Carrizo Oil sells its mineral rights interests in Trumbull, Mercer and Crawford counties

YOUNGSTOWN — Carrizo Oil and Gas Inc. has sold interests in its mineral leases in Trumbull, Mercer and Crawford counties.

The company received $43 million for the sale, and as part of the deal Carrizo exercised an option to increase its ownership from a 10 percent to a 50 percent undivided interest in the properties from a subsidiary of its financial partner, Avista Capital Holdings L.P., according to press release from Carrizo.

Other assets that were included in the transaction are at a drilling pad and approved well drilling permits that are associated with the leases.

Carrizo will continue to own a 10-percent interest with a similar option to increase ownership to 50 percent in an additional 26,000 acres in the southern portion of the Utica Shale near Guernsey County in proximity to “encouraging industry drilling results.”