FOR IMMEDIATE RELEASE:                CONTACT:
October 15, 2002                      Stan Speer
                                      Chief Financial Officer
                                     (310) 899-4700

       CADIZ ANNOUNCES AGREEMENT TO EXTEND SENIOR DEBT

     Santa Monica, CA - Cadiz Inc. (Nasdaq: CLCI) is pleased
to announce the execution of an agreement which sets forth
the terms of a three-year extension of the maturity date for
its outstanding $35 million of senior secured loans with ING
Capital LLC.  Additionally, Cadiz entered into an agreement
with the holders of the $12.5 million of Cadiz' preferred
stock to extend the mandatory redemption date until July
2006.

     The ING agreement extends the current maturity date of
January 31, 2003 for the loans to January 31, 2006.  As part
of the ING extension, Cadiz has agreed to issue to ING new
warrants which will allow ING, for nominal consideration, to
acquire approximately 10% of Cadiz' common stock on a fully-
diluted basis.  The agreement is subject to satisfaction of
conditions, including annual renewals of Sun World's
revolving credit facility and execution of definitive
documentation.  With respect to Cadiz' preferred stock, the
conversion rates of the outstanding preferred shares were
reduced to $5.25 per share as consideration for the
extension of the redemption date.

     Cadiz is pleased with this demonstration of confidence
and support of its senior lenders which will allow Cadiz to
progress with the development of its water and agriculture
resources.  Cadiz will further update stockholders with its
upcoming third quarter results release.

     Founded in 1983, Cadiz Inc. is a publicly held water
resource management and agricultural firm.  With its
subsidiary, Sun World International, Inc., Cadiz is one of
the largest vertically integrated agricultural companies in
California.  Cadiz also owns significant landholdings with
substantial water resources throughout California.  Further
information on Cadiz can be obtained by visiting its
corporate web site at www.cadizinc.com.

     This release contains forward-looking statements that
are subject to significant risks and uncertainties,
including statements related to the successful completion of
its financing transactions.  Although Cadiz believes that
the expectations reflected in its forward-looking statements
are reasonable, it can give no assurance that such
expectations will prove to be correct.  Factors that could
cause actual results or events to differ materially from
those reflected in Cadiz' forward-looking statements include
the negotiation of final terms, satisfaction of conditions
precedent and execution of definitive documentation related
to the various financing transactions, Cadiz' further
progress with its Groundwater Storage and Dry-Year Supply
Program, and other factors and considerations detailed in
Cadiz' Securities and Exchange Commission filings.

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