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News Breaks
February 29, 2012
09:46 EDTCDZICadiz updates on plan to convert nat gas pipelines for water transmission
Cadiz updated on its plans to purchase idle natural gas pipelines for conversion to water transmission, including a 220-mile pipeline owned by El Paso Natural Gas that originates south of Bakersfield, California and stretches into Cadiz, California, where the companyís primary landholdings are located. Based on the strength of the feasibility assessments, the company yesterday made a $1M payment to EPNG to continue the term of the option agreement through March 2013. The extension provides the company time to fully analyze opportunities for the pipeline through completion of the Projectís environmental review and permitting process. The purchase price of the line at the conclusion of the option period is $40M. The company is also currently exploring opportunities that are offered by a second smaller line owned by Questar Corporation. The company has an option agreement with Questar through December 31, 2012. The purchase price of the line at the conclusion of the option period is $10M.
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October 9, 2015
10:58 EDTCDZICadiz responds to media reports following BLM guidance
Cadiz released the following statement: "Over the past week, various erroneous media and opinion pieces have been published about the Company and the status of the Cadiz Valley Water Conservation Recovery & Storage Project following an announcement made related to the Project's proposed use of an 1875 Railway Right-of-Way for a water conveyance pipeline. On Monday, October 5, 2015, the company provided guidance to shareholders that we had learned through third parties that the U.S. Bureau of Land Management intended to find that the Project's proposed use of the ROW was outside the scope of the original grant. The company has since confirmed the decision and has submitted a letter in response to the U.S. Director of the BLM. We believe the findings issued by the California State Director of the BLM, who retired the day the letter was sent, are contrary to federal law and policy and should be rescinded. The portrait of Cadiz depicted in the press recently does not reflect the Company and its assets of today. The company owns 45,000 acres of agricultural land and water rights and permits to capture and conserve 50,000 acre-feet of water per year under state law in full compliance with local groundwater ordinances. Since 2008, the company has made management changes with the appointment of Scott Slater as CEO, invested in science, partnered with the best-in-class water agencies and public interest groups, pursued an environmentally sound Water Project and received approvals for such a project from those public agencies with jurisdiction over it. These approvals were upheld in Court and have been supported in appellate proceedings by 11 Amici. The Company has also invested in all of its diverse land assets and, last year, received permits for the largest land bank dedicated to the conservation of the desert tortoise in California history. The company is proud of its safe and sustainable Water Project, which was approved under the most stringent environmental laws in the country, and we will continue to move ahead to deliver a reliable water supply to Southern California."
October 8, 2015
10:54 EDTCDZIGeoinvesting mentions Cadiz cautiously, sets $0 target on shares
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October 5, 2015
09:17 EDTCDZICadiz announces guidance from BLM regarding proposed use of railroad ROW
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