Close of £18.9 million placing

November 19, 2010

CAZA OIL & GAS, INC.

("Caza" or the "Company")

Caza closes £18.9 million (approximately C$30.6 million) placing

Houston, Texas (November 19, 2010): Further to its press release of November 15, 2010, announcing a conditional fundraising, Caza Oil & Gas, Inc. (AIM: CAZA, TSX: CAZ) announces that it has completed the placing of 45,000,000 common shares (the "Placing Shares") at a price of 42 pence (approximately C$0.68) per share to raise gross proceeds of £18.9 million (approximately C$30.6 million) from investors in the UK (the "Placing"). The Placing Shares were placed by Cenkos Securities plc. Admission to trading on AIM of the Placing Shares occurred at 8.00 am (London, England time) today.

The Placing Shares represent approximately 27.4 per cent. of the Company's enlarged share capital. Prior to March 20, 2011, the Placing Shares cannot be resold or transferred into Canada or to or for the benefit of a resident of Canada on or through the facilities of the Toronto Stock Exchange or otherwise in Canada.

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 892www.cazapetro.com

Cenkos Securities plc

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

Conduit PR

Jonathan Charles +44 20 7429 6611Ed Portman

ABOUT CAZA

Caza is engaged in the acquisition, exploration, development and production of hydrocarbons in the Texas Gulf Coast (onshore), south Louisiana, southeast New Mexico and the Permian Basin of West Texas regions through its subsidiary, Caza Petroleum, Inc. For additional information on Caza, visit www.cazapetro.com.

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

In accordance with the 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 Operation 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", "if successful" and similar expressions. Information regarding the operations to be conducted on prospects/properties and/or wells contained in this news release constitutes forward-looking information within the meaning of securities laws.

Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that reserves or resources described can be recovered and profitable in the future.

Implicit in this information are assumptions regarding: the timing of drilling operations, reservoir size and the recoverability of hydrocarbons therefrom, the performance of third party obligations under joint exploration/operating agreements governing the prospects/properties and/or wells and elections in connection therewith, project revenue and expenses and well performance. Specifically, the Company has assumed that these agreements, prospects/properties/wells and/or activities will produce positive 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 the other risks described in this press release and could differ materially from what is currently expected as set out above.

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 the Company may elect to, it is under no obligation and do not undertake to update this information at any particular time except as may be required by securities laws.