Carrizo +3.3% on strong initial multiple-bench Niobrara downspacing results

Carizzo Oil & Gas (CRZO +3.3%) moves higher after reporting strong test results for its initial Niobrara A bench wells, which tested at an average peak 24-hour rate of 1,127 boe/day, including one well which tested at 1,633 boe/day.

CRZO recently began production from its first multiple geological bench downspacing pilot in the Niobrara formation, with the pilot consisting of eight wells.

The spudder rig has arrived on the location of CRZO's second Utica Shale well, and drilling is expected to begin shortly.

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