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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000727273-08-000019.txt : 20081020
<SEC-HEADER>0000727273-08-000019.hdr.sgml : 20081020
<ACCEPTANCE-DATETIME>20080626162740
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000727273-08-000019
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIZ INC
		CENTRAL INDEX KEY:			0000727273
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770313235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		213-271-1600

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIZ LAND CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC AGRICULTURAL HOLDINGS INC
		DATE OF NAME CHANGE:	19920602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIDTECH INC
		DATE OF NAME CHANGE:	19880523
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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    <title>june08_corresp.htm</title>
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    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><img src="cadizlogo.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">June 26,
2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">United
States Securities and Exchange Commission</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F
Street, NE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549-3561</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attn:&#160;&#160;&#160;&#160;&#160;&#160;&#160;Jennifer
Thompson, Branch Chief</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Division of Corporate
Finance</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Mail Stop 3561</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Cadiz
Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Form 10-K for the Fiscal Year Ended
December 31, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Filed March 14, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>File No. 0-12114</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear Ms
Thompson:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On behalf
of Cadiz Inc. (the "Company") and in response to the comments of the staff
("Staff") of the Securities and Exchange Commission (the "Commission") contained
in your letter dated June 5, 2008 (the "Comment Letter") I submit this letter
containing the Company's responses to the Comment Letter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company's responses to the Comment Letter correspond to the numbered comments in
the Comment Letter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After
your consideration of our responses to the Comment Letter, we would request that
the proposed disclosure enhancements be made in all future filings, but that no
amendments of prior filings be required.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form 10-K for the Year Ended
December 31, 2007</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Consolidated Financial
Statements, page 37</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notes to the Consolidated
Financial Statements, page 44</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Note 2 &#8211; Summary of
Significant Accounting Policies, page 46</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Revenue Recognition, page
47</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Staff Comment</font> &#8211; It
appears that all of your revenues are currently generated by crop
sales.&#160;&#160;Please tell us how you considered the guidance in paragraph 10
of SFAS 67 when determining your revenue recognition policy.&#160;&#160;If you
do not believe that your current revenues are generated by incidental
operations, please explain to us, and briefly disclose to your investors
somewhere appropriate in your filings, how you reached this conclusion as it may
be unclear from your current disclosures.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Company Response</font>
&#8211;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It is the
Company's position that, for the reasons set forth below, revenues generated by
crop sales are not revenues generated by "incidental operations".&#160;&#160;We
have therefore determined that the guidance in paragraph 10 of SFAS 67 should
not apply.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
preparing its periodic financial statement filings, we have considered the
guidance in Paragraph 10 of SFAS 67.&#160;&#160;SFAS 67 defines Incidental
Operations as "Revenue-producing activities engaged in during the holding or
development period to reduce the cost of developing the property for its
intended use, as distinguished from activities designed to generate a profit or
a return from the use of the property."&#160;&#160;We do not view the Company&#8217;s
agricultural operations as incidental operations under this
definition.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In Note 1
to our Consolidated Financial Statements, we have indicated to the reader that
the Company&#8217;s objective is to realize the highest and best use of our
assets.&#160;&#160;Our primary assets consist of land and access to the
underlying aquifer systems.&#160;&#160;We believe that the highest and best use
of these assets at this time is the development of both agriculture and the
water resources.&#160;&#160;Over the longer term, residential and commercial
development could become economically attractive as well.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While the
majority of our efforts have been focused on the Cadiz Project in recent years;
our agricultural operations remain a priority and have never been intended
merely "to reduce the cost of developing the property for its intended
use".&#160;&#160;Our agricultural operations are, in and of themselves, an
intended use of the property.&#160;&#160;As noted in the Company's prior public
filings, these agricultural operations have been designed to generate a profit
from the use of the property.&#160;&#160;Crop prices have been rising recently,
and we anticipate that further agricultural development on the Cadiz Ranch will
become attractive as time passes.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For these
reasons, we have concluded that our agricultural activities are not "incidental
operations" as defined in SFAS 67.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
respectfully submit that our intention in Note 1 to our Consolidated Financial
Statements was to indicate to the reader that there are both agricultural
development capability and water storage and supply capability on our
properties.&#160;&#160;We will further clarify this point to the reader by
making the following amendment to our disclosure in Note 1 (amendment in
italics):</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The
Company&#8217;s objective is to realize the highest and best use of these
assets.&#160;&#160;In 1993, Cadiz acquired permits for up to 9,600 acres of
agricultural development in the Cadiz Valley and the withdrawal of more than 1
million acre-feet of groundwater from the aquifer system underlying the
property.&#160;&#160;The Company believes that the location, geology and
hydrology of this property is uniquely suited for <font style="DISPLAY: inline; FONT-STYLE: italic">both agricultural development and
the</font> development of a groundwater storage and dry-year supply program to
augment the water supplies available to Southern California&#8221;.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Note
3 &#8211; Property, Plant, Equipment and Water Programs, page 52</font> </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Staff Comment</font> &#8211; We
note on page 49 that your water programs are water rights and water storage and
supply programs.&#160;&#160;We also note that the costs capitalized in water
programs are costs expected to be recovered through future revenues and consist
of direct labor, drilling costs, consulting fees for various engineering,
hydrological, environmental and feasibility studies and other professional and
legal fees.&#160;&#160;We also read at the bottom of page 49 that you review the
valuation of your water program annually and have concluded that the carrying
amount of the program was not impaired, despite the actions taken by
Metropolitan.&#160;&#160;To help us better understand your conclusion with
regards to the lack of impairment, please respond to the following
comments:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      read at the bottom of page 49 that you expect to recover your costs
      through implementation of the Cadiz Project with other government
      organizations, water agencies and private water users.&#160;&#160;Please
      explain to us in more detail what your water assets are composed of, who
      these other water users are, and how you concluded that you would be able
      to recover your costs through projects with these other
      users.&#160;&#160;Please address each project separately in your response,
      including a description of the steps needed to complete each project, an
      estimate of capital needed to complete each project and the approximate
      time frame to completion.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      tell us how you considered providing information similar to the above
      bullet point somewhere appropriate in your filing, as we believe this
      would be useful to your investors.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      provide us with your 2007 impairment analysis of your water program assets
      under SFAS 144.&#160;&#160;Your response should include a discussion of
      the significant assumptions used in your analysis and why you believe your
      assumptions are reasonable, including explaining the impact of the
      Metropolitan lawsuit, if any, on your
analysis.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      explain to us whether any of the events that have occurred in 2008 related
      to the Metropolitan lawsuit have caused you to reassess your 2007
      impairment analysis, and provide us with the reasoning behind your
      conclusion.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Company Response</font>
&#8211;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
described in Note 2 of our Consolidated Financial Statements, capitalized water
project costs consist of direct labor, exploratory well drilling costs,
consulting fees and expenses for various engineering, hydrological,
environmental and feasibility studies, and other professional and legal
fees.&#160;&#160;There is no other value attributed to water resources on the
Company&#8217;s consolidated balance sheets.&#160;&#160;Water rights have not been
purchased separately from the Company&#8217;s land holdings, so the initial cost of
securing these rights is included in amounts shown under the &#8220;Land and Land
Improvements&#8221; caption in Note 3 to the Consolidated Financial
Statements.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There
are three water projects for which costs have been capitalized: (1) the Cadiz
Project; (2) the Piute Valley project; and (3) the Danby
project.&#160;&#160;Each of these projects is described in Part 1, Item 1 of our
most recent 10-K filing under the caption &#8220;Narrative Description of the Business
&#8211; Water Resource Development&#8221;.&#160;&#160;Because of the de&#160;minimis nature
of costs capitalized for the Piute Valley project (approximately $250,000) and
the Danby project (approximately $3,000), we will focus our response on the
Cadiz Project, which comprises the majority of water project costs capitalized
(approximately $14 million).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
prescribed in SFAS 144, impairment of this carrying value occurs if and when the
carrying value of the asset or group of assets is not recoverable and exceeds
fair value.&#160;&#160;The recoverability analysis is to be based on
undiscounted, probability-weighted project cash flows.&#160;&#160;Thus, the
Company&#8217;s impairment analysis is limited to an analysis of undiscounted,
probability-weighted project cash flows and a determination whether the sum of
such probability-weighted project cash flows is less than $14
million.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Metropolitan
member agencies and private utilities connected to the Metropolitan water
distribution system are natural customers of the Cadiz Project and potential
sponsors.&#160;&#160;Ever since Metropolitan elected not to proceed with the
Cadiz Project in 2002, several of these agencies have been in regular contact
with the Company.&#160;&#160;Water supplies in the Southwest are tight, and
these agencies and utilities are actively seeking additional water
supplies.&#160;&#160;The San Diego, Orange County and Los Angeles water agencies
are among those aggressively implementing water conservation programs and
seeking new water sources.&#160;&#160;At the same time, the Governor of the
State of California has declared a water emergency and supports legislation that
would provide over $10 billion of State bond funds for additional water
storage.&#160;&#160;As noted in Item 1 of our 10-K report under &#8220;Narrative
Description of the Business &#8211; Water Resource Development&#8221;, the Company is
continuing discussions with these and other public agencies regarding their
interest in participating in the Cadiz Project.&#160;&#160;However, no specific
arrangements have been entered into with any of these entities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nevertheless,
existing market conditions ensure that the Cadiz Project would have significant
value if the development can be completed, and we are confident that the $14
million of capitalized project costs will be recovered in a future development
agreement with one or more water agencies or private utilities, thereby
supporting the Company&#8217;s conclusion that the $14 million of capitalized project
costs was and is not impaired.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Cadiz
Project is one of the largest new ground water storage and dry-year supply
projects that has been proposed in the State of California, and it has been
structured as a public-private partnership.&#160;&#160;It is subject to a
complex permitting and approval process during a time of rapidly changing
environmental policies and priorities.&#160;&#160;The Company&#8217;s public filings
have not included a detailed development plan, because our experience indicates
that the process is not predictable and that the form and sequence of future
steps are uncertain.&#160;&#160;However, the Company believes that it has
provided meaningful disclosure concerning the steps that have been and are being
taken to implement the Cadiz Project.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
general, the development plan has several elements:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Federal
      and state environmental permits</font></div>
            </td>
          </tr>
      </table>
    </div>
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    <div>
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          <tr valign="top">
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      pipeline right-of-way from the Colorado River Aqueduct to the project
      area</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      storage and supply agreement with one or more public water agencies or
      private water utilities</font></div>
            </td>
          </tr>
      </table>
    </div>
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    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Construction
      and working capital financing</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our joint
venture with Metropolitan addressed the first three of these elements, and these
requirements would have been satisfied if the Metropolitan Board had voted to
accept the pipeline right-of-way offered to the Cadiz Project by the Department
of the Interior and had completed the environmental review process in October,
2002.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In 2002,
the construction cost of the Cadiz Project was estimated to be $150
million.&#160;&#160;We have not updated this estimate; however, we would expect
the current cost to be 30-40% higher today, primarily due to higher energy and
raw material costs.&#160;&#160;We continue to estimate that the construction
period would be approximately 2 years.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While our
historical filings do not specifically address the project development path, we
have consistently provided a narrative of the steps that the Company has been
taking to complete the entitlement process.&#160;&#160;We have further mentioned
the project financing need in the risk factors discussion.&#160;&#160;In future
filings, we propose to add the following sentence at the end of the third
paragraph in Note 1 of the Notes to the Consolidated Financial Statements -
Description of Business (addition in italics):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;&#8230; To
this end, in 1997 Cadiz entered into the first of a series of agreements with
the Metropolitan Water District of Southern California (&#8220;Metropolitan&#8221;) to
jointly design, permit and build such a project (the &#8220;Cadiz Project&#8221;).<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;&#160;In general, several
elements are needed to complete the development: (1) federal and state
environmental permits; (2) a pipeline right-of-way from the Colorado River
Aqueduct to the project area; (3) a storage and supply agreement with one or
more public water agencies or private water utilities; and (</font><font style="DISPLAY: inline; FONT-STYLE: italic">4</font><font style="DISPLAY: inline; FONT-STYLE: italic">) construction and working capital
financing.</font>&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company&#8217;s impairment analysis is a two step process: (1) an analysis of the
potential value of a water storage and dry-year supply project with the capacity
and water quality of the Cadiz Project; and (2) an estimate of the probability
that the value of the Cadiz Project will be realized.&#160;&#160;The estimate of
project value is multiplied by the probability estimate to compute an expected
value.&#160;&#160;This expected value is compared with the $14 million of
capitalized project costs.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
important foundation of the Cadiz Project value is the higher cost of other
surface water storage alternatives.&#160;&#160;The capital cost of the Cadiz
Project pipeline, spreading basins and well fields is dramatically lower than
the cost of the land and the dams needed for a new surface reservoir of similar
capacity.&#160;&#160;Diamond Valley Lake in Hemet, CA, is the last surface
reservoir of significant size that has been built in California.&#160;&#160;The
reservoir was completed and filled in 2003.&#160;&#160;Total storage capacity is
800,000 acre-feet, and the total project cost in 2003 was $1.9
billion.&#160;&#160;In contrast, the Cadiz Project has a storage capacity of 1
million acre-feet (2 million, if one includes temporary withdrawals of
groundwater), and the capital cost of the project was estimated to be $150
million in 2003.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Water is
an increasingly scarce resource in Southern California, as population growth
creates higher demand, while a smaller allotment of Colorado River water,
climate change and ecological constraints on water deliveries from the northern
part of the state are reducing supply.&#160;&#160;Water supplies are
increasingly tight, and water prices are rising rapidly.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In 2001,
the Company negotiated a water program contract structure with Metropolitan<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref.ID0ETLAE">1</a></font>.&#160;&#160;That agreement placed a $230 per
acre-foot value on initial water transfers with a provision for upward
adjustment by half the difference between that amount and &#8220;fair market value&#8221;,
subject to certain limitations.&#160;&#160;At the time, the economics of these
agreements were reviewed by several equity analysts specializing in the
valuation of water companies.&#160;&#160;Charles Schwab &amp; Co&#8217;s. Washington
Research Group developed a detailed cash flow model that valued the contracts at
$473 million.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref.ID0ENMAE">2</a></font>&#160;&#160;While a future project would have a
different set of financial arrangements, the trend of steadily increasing water
demand and prices would indicate that the project value has not
declined.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In late
2007, the Company retained the services of David L. Sunding, Ph.D, a professor
of agricultural and resource economics at UC Berkley and co-director of the
Berkley Water Center.&#160;&#160;Dr. Sunding was retained to provide expert
testimony on the value of the Cadiz Project to support the Company&#8217;s claim for
damages in the lawsuit filed against Metropolitan.&#160;&#160;While Dr.
Sunding&#8217;s analysis was not complete prior to the time that the 2007 10-K report
was filed, the Company had engaged in a series of preliminary conversations with
Dr. Sunding to review his analytical approach and preliminary valuation
conclusions.&#160;&#160;Those conversations confirmed the Company&#8217;s perception
that the value of the Cadiz Project had not declined from the 2002 Washington
Research Group estimate.&#160;&#160;A summary of Dr. Sunding&#8217;s final analysis
and valuation conclusion is contained in his April 1, 2008 declaration, which is
being provided supplementally for reference.&#160;&#160;He concluded that &#8220;the
value of the [Cadiz Project] to Cadiz, had it been implemented, would be in
excess of $389 million.&#8221;<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref.ID0EWNAE">3</a></font>&#160;&#160;The Company agrees with Dr.
Sunding&#8217;s valuation estimates and the characterization of the $389 million
valuation as &#8220;conservative&#8221;.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">The second element of the impairment analysis, an estimate of the
probability that the value of the Cadiz Project will be realized, is by nature
more subjective.&#160;&#160;However, given the conclusion that the project has
substantial value, a high probability of success is not required to conclude
that the $14 million of capitalized water project costs was not
impaired.&#160;&#160;If the Cadiz Project is valued at Dr. Sunding&#8217;s $389
million &#8220;conservative&#8221; estimate, a probability of 4% or greater would be
sufficient to produce a probability weighted fair value estimate in excess of
$14 million.</div>
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      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt"><font style="FONT-SIZE: 6pt"><font style="FONT-SIZE: 6pt"><font style="DISPLAY: inline; FONT-SIZE: 6pt; VERTICAL-ALIGN: super">1</font>&#160;&#160;</font>
</font>The Cadiz Groundwater Storage and Dry-Year Supply Program Definitive
Economic Terms and Responsibilities between Metropolitan Water District of
Southern California and Cadiz dated March 6, 2001 previously filed as an Exhibit
10.13 to our Annual Report on Form 10-K for the year ended December 31, 2001
filed on March 28, 2002.</font></font></div>
      </div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt"><font style="FONT-SIZE: 6pt"><font style="DISPLAY: inline; FONT-SIZE: 6pt; VERTICAL-ALIGN: super">2</font>&#160;&#160;
</font>Schwab Capital Markets &#8211; WRG Strategic Research report dated
3-22-01</font></font></div>
      <div><a name="ref.ID0EWNAE" />
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt"><font style="FONT-SIZE: 6pt"><font style="DISPLAY: inline; FONT-SIZE: 6pt; VERTICAL-ALIGN: super">3</font>&#160;&#160;
</font>Declaration of David L. Sunding, PH.D,, in opposition to Defendant&#8217;s
motions in limine, filed with Superior Court of the State of California for the
County of Los Angeles, Case No. BC343232.</font></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Among other things, the Company has relied on the work of Dr. Sunding in
reaching these conclusions. &#160;The Company believes that the Cadiz Project is
a uniquely situated, environmentally attractive and cost-effective water storage
and supply project.&#160;&#160;Conversations with a number of Metropolitan&#8217;s
member agencies and customers have confirmed that the ongoing water shortage and
increasing demand for water in Southern California make the project increasingly
attractive to these end users, regardless of the position taken by
Metropolitan.&#160;&#160;In addition, the Company has tested Project valuations
for impairment purposes using increasingly conservative estimates and the result
was a probability weighted fair value that was in all cases significantly higher
than the $14 million carrying value of water program
assets.</font></div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In light
of all of the foregoing considerations, the Company has concluded that the Cadiz
Project has substantial value and that the probability that project will be
developed and built is sufficiently high that the $14 million of capitalized
water project development costs is recoverable and was not impaired on December
31, 2007.&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Metropolitan lawsuit is one of the factors to consider when estimating the
probability that the Cadiz Project will proceed.&#160;&#160;If the lawsuit
yields a positive result to the Company or the parties reach a settlement prior
to trial, the probability of success will increase significantly.&#160;&#160;On
December 31, 2007, the outlook for the Metropolitan lawsuit was promising, and
the Company continues to expect that a favorable result will be
achieved.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company has considered potential developments with the Metropolitan lawsuit when
performing its impairment analysis for the year ended December
31,&#160;2007.&#160;&#160;No events have occurred in 2008 that were inconsistent
with those considerations and, therefore, our current assessment of the
realizability of water project costs has not changed from the prior
assessment.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Valuation and Qualifying
Accounts, page 67</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Staff Comment</font> &#8211; In
future filings, please properly label this valuation and qualifying accounts
schedule as Schedule II, rather than Schedule I.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Company Response</font>
- -</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will
correct this typographical error and will use the appropriate schedule number in
future filings.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
acknowledge that (i) the Company is responsible for the adequacy and accuracy of
the disclosure in the filings; (ii) Staff comments, or changes to disclosure in
response to Staff comments, do not foreclose the Commission from taking any
action with respect to the filings; and (iii) the Company may not assert Staff
comments as a defense in any proceeding initiated by the Commission, or any
person under the federal securities laws of the United States.</font></div>
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      </font></td>
            <td align="left" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cadiz
      Inc.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:&#160;&#160;<font style="TEXT-DECORATION: underline">/s/ O'Donnell Iselin
      II&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;O'Donnell
      Iselin II</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chief
      Financial Officer</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div style="TEXT-ALIGN: center">8

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
