CADIZ INC — Director's Dealing 2007

Jun 28, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2007-06-26

Reporting Person: Peloton Partners, LLP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-26	Common Stock, par value $0.01 per share ("Common Stock")	P	20400	$20.8552	Acquired	1258573	Indirect
2007-06-27	Common Stock	P	700	$21.2994	Acquired	1259273	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-27	Common Stock issuable upon conversion of Loan	$	C	0	Acquired		Convertible Debt ()	Indirect

Footnotes

F1: Peloton Partners LLP ("Peloton Partners"), as investment manager to Peloton Partners LP and Peloton Multi-Strategy Master
Fund, Ltd. (the "Investment Entities") may be deemed to be the beneficial owner of the Issuer's securities held by the
Investment Entities. Peloton Partners disclaims beneficial ownership of such securities, and this report shall not be
deemed an admission that Peloton Partners is the beneficial owner of the securities for the purpose of Section 16 or for any
other purpose, except to the extent of its pecuniary interest therein.

F2: Geoffrey Grant, as Chief Investment Officer of Peloton Partners, may be deemed to be the beneficial owner of the Issuer's
securities held by the Investment Entities. Mr. Grant disclaims beneficial ownership of such securities, and this report
shall not be deemed an admission that Mr. Grant is the beneficial owner of the securities for the purpose of Section 16 or
for any other purpose, except to the extent of his pecuniary interest therein.

F3: The convertible term loan ("Term Loan") which is comprised of two tranches ("Tranche A Term Loan" and "Tranche B Term Loan")
provide Peloton Partners the right to purchase common stock up to 90% of the value of the Term Loan. The conversion of the
Term Loan can occur at Peloton Partner's election.

F4: The final maturity date is June 30, 2011.

F5: The conversion price in Item 4, above, is dependent upon the respective Tranche (Tranche A Term Loan and Tranche B Term
Loan). The exercise price for Tranche A is $18.15 while the original aggregate amount of the Tranche A Term Commitment is
USD$10,000,000. The exercise price for Tranche B is $23.10 while the original aggregate amount of the Tranche B Term
Commitment is USD$26,375,000.