EXHIBIT 99.1

PRESS RELEASE          Contact: Carrizo Oil & Gas, Inc.
                                B. Allen Connell, Director of Investor Relations
                                Paul F. Boling, Chief Financial Officer
                                (281) 496-1352

CARRIZO OIL & GAS, INC. CORRECTS DILUTED SHARE COMPUTATIONS

HOUSTON,  November  15, 2004 -- Carrizo  Oil & Gas,  Inc.  (Nasdaq:  CRZO) today
reported  corrections  due  to a  computational  error  in  its  diluted  shares
outstanding.  The  Company  recently  discovered  the  error  in  a  spreadsheet
application which tracks the average number of warrants and options  outstanding
each period. This error impacted Carrizo's financial results, as reported in its
2004 second quarter earnings  release,  when a number of warrants were exercised
and converted to common stock in the second  quarter.  Accordingly,  the correct
number of diluted  shares was  21,958,647  and 20,802,209 for the 2004 three and
six month  periods,  respectively,  rather than  20,293,102 and  18,914,850,  as
previously  reported.  Based upon the correct  diluted shares  outstanding,  the
actual diluted net income available to common per share ("Diluted Net Income per
share")  for  the  2004  three  and six  month  periods  was  $0.09  and  $0.19,
respectively,  rather than $0.10 and $0.21, as previously reported in the second
quarter earnings release.

This spreadsheet error was also present and impacted the Company's September 30,
2004 year-to-date reported results, as recently announced in the Company's third
quarter earnings release.  Accordingly, the correct number of diluted shares for
the 2004 nine month period was 21,546,329 rather than 20,253,906,  as previously
reported. Based upon the correct diluted shares outstanding,  the actual Diluted
Net Income per share for the nine month period was $0.34  rather than $0.36,  as
previously announced.

The Company's  September 30, 2004 three month reported results were not impacted
by this error.  The actual net income of $3.4  million and the basic and diluted
earnings per share of $0.15 and $0.15,  respectively,  are correct as originally
reported for the third quarter of 2004.

A corrected  copy of the second and third quarter 2004 press  releases have been
posted on our website at www.carrizo.cc.  The Company has implemented additional
procedures to assure the integrity of future share computations.

Carrizo Oil & Gas, Inc., is a Houston-based  energy company  actively engaged in
the exploration, development, exploitation and production of oil and natural gas
primarily in proven trends in its North Texas region and along the onshore Texas
and Louisiana  Gulf Coast  regions.  Carrizo  controls  significant  prospective
acreage  blocks  and  utilizes  advanced  3-D  seismic  techniques  to  identify
potential oil and gas reserves and drilling opportunities.

Statements in this news release,  including but not limited to those relating to
the Company's or management's  beliefs,  estimations,  and other statements that
are not  historical  facts  are  forward  looking  statements  that are based on
current  expectations.  Although the Company  believes that its expectations are
based  on  reasonable   assumptions,   it  can  give  no  assurance  that  these
expectations  will prove  correct.  Important  factors  that could cause  actual
results  to differ  materially  from  those in the  forward  looking  statements
include the results and dependence on exploratory drilling activities, operating
risks, oil and gas price levels, land issues, availability of equipment, weather
and other risks described in the Company's Form 10-K for the year ended December
31, 2003 and its other filings with the Securities and Exchange Commission.