Net proceeds of about $204.7 million will repay revolving credit facility borrowings and support general corporate purposes, the company said.

Citigroup Global Markets Inc. and Goldman Sachs & Co. (NYSE: GS) are the underwriters.

Houston-based Carrizo Oil & Gas Inc. explores and develops domestic natural gas and oil.