Carrizo Oil & Gas Inc. (NASDAQ: CRZO) said Nov. 8 that the company is close to announcing the sale of its 30,600 net acres in the Denver-Julesburg (D-J) Basin—but may downsize its footprint even more.
The company is evaluating the sale of Delaware Basin and Eagle Ford Shale assets that have a longer than desired shelf life.
S.P. “Chip” Johnson IV, president and CEO, said assets that don’t fit with the company’s funding priorities in the next few years could be candidates for sale.
“This would allow us to bring forward the value of these assets, many of which we don’t believe we receive any credit for from Wall Street as well as expand our debt reduction targets,” Johnson said in a Nov. 8 earnings call.
Johnson said the company has already fielded offers.