<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
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<DIV style="margin-left: 0.25in; width: 7.2in;font-family: 'Times New Roman',Times,serif">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): April 22, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CARRIZO OIL &#038; GAS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
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<TD nowrap align="center" valign="top"><B>Texas
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>000-29187-87
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>0415919</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TD width="48%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
<TD align="center" valign="top"><B>1000 Louisiana Street<BR>Suite 1500<BR>
Houston, Texas
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="bottom"><B>&nbsp;<BR>77002</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(713) 328-1000</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not applicable</B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On April&nbsp;22, 2009, Carrizo Oil &#038; Gas, Inc. (the &#147;Company&#148;) entered into an Eighth Amendment
(the &#147;Eighth Amendment&#148;) to the Credit Agreement dated as of May&nbsp;25, 2006 among the Company,
certain subsidiaries of the Company, the lenders party thereto and Guaranty Bank, as administrative
agent (the &#147;Credit Agreement&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Eighth Amendment amends the Credit Agreement to, among other things, (1)&nbsp;adjust the
maximum ratio of total net debt to Consolidated EBITDAX (as defined in the Credit Agreement) from
4.00 to 1.00 to a maximum ratio of (a)&nbsp;4.25 to 1.00 for the quarter ending June&nbsp;30, 2009, (b)&nbsp;4.50
to 1.00 for the quarter ending September&nbsp;30, 2009, (c)&nbsp;4.75 to 1.00 for each quarter ending on or
after December&nbsp;31, 2009 and on or before September&nbsp;30, 2010, (d)&nbsp;4.25 to 1.00 for the quarter
ending December&nbsp;31, 2010, and (e)&nbsp;4.00 to 1.00 for each quarter ending on or after March&nbsp;31, 2011;
(2)&nbsp;modify the calculation of total net debt for purposes of determining the ratio of total net
debt to Consolidated EBITDAX to exclude the following amounts, which represent a portion of the
Company&#146;s 4.375% Senior Convertible Notes due 2028 deemed to be an equity component under FASB
Staff Position Accounting Principles Board 14-1, &#147;Accounting for Convertible Debt Instruments That
May Be Settled In Cash Upon Conversion&#148;: $51,252,980 during 2009, $38,874,756 during 2010,
$26,021,425 during 2011 and $12,674,753 during 2012 until the maturity date; (3)&nbsp;add a new senior
leverage ratio, which requires that the Company&#146;s ratio of senior debt (which excludes debt
attributable to the Company&#146;s 4.375% Senior Convertible Notes due 2028) to Consolidated EBITDAX not
exceed 2.25 to 1.00; (4)&nbsp;modify the interest rate margins applicable to Eurodollar loans from a
range of between 2.00% and 3.50% to a range of between 2.25% and 3.25% (depending on the
then-current level of borrowing base usage); (5)&nbsp;modify the interest rate margins applicable to
base rate loans from a range of between 0.75% and 2.25% to a range of between 1.00% and 2.00%
(depending on the then-current level of borrowing base usage); and (6)&nbsp;establish new procedures
governing the modification of swap agreements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The foregoing description of the Eighth Amendment is not complete and is qualified by
reference to the complete document, which is attached hereto as Exhibit&nbsp;10.1 and is incorporated
herein by reference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;Exhibits.
</DIV>
<DIV align="center">
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    <TD width="5%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>


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    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">Eighth Amendment dated as of April&nbsp;22, 2009 to Credit Agreement dated May&nbsp;25,
2006 by and among Carrizo Oil &#038; Gas, Inc., as Borrower, Certain Subsidiaries of
Borrower, as Guarantors, the Lenders party thereto, and Guaranty Bank, as
administrative agent.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">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.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CARRIZO OIL &#038; GAS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Paul F. Boling
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Paul F. Boling&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD nowrap align="left">Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Date: April 28, 2009
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;Index</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>


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<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="justify">Eighth Amendment dated as of April&nbsp;22, 2009 to Credit Agreement dated May&nbsp;25, 2006 by and
among Carrizo Oil &#038; Gas, Inc., as Borrower, Certain Subsidiaries of Borrower, as Guarantors,
the Lenders party thereto, and Guaranty Bank, as administrative agent.</DIV></TD>
</TR>
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</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</HTML>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 22, 2009
CARRIZO OIL & GAS, INC.
(Exact name of registrant as specified in its charter)
Texas
000-29187-87
0415919
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1000 Louisiana Street
Suite 1500
Houston, Texas
77002
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(713) 328-1000
Not applicable
(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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On April 22, 2009, Carrizo Oil & Gas, Inc. (the "Company") entered into an Eighth Amendment
(the "Eighth 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, as administrative
agent (the "Credit Agreement").
The Eighth Amendment amends the Credit Agreement to, among other things, (1) adjust the
maximum ratio of total net debt to Consolidated EBITDAX (as defined in the Credit Agreement) from
4.00 to 1.00 to a maximum ratio of (a) 4.25 to 1.00 for the quarter ending June 30, 2009, (b) 4.50
to 1.00 for the quarter ending September 30, 2009, (c) 4.75 to 1.00 for each quarter ending on or
after December 31, 2009 and on or before September 30, 2010, (d) 4.25 to 1.00 for the quarter
ending December 31, 2010, and (e) 4.00 to 1.00 for each quarter ending on or after March 31, 2011;
(2) modify the calculation of total net debt for purposes of determining the ratio of total net
debt to Consolidated EBITDAX to exclude the following amounts, which represent a portion of the
Company's 4.375% Senior Convertible Notes due 2028 deemed to be an equity component under FASB
Staff Position Accounting Principles Board 14-1, "Accounting for Convertible Debt Instruments That
May Be Settled In Cash Upon Conversion": $51,252,980 during 2009, $38,874,756 during 2010,
$26,021,425 during 2011 and $12,674,753 during 2012 until the maturity date; (3) add a new senior
leverage ratio, which requires that the Company's ratio of senior debt (which excludes debt
attributable to the Company's 4.375% Senior Convertible Notes due 2028) to Consolidated EBITDAX not
exceed 2.25 to 1.00; (4) modify the interest rate margins applicable to Eurodollar loans from a
range of between 2.00% and 3.50% to a range of between 2.25% and 3.25% (depending on the
then-current level of borrowing base usage); (5) modify the interest rate margins applicable to
base rate loans from a range of between 0.75% and 2.25% to a range of between 1.00% and 2.00%
(depending on the then-current level of borrowing base usage); and (6) establish new procedures
governing the modification of swap agreements.
The foregoing description of the Eighth Amendment is not complete and is qualified by
reference to the complete document, which is attached hereto as Exhibit 10.1 and is incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Description
10.1
Eighth Amendment dated as of April 22, 2009 to Credit Agreement dated May 25,
2006 by and among Carrizo Oil & Gas, Inc., as Borrower, Certain Subsidiaries of
Borrower, as Guarantors, the Lenders party thereto, and Guaranty Bank, as
administrative agent.
2
SIGNATURES
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: April 28, 2009
3
Exhibit Index
Exhibit
Description
10.1
Eighth Amendment dated as of April 22, 2009 to Credit Agreement dated May 25, 2006 by and
among Carrizo Oil & Gas, Inc., as Borrower, Certain Subsidiaries of Borrower, as Guarantors,
the Lenders party thereto, and Guaranty Bank, as administrative agent.