CRZO

CARRIZO OIL & GAS, INC. DELAWARE BASIN ACQUISITION OVERVIEW

August 14, 2018

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Legend, Forward Looking Statements, Note Re. Reserves

This presentation shall not constitute an offer to sell, or solicitation of an offer to buy, any securities.

This presentation contains statements concerning the Company’s intentions, expectations, beliefs, projections, assessments of risks, estimations, plans or predictions for the future, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this presentation include, but are not limited to, the timing, final purchase price or consummation of the acquisition, capital requirements, upside potential, future downspacing, integration, effect on activity, opportunities for efficiencies, ability to market production, statements relating to the Company’s business and financial outlook guidance, cost and risk profile of oil and gas exploration and development activities, strategic initiatives, quality and risk profile of Company’s assets, liquidity and the ability to finance exploration and development activities, including accessibility of borrowings under the Company’s revolving credit facility, guidance, asset dispositions, commodity price risk management activities and the impact of our average realized prices, growth strategies, ability to explore for and develop oil and gas resources successfully and economically, estimates and forecasts of the timing, number, profitability and other results of wells we expect to drill and other exploration activities, drilling inventory, downspacing, infill drilling and completion optimization results, estimates regarding timing and levels of production or reserves, estimated ultimate recovery, the Company’s capital expenditure plan and allocation by area, cost reductions and savings, efficiency of capital, the price of oil and gas at which projects break-even, future market conditions in the oil and gas industry, ability to make, integrate and develop acquisitions and realize any expected benefits or effects of completed acquisitions, midstream arrangements and agreements, gas marketing strategy, lease terms, expected working or net revenue interests, the ability to adhere to our drilling schedule, acquisitions and divestitures of acreage, including number, timing and size of projects and effects on our cash flows, planned evaluation of prospects, probability of prospects having oil and gas, working capital requirements, rates of return, net present value, exploration and development plans, any other statements regarding future operations, financial results, business plans and cash needs and all other statements that are not historical facts. Statements in this presentation regarding availability under our revolving credit facility are based solely on the current borrowing base commitment amount and amounts outstanding on such date. The amounts we are able to borrow under the revolving credit facility are subject to, and may be less due to, compliance with financial covenants and other provisions of the credit agreement governing our revolving credit facility.

You generally can identify forward-looking statements by the words “anticipate,” “believe,” budgeted,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “possible,” “scheduled,” “should,” “guidance,” or other similar words. Such statements rely on assumptions and involve risks and uncertainties, many of which are beyond our control, including, but not limited to, those relating to a worldwide economic downturn, availability of financing, the Company’s dependence on its exploratory drilling activities, the volatility of and changes in oil and gas prices, the need to replace reserves depleted by production, operating risks of oil and gas operations, the Company’s dependence on key personnel, factors that affect the Company’s ability to manage its growth and achieve its business strategy, results, delays and uncertainties that may be encountered in drilling, development or production, interpretations and impact of oil and gas reserve estimation and disclosure requirements, activities and approvals of our partners and parties with whom we have alliances, technological changes, capital requirements, the timing and amount of borrowing base determinations (including determinations by lenders) and availability under our revolving credit facility, evaluations of us by lenders under our revolving credit facility, including the acquisition from a subsidiary of Devon Energy Corporation (the “Devon Acquisition”), other actions by lenders and holders of the Company’s capital stock, the potential impact of government regulations, including current and proposed legislation and regulations related to hydraulic fracturing, oil and natural gas drilling, air emissions and climate change, regulatory determinations, litigation, competition, the uncertainty of reserve information and future net revenue estimates, integration and other acquisition risks, availability of equipment and crews, actions by midstream and industry participants, weather, our ability to obtain permits and licenses, the results of audits and assessments, the failure to obtain certain bank and lease consents, the existence and resolution of title defects, new taxes and impact fees, delays, costs and difficulties relating to our joint ventures, satisfaction of closing conditions of the acquisition, failure of the acquisition to close, failure to realize the anticipated benefits of the acquisition, effects of purchase price adjustments, market conditions, integration and other acquisition risks, exercise of third party purchase rights under area of mutual interest provisions under joint operating agreement, midstream agreement provisions, transportation issues, failure of the Devon Acquisition, market conditions and other factors affecting the Company’s ability to complete the Company’s strategic initiatives, common stock offering, actions by joint venture parties, results of exploration activities, the availability, market conditions and completion of land acquisitions and dispositions, cost of oilfield services and equipment, completion and connection of wells, and other factors detailed in the “Risk Factors” and other sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

Each forward-looking statement speaks only as of the date of the particular statement or, if not stated, the date printed on the cover of the presentation. When used in this presentation, the word “current” and similar expressions refer to the date printed on the cover of the presentation. Each forward-looking statement is expressly qualified by this cautionary statement, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. The information contained in this presentation does not purport to be all-inclusive or to contain all information that potential investors may require.

We may use certain terms such as “EUR”, “Resource Potential”, “Net Undrilled Resource Potential” and “Net Unbooked Reserve Potential” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Our Probable (2P) and Possible (3P) reserves do not meet SEC rules and guidelines (including those relating to pricing) for such reserves. These terms include reserves with substantially less certainty, and no discount or other adjustment is included in the presentation of such reserve numbers. U.S. investors are urged to consider closely the disclosure in our Form 10-K for the year ended December 31, 2017, File No. 000-29187-87, and in our other filings with the SEC, available from us at 500 Dallas, Suite 2300, Houston, Texas, 77002. These forms can also be obtained from the SEC by calling 1-800-SEC-0330.

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Delaware Basin Bolt-On Acquisition

Note: Acquisition expected to close early in the fourth quarter of 2018. (1) Assumes completion of Devon acquisition. (2) Subject to purchase price adjustments and other customary closing adjustments, if any.

Acquisition Summary Pro Forma Delaware Overview(1)

Gross Acres ~10,600

Net Acres ~9,600

% Average Royalty ~20%

% Average WI / NRI ~90% / ~71%

% Held by Production ~94%

% Operated >90%

Current Production (Boe/d) ~2,500

Production % Oil ~60%

Acquisition Price(2) $215 mm

$ / Adj. Net Acre (assuming $35,000 Boe/d) $13,281

Phantom Ford West Alpine High

Phantom Alpine High

Ford West ~9,600 net acres, with the majority adjacent to Carrizo’s existing position in the Phantom Area

Offsetting acreage allows for extended laterals and ability to optimize efficiencies

~94% held-by-production with minimal drilling requirements over next twelve months

~90% of acres include all Wolfcamp and Bone Springs rights

De-risked Wolfcamp A, Upper Wolfcamp B, and Lower Wolfcamp B

Upside potential in Bone Springs and Wolfcamp C/D supported by offset operator activity

>500Net

Locations

46,000 Net Acres

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Acquisition Expands Core Delaware Basin Scale

Blocky Acreage Offsetting

Phantom Area

Expands Phantom area position to >26,000 net acres

Increases working interest in existing units and provides opportunity to extend laterals

Fills in southern acreage position to form large, contiguous block

High Quality Acreage

Core Delaware Basin acreage with multiple de-risked zones offset by high-quality operators

Proven development locations (WC A, Upper WC B, Lower WC B) with additional upside from the Bone Springs and Wolfcamp C/D

Development Flexibility

Acreage is ~94% HBP with minimal drilling requirements over next few years

Expect to seamlessly integrate assets into existing development plan; ramp-up planned for 2H 2019

Operational Efficiency

Ability to leverage Carrizo’s existing infrastructure to further improve operating margins

Includes SWD wells and other infrastructure that can be incorporated into Carrizo's system; potential for additional cost savings from increased scale

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Attractive Valuation for Core Delaware Basin Acreage

$ thousands / Adjusted Net Acre(1)

Source: Company investor presentations, press releases, and public filings. (1) Transaction values adjusted for $35,000 per flowing Boepd acquired for comparative purposes. Precedent deals listed are selected transactions over $100mm over the past two years.

$ 40.6

$ 34.9

$ 32.8

$ 30.2

$ 22.3

$ 21.8

$ 20.8

$ 15.3

$ 13.3

$ 11.5

A

B

C

D

E

F

G

H

CRZO / DVN

I

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Acreage Fills in Our Phantom Area Position Strong Results Across Several Horizons

Source: PLS and Drillinginfo and company disclosures. All production numbers are based on two-stream production rates.

CDEV Big House C 3H

IP30: 806 Boe/d (60% oil) LL: 4,150’

CRZO Womac 5875 1

IP30: 1,335 Boe/d (65% Oil) LL: 6,084’

Shell Tridacna 34-208

IP30: 946 Boe/d (57% Oil) LL: 9,765’

Luxe II CA Chrome 500

IP30: 1,512 Boe/d (39% oil) LL: 8,998’

CRZO Woodson A36 1

IP30: 1,603 Boe/d (57% Oil) LL: 9,968’

APC Nancy Couch 3-15

IP30: 1,329 Boe/d (72% oil) LL: 8,875’

CRZO Dorothy 38 11H

IP30: 1,968 Boe/d (57% oil) LL: 11,045’

CRZO Zeman 40 1H

IP30: 1,685 Boe/d (63% oil) LL: 7,900’

EGN Bush Viper 1-56 1H

IP30: 303 Boe/d (67% Oil) LL: 4,032’

CDEV Iceman 4-24

IP30: 1,660 Boe/d (53% oil) LL: 4,140’

CDEV Samurai 4-49 50

IP30: 2,524 Boe/d (48% Oil) LL: 8,986’

CRZO Woodson 36 1

IP30: 1,603 Boe/d (57% Oil) LL: 9,968 ’

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SRO 551 Alloc. A 100H IP24: 2,118 Boe/d (47% oil)

LL; 7,400’

DVN Richmond 39 2H

IP30: 1,133 Boe/d (60% oil) LL: 9,950’

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DVN Richmond 39 3H

IP30: 823 Boe/d (59% oil) LL: 10,505’

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Shell Shake N Bake 33

IP30: 786 Boe/d (49% oil) LL: 6,029’

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CRZO Grady State Unit 2730 1H

IP30: 1,657 Boe/d (57% Oil) LL: 9,646’

APC Alcatraz State 34

IP30: 3,590 Boe/d (79% Oil) LL: 9,337’

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OXY Collie A East 63H

IP30: 891 Boe/d (85% oil) LL: 9,682’

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CRZO McDermott State 1720 1H

IP30: 1,850 Boe/d (51% Oil) LL: 9,396’

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22

21

20

19

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CRZO Christian 2 1T

IP30: 1,646 Boe/d (50% Oil) LL:7,287’

CRZO State CVX Unit A1314-1H

IP30: 1,491 Boe/d (55% Oil) LL: 6,448’

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9

16

17

11

22

1

16

17

13

12

9

19 20

2

8

5

3

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10

15 18

21

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Operational Benefits from Contiguous Position

Extended Lateral Illustration

Supplemental Infrastructure Due to adjoining and offset nature of Devon leases relative to Phantom acreage, CRZO has the opportunity to extend planned laterals

~33 miles of water gathering lines acquired

Includes 2 operated SWD wells, increasing disposal capacity by 31,000 Bwpd; opportunity to add an additional 10,000 Bwpd SWD by converting an existing well

More flexibility for surface locations

~40% more lateral footage available to drill as a result of acquiring offset acreage

Existing Acreage / Units

Acquired Acreage

Existing Well

Potential Future Location

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Unique Value Proposition Core Positions in the Two Premier Oil Plays

Blocky acreage positions of approximately 77,000 net acres in the Eagle Ford Shale volatile oil window and 46,000 net acres in the southern Delaware Basin

Ability to take advantage of regional price differentials by shifting activity between plays

Significant long-term growth potential from more than 1,800 net drilling locations across two high-quality oil plays

Robust liquidity combined with a strong hedge book should enable the Company to execute its long-term plan

Experienced management team with extensive expertise developing unconventional resources

Track record of consistently generating superior EURs and margins relative to peers

Note: Acreage and drilling locations are pro forma for the Devon Acquisition.