Posted at 18:26h
In exchange trade with Kinder Morgan Cadiz to receive key 96-mile pipeline route for nominal fee; Cadiz also to receive $10 million payment upon Kinder regulatory filing
in Press Releases
Transaction results in significant financial gain for Company
Los Angeles CA (December 11, 2012) -- Today Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”, “the Company”) announced it has entered into a new agreement with Kinder Morgan, Inc. (NYSE: KMI) (“Kinder Morgan”) securing the Company’s ownership of a 96-mile natural gas pipeline linking its holdings in the Cadiz Valley to the northern and central California water delivery network. The exchange agreement divides 220 miles of pipeline currently under option to the Company, with the Company gaining ownership rights to the 96-mile eastern segment between Barstow and the Cadiz Valley and returning to Kinder Morgan rights to the 124-mile western segment.