Operations Update

February 14, 2011

Caza Oil & Gas Inc.

("Caza" or the "Company")

Operations Update

Windham Prospect

Houston, Texas (February 14, 2011) Caza (AIM: CAZA; TSX: CAZ) is pleased to announce that the Caza 158 #2 well in Upton County, Texas, reached a total depth of 10,649 feet on February 7, 2011. Electric logs indicate multiple potential pay sands in the Clearfork, Spraberry, Wolfcamp, Strawn and Atoka formations. The operator is currently running production casing and preparing the 158 #2 well for further completion operations. The completion procedure will include a necessary fracture stimulation program.

Caza currently has a 25.0% working interest and a corresponding 18.75% net revenue interest in the prospect and well.

W. Michael Ford, Caza's Chief Executive Officer commented:

"We are pleased with the progress to date on the Windham prospect. The 158 #2 will be the third well completed on this project, and we look forward to bringing the wells on production and to further development drilling in the near future."

About Caza

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

For further information, please contact:

Caza Oil & Gas, Inc.

Michael Ford, CEO +1 432 682 7424John McGoldrick, Chairman +1 832 573 1914/+44 7796 861 892

www.cazapetro.com 

Cenkos Securities plc

Jon Fitzpatrick +44 20 7397 8900Beth McKiernan +44 131 220 6939

Tavistock Communications

Jonathan Charles +44 20 7920 3150

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

In accordance with AIM Rules - Guidance Note for Mining, Oil and Gas Companies, the information contained in this announcement has been reviewed and approved by Anthony B. Sam, Vice President Operations of Caza who is a Petroleum Engineer and a member of The Society of Petroleum Engineers.

ADVISORY REGARDING FORWARD LOOKING STATEMENTS

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", "project", "predict", "upside", "potential", "targeting", "intend", "could", "might", "should", "believe", "encouraging" and similar expressions. Information regarding the operations to be conducted on the Windham Prospect and/or the 158 #2 well, including the creation of new development locations and future production, contained in this news release constitutes forward-looking information within the meaning of securities laws.

Implicit in this information are assumptions regarding: the timing of drilling operations, the performance of the operator's obligations under the joint exploration agreement governing the prospect area associated with the 158 #2 well, and its elections in connection therewith, projected revenue and expenses and well performance. Specifically, the Company has assumed that these agreements, prospects, wells and/or activities will produce positive drilling results. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of the Company are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected as set out above. In addition, the geotechnical analysis and engineering to be conducted in respect of the 158 #2 well is not complete. Future flow rates from the wells may vary, perhaps materially, and the wells may prove to be technically or economically unviable. Any future flow rates will be subject to the risks and uncertainties set out herein.

For more exhaustive information on these risks and uncertainties you should refer to the Company's most recently filed annual information form which is available at www.sedar.com. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as may be required by securities laws.