CADIZ INC — Director's Dealing 2006

Dec 29, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (cdzi)
CIK: 0000727273
Period of Report: 2006-02-01

Reporting Person: SHAHEEN TIMOTHY J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-01	Common Stock	G	1000	—	Disposed	58659	Direct
2006-02-01	Common Stock	G	1000	—	Acquired	1000	Indirect
2006-02-01	Common Stock	G	1000	—	Disposed	57659	Direct
2006-02-01	Common Stock	G	1000	—	Acquired	1000	Indirect
2006-12-27	Common Stock	S	15000	$20.5	Disposed	42659	Direct
2006-12-28	Common Stock	S	1000	$22.25	Disposed	0	Indirect
2006-12-28	Common Stock	S	1000	$22.25	Disposed	0	Indirect

Footnotes

F1: 1,000 shares were gifted by the Reporting Person to a trust for the benefit of the Reporting Person's daugther. The Reporting Person is custodian of this trust. The Reporting Person disclaims beneficial ownership of these securities.

F2: 1,000 shares were gifted by the Reporting Person to a trust for the benefit of the Reporting Person's son. The Reporting Person is custodian of this trust. The Reporting person disclaims beneficial ownership of these securities.

F3: Includes 1,224 shares issued to the Reporting person under the Outside Director Compensation Plan for services rendered during the 12 month period ended June 30, 2006, which shares will vest on January 31, 2007.

F4: 1,000 shares were sold by a trust for the benefit of the Reporting Person's daughter. The Reporting person is custodian of this trust.

F5: 1,000 shares were sold by the trust for the benefit of the Reporting Person's son. The Reporting Person is custodian of this trust.