May 4, 2009 (FinancialWire) — Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) said that its bank syndicate has approved a $40 million borrowing base increase to its secured credit facility, raising it to $290 million.

The existing bank syndicate also agreed to increase its credit commitments to the new borrowing base from $250 million to $259 million, according to Carrizo. The company said that “several new banks” have been invited to join the syndicate to provide commitments for the balance of the borrowing base increase.

Carrizo said the new banks are currently engaged in a review process that should be completed in the next 20 to 30 days, after which the company expects some of these banks to join the consortium.

Houston-based Carrizo Oil & Gas is engaged in the exploration, development, exploitation, and production of oil and natural gas primarily in the Barnett Shale in North Texas.

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