Issue of Equity

HOUSTON, TEXAS--(Marketwired - May 29, 2015) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES

Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) announces that it has issued 2,051,308 common shares (the "New Common Shares") to employees pursuant to the Company's 2014-2016 Incentive Performance Program (the "IPP") for the year ended December 31, 2014.

Of the 2,051,308 New Common Shares issued, the officers of the Company received an aggregate of 1,846,177 New Common Shares, as shown in the table below. A portion of these shares are being issued in lieu of cash bonuses earned in accordance with the IPP, as directed by the Company's Board of Directors. The details of the relevant transactions are as follows:

*The number of common shares held and the percentage of issued share capital held does not include 26,502,000 common shares issuable pursuant to exchangeable shares held by Messrs. Ford, Markgraf, Sam, Albro and John R. McGoldrick. The exchangeable shares have not been exchanged for common shares. Therefore, they are not reflected in the common shares outstanding shown below.

Application has been made to the London Stock Exchange for the New Common Shares, which will rank pari passu with the Company's outstanding common shares, to be admitted to trading on AIM, and admission is expected to become effective on June 1, 2015.

Following admission, the Company will have 243,159,283 common shares outstanding. The figure of 243,159,283 common shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

About Caza

Caza is engaged in the acquisition, exploration, development and production of hydrocarbons in the following regions of the United States of America through its subsidiary, Caza Petroleum, Inc.: Permian Basin (Southeast New Mexico and West Texas) and Texas and Louisiana Gulf Coast (on-shore).

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

ADVISORY STATEMENT

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Such information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "schedule", "continue", "estimate", "expect", "may", "will", "hope", "project", "predict", "potential", "intend", "could", "might", "should", "believe", "develop", "test", "anticipation" and similar expressions. In particular, information regarding the price, issuance and admission to trading of New Common Shares contained in this news release constitutes forward-looking information within the meaning of securities laws.

This news release is not for dissemination in the United States or to any United States news services. The New Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.