Director/PDMR Shareholding

December 13, 2012

Caza Oil & Gas, Inc.

CAZA OIL & GAS ANNOUNCES MANAGEMENT SHARE DEALINGS

HOUSTON, TEXAS (Marketwire - December 13, 2012) - Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX: CAZ) (AIM: CAZA) announces that it has been notified that each of Randy Nickerson, Vice President, Exploration and Anthony Sam, Vice President, Operations, both executive management of the Company, purchased common shares of no par value in the Company ("Shares") on December 7, 2012.

Mr. Nickerson purchased 75,000 Shares at a price of 20.875 pence per Share and his resultant total shareholding in the Company is 75,000 Shares, representing approximately 0.046 percent of the fully issued Share capital of the Company.

Mr. Sam purchased 73,695 Shares at a price of 20.5884 pence per Share and his resultant total shareholding in the Company is 133,695 Shares, representing approximately 0.08 percent. of the fully issued Share capital of the Company. In addition, Mr. Sam holds 2,425 shares in Caza Petroleum, Inc. ("CPI Shares"), a subsidiary of the Company, that may be exchanged under the Share Exchange Agreement for 6,790,000 Shares (an exchange ratio of 2,800 Shares for each CPI share). The CPI shares have no voting rights concerning the Company until such time as they are exchanged. A more detailed description of the Share Exchange Agreement can be found in the Company's latest Annual Information Form on SEDAR at www.sedar.com or the Company website at www.cazapetro.com.

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 (West Texas and Southeast New Mexico) and Texas and Louisiana Gulf Coast (on-shore).

For further information, please contact:

Caza Oil & Gas, Inc.

Michael Ford, CEO +1 432 682 7424

John McGoldrick, Chairman +65 9731 7471 (Singapore)

Cenkos Securities plc

Jon Fitzpatrick +44 20 7397 8900 (London)

Neil McDonald +44 131 220 6939 (Edinburgh)

VSA Capital Limited

Andrew Raca +44 20 3005 5004

Malcolm Graham-Wood +44 20 3005 5012

M:Communications

Patrick d'Ancona +44 20 7920 2330

Chris McMahon