Caza Oil & Gas Updates on Financing Discussions

HOUSTON, TEXAS--(Marketwired - Dec. 1, 2015) - Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) hereby provides an update regarding the status of its debt facilities with Apollo Investment Corporation ("Apollo"), an investment fund managed by Apollo Investment Management, as well as related financing discussions.

As previously disclosed, the Company entered into a Note Purchase Agreement (the "Note Agreement") dated May 23, 2013 with Apollo, pursuant to which Apollo agreed to purchase from the Company up to US$50,000,000 of its senior secured notes. As reported in the announcement of its unaudited financial results for the three months ended June 30, 2015 (the "Q2-2015 Results"), the outstanding balance of the Apollo facility as at June 30, 2015 was US$45,000,000, which is also the current outstanding balance as at September 30, 2015. Throughout the period of the Note Agreement, the Company has been required to comply with certain financial covenants, which are tested quarterly, and to maintain a limit on expenditures for general and administrative costs. As previously disclosed, most recently in the Q2-2015 Results, the Company was not fully in compliance with its financial covenants at June 30, 2015 and December 31, 2014 and, in February 2015, the Company and Apollo executed a Third Amendment to the Note Purchase Agreement pursuant to which Apollo provided a waiver of the relevant financial covenants until September 30, 2015. On September 30, 2015, the Company and Apollo executed a Forbearance and Reservation of Rights Agreement (the "Forbearance Agreement"), pursuant to which Apollo agreed, subject to certain customary limitations and conditions, to forbear from exercising certain of its rights and remedies under the Note Agreement with respect to the Company's breach of certain financial and other covenants until October 31, 2015. On October 30, 2015, the Company and Apollo executed an Amended and Restated Forbearance and Reservation of Rights Agreement (the "Amended Forbearance Agreement"), which replaced the Forbearance Agreement in its entirety, and pursuant to which Apollo agreed, subject to certain customary limitations and conditions, to forbear from exercising certain of its rights and remedies under the Note Agreement with respect to the Company's breach of certain financial and other covenants until November 30, 2015.