Carrizo Oil sells part of interest in mineral leases

Staff report

YOUNGSTOWN

Carrizo Oil and Gas Inc. has sold a portion of interests in its mineral leases in Trumbull, Mercer and Crawford counties.

The Houston-based energy company received $43 million for the sale to an unnamed company.

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 LP, according to press release from Carrizo.

Other assets included in the transaction are 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 “encourage industry drilling results.”

Trumbull County Recorder Diana Marchese said she has not seen any transfer of leases filed through her office involving Carrizo.

Carrizo owned mineral rights to properties in mostly the northeast section of Trumbull County in Vernon, Vienna, Howland, Orangeville, Gustavus and Hartford townships, Marchese said.