Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas from resource plays located in the United States. Our current operations are principally focused in proven, producing oil and gas shales primarily in the Eagle Ford Shale in South Texas, the Niobrara Formation in Colorado, the Marcellus Shale in Pennsylvania, and the Utica Shale in Ohio.
We have grown our production and reserves over the last 8 years by focusing on 3-D seismic controlled horizontal drilling and completion technology. We are an industry leader in horizontal development drilling having drilled and completed hundreds of extended reach horizontal development wells in a number of different resource shale formations.
The company has accumulated significant expertise in the drilling and completion of complex extended reach horizontal wells in resource shales located in densely populated urban areas and difficult terrains. Our business strategy is to leverage this core competency in pursuing exploitation and development opportunities in the most prospective North American resource shale regions. This strategy has led to significant success the Eagle Ford Shale of South Texas where we are one of the lowest cost, fastest growing operators.
In April of 2010 we announced the initiation of oil focused horizontal development programs in the Eagle Ford Shale in South Texas where we have accumulated 58,000 net acres and in the Niobrara Formation in Northeastern Colorado where we have accumulated 47,250 net acres. We have experienced impressive results in both these areas with 100% drilling success and strong production growth. We have also acquired 21.700 net acres in the emerging Utica Shale in Eastern Ohio, and drilled our first well in the play during 2013. Following the sale of our Barnett Shale properties, the majority of our natural gas production comes from the Marcellus Shale in Appalachia, where we hold 49,200 net acres.
In 2012, we spent $696 million on oil and gas operations and have budgeted $659 million for 2013 activities.