) -- Shares of
Carrizo Oil & Gas
is the latest natural gas player to tilt its strategic equation towards oil. Carizzo was among the most active stocks early on Friday, as the oil and gas company priced a 2.5 million share offering at $23.50.
Carizzo Oil & Gas announced after the market close on Thursday that it was increasing its spending budget in 2010 from $170 million to $225 million to increase its crude oil production, reserves and acreage. Carrizo was offering the 2.5 million shares of common stock to raise the cash for additional acreage acquisitions.
In the past two weeks, several deals have highlighted the efforts by natural gas players to execute on oil strategies as the price of oil has climbed and natural gas prices have remained low.
to expand into oil.
announced this week that it was looking to divest some of its natural gas assets as the company shifted its focus to finding oil.
Also on Friday morning,
soared on news that India's Reliance Industries was investing $1.7 billion in a joint venture with Atlas .
-- Reported by Eric Rosenbaum in New York.
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