Carrizo Oil & Gas 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 20, 2009
CARRIZO OIL & GAS, INC.
(Exact name of registrant as specified in its charter)
Registrant’s telephone number, including area code: (713) 328-1000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 1.01 Entry into a Material Definitive Agreement.
On May 20, 2009, Carrizo Oil & Gas, Inc. (the “Company”) entered into the Tenth Amendment (the “Tenth Amendment”) to the Credit Agreement dated as of May 25, 2006 among the Company, certain subsidiaries of the Company, the lenders party thereto and Guaranty Bank (“Guaranty Bank”), as administrative agent (the “Credit Agreement”).
Pursuant to the Tenth Amendment, Wells Fargo Bank, N.A. (“Wells Fargo”) replaced Guaranty Bank as administrative agent and issuing bank under the Credit Agreement. In connection with the Tenth Amendment, Guaranty Bank reduced its individual commitment under the Credit Agreement by assigning to Wells Fargo $50 million of its commitment.
The Tenth Amendment also amended the Credit Agreement to, among other things, (1) provide that the aggregate notional volume of oil and natural gas subject to swap agreements may not exceed 80% of “forecasted production from proved producing reserves,” as that term is defined in the Credit Agreement, for any month, (2) remove a provision that limited the maximum duration of swap agreements permitted under the Credit Agreement to five years, and (3) provide that the aggregate notional amount under interest rate swap agreements may not exceed the amount of borrowings then outstanding under the Credit Agreement.
The foregoing description of the Tenth Amendment is not complete and is qualified by reference to the complete document, which is filed as an exhibit to this Current Report and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CARRIZO OIL & GAS, INC.
By: /s/Paul F. Boling
Name: Paul F. Boling
Title: Vice President and Chief Financial Officer
Date: May 27, 2009