EP Energy E&P Company, L.P. entered into an agreement to acquire portion of assets in Eagle Ford Shale from Carrizo Oil & Gas, Inc. (NasdaqGS:CRZO) (‘Carrizo’) for approximately $250 million on December 11, 2017. As per the terms of agreement consideration of approximately $250 million will be paid in cash and is subject to adjustment and customary closing terms and conditions. Transaction includes approximately 24,500 net acres, located primarily in the downdip area of the volatile oil window. Post-acquisition, Carrizo will hold approximately 78,500 net acres in the Eagle Ford Shale, exclusively located within the core volatile oil fairway. The effective date of the transaction is October 1, 2017 and transaction is expected to close by the end of January, 2018. The Carrizo intends to use the net proceeds from the acquisition to further strengthen Carrizo balance sheet by retiring additional debt. The transaction is expected to be accretive to net asset value and leverage metrics over time. Terry Radney, Hunter Summerford, Jerry Higdon, Buddy Sanders and Max Stubbs of Locke Lord LLP acted as legal advisors to Carrizo Oil & Gas, Inc. EP Energy E&P Company, L.P. completed the acquisition of portion of assets in Eagle Ford Shale from Carrizo Oil & Gas, Inc. (NasdaqGS:CRZO) on January 31, 2018.