-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 V018acligGpyk+jNk9UV4XzwS9b/3BBYsU6tz38eixPv9odc2StGxY57z19wbxV3
 CC7m6os4j/XUcZHFQjOqyA==

<SEC-DOCUMENT>0000902664-07-002138.txt : 20070628
<SEC-HEADER>0000902664-07-002138.hdr.sgml : 20070628
<ACCEPTANCE-DATETIME>20070628134613
ACCESSION NUMBER:		0000902664-07-002138
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070626
FILED AS OF DATE:		20070628
DATE AS OF CHANGE:		20070628

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIZ INC
		CENTRAL INDEX KEY:			0000727273
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770313235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		777 SOUTH FIGUEROA STREET
		STREET 2:		SUITE 4250
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90017
		BUSINESS PHONE:		213-271-1600

	MAIL ADDRESS:	
		STREET 1:		777 SOUTH FIGUEROA STREET
		STREET 2:		SUITE 4250
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIZ LAND CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC AGRICULTURAL HOLDINGS INC
		DATE OF NAME CHANGE:	19920602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIDTECH INC
		DATE OF NAME CHANGE:	19880523

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Peloton Partners, LLP
		CENTRAL INDEX KEY:			0001352852
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12114
		FILM NUMBER:		07946192

	BUSINESS ADDRESS:	
		STREET 1:		17 BROADWICK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1F 0DJ
		BUSINESS PHONE:		011 44 20 7317 9500

	MAIL ADDRESS:	
		STREET 1:		17 BROADWICK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1F 0DJ
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-06-26</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000727273</issuerCik>
        <issuerName>CADIZ INC</issuerName>
        <issuerTradingSymbol>CDZI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001352852</rptOwnerCik>
            <rptOwnerName>Peloton Partners, LLP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>17 BROADWICK STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1F 0DJ</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share (&quot;Common Stock&quot;)</value>
            </securityTitle>
            <transactionDate>
                <value>2007-06-26</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2007-06-26</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20400</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>20.8552</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1258573</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-06-27</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2007-06-27</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>700</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>21.2994</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1259273</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock issuable upon conversion of Loan</value>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-06-27</value>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </transactionDate>
            <deemedExecutionDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>0</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Convertible Debt</value>
                </underlyingSecurityTitle>
                <underlyingSecurityValue>
                    <value>36375000</value>
                </underlyingSecurityValue>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1582180</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Peloton Partners LLP (&quot;Peloton Partners&quot;), as investment manager to Peloton Partners LP and Peloton Multi-Strategy Master
 Fund, Ltd. (the &quot;Investment Entities&quot;) may be deemed to be the beneficial owner of the Issuer's securities held by the
 Investment Entities.  Peloton Partners disclaims beneficial ownership of such securities, and this report shall not be
 deemed an admission that Peloton Partners is the beneficial owner of the securities for the purpose of Section 16 or for any
 other purpose, except to the extent of its pecuniary interest therein.</footnote>
        <footnote id="F2">Geoffrey Grant, as Chief Investment Officer of Peloton Partners, may be deemed to be the beneficial owner of the Issuer's
 securities held by the Investment Entities.  Mr. Grant disclaims beneficial ownership of such securities, and this report
 shall not be deemed an admission that Mr. Grant is the beneficial owner of the securities for the purpose of Section 16 or
 for any other purpose, except to the extent of his pecuniary interest therein.</footnote>
        <footnote id="F3">The convertible term loan (&quot;Term Loan&quot;) which is comprised of two tranches (&quot;Tranche A Term Loan&quot; and &quot;Tranche B Term Loan&quot;)
 provide Peloton Partners the right to purchase common stock up to 90% of the value of the Term Loan.  The conversion of the
 Term Loan can occur at Peloton Partner's election.</footnote>
        <footnote id="F4">The final maturity date is June 30, 2011.</footnote>
        <footnote id="F5">The conversion price in Item 4, above, is dependent upon the respective Tranche (Tranche A Term Loan and Tranche B Term
 Loan).  The exercise price for Tranche A is $18.15 while the original aggregate amount of the Tranche A Term Commitment is
 USD$10,000,000.  The exercise price for Tranche B is $23.10 while the original aggregate amount of the Tranche B Term
 Commitment is USD$26,375,000.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Geoffrey Grant, Chief Investment Officer of Peloton Partners LLP</signatureName>
        <signatureDate>2007-06-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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