EXHIBIT 99.4

                 NOTICE REGARDING CONSENT OF ARTHUR ANDERSEN LLP

     Section 11(a) of the Securities Act of 1933, as amended (the "Securities
Act"), provides that if any part of a registration statement at the time such
part becomes effective contains an untrue statement of a material fact or an
omission to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, any person acquiring a security
pursuant to such registration statement (unless it is proved that at the time of
such acquisition such person knew of such untruth or omission) may sue, among
others, every accountant who has consented to be named as having prepared or
certified any part of the registration statement, or as having prepared or
certified any report or valuation which is used in connection with the
registration statement, report or valuation which purports to have been prepared
or certified by the accountant.

     Arthur Andersen LLP has not consented to the incorporation by reference
into this Form 10-K of their audit report with respect to Carrizo's consolidated
financial statements as of December 31, 2000 and 2001 included in this Form
10-K, which by inclusion in this Form 10-K would be incorporated by reference
into previously filed registration statements of Carrizo under the Securities
Act. Also, [Note 5] to the financial statements for the year ended December 31,
2001 has been restated subsequent to the date of their report. Carrizo has
dispensed with the requirement to file their consent in reliance upon Rule
437(a) under the Securities Act. Because Arthur Andersen LLP has not consented
to the inclusion of their report in this Form 10-K, Arthur Andersen will not
have any liability under Section 11(a) of the Securities Act for any untrue
statements of a material fact contained in the financial statements audited by
Arthur Andersen or any omissions of a material fact required to be stated
therein. Accordingly, you would be unable to assert a claim again Arthur
Andersen under Section 11(a) of the Securities Act with respect to such
financials. To the extent provided in Section 11(b)(3)(C) of the Securities Act,
however, other persons who are liable under Section 11(a) of the Securities Act,
including Carrizo's officers and directors, may still rely on Arthur Andersen's
original audit report as being made by an expert for purposes of establishing a
due diligence defense under Section 11(b) of the Securities Act.