Caza Oil & Gas, Inc. provides its unaudited operational results and highlights for the three months ended March 31, 2011. The Company intends to post its unaudited financial results for the same period to SEDAR on Friday, May 13, 2011.

Unaudited First Quarter Operational Results

• Caza’s aggregate production increased 26% to 23,974 boe for the three-month period ended March 31, 2011, up from 19,073 boe in the fourth quarter of 2010. This represents an average daily production increase to 266 boe/d.

• Caza’s average lifting cost decreased to $3.26 per boe versus $6.22 per boe for the fourth quarter of 2010. This decrease in lifting costs reflected additional wells being brought on and the sale of properties with high operating costs during the last three quarters of 2010.

• Caza is well capitalized with a cash balance of $30,829,289 as of March 31, 2011 down from $33,885,900 at December 31, 2010. The decrease in cash during the quarter ended March 31, 2011 was used to reduce the year end accounts payable, fund capital expenditures and general and administrative activities.

• Revenues from oil & gas sales increased 41% to $1,043,943 for the three-month period ended March 31, 2011, from $742,409 for the fourth quarter of 2010. The increase in revenues from the first quarter of 2010 is a result of additional wells brought on line during 2010 and the first quarter of 2011 and the increase in commodity prices.

W. Michael Ford, Chief Executive Officer commented,“We are making progress on several fronts and are very pleased to see continuous growth in both production and revenues. When compared with the fourth quarter of 2010, the Company’s aggregate production increased by 26% (on a boe basis), our oil and natural gas liquids production increased by 38%, and our revenues increased by 41%.

In addition, we are looking forward to a busy summer, as we will participate in five wells. Caza remains well funded to pursue a balanced strategy of growing production and reserves by drilling lower risk development projects coupled with higher risk exploration projects with the potential for material upside.”

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