11:32 AM EDT, 03/14/2024 (MT Newswires) -- Cadiz (CDZI) and Fenner Gap Mutual Water signed a water supply agreement with Golden State Water, Cadiz said in a regulatory filing on Thursday.

Golden State Water will buy an annual supply of 5,000 acre-feet of water from Cadiz's water conservation, supply and storage project for service in Barstow, California, the company said.

Cadiz said it expects to receive net revenue of $850 per acre-foot year, subject to adjustments, for producing conserved water.

Shares of Cadiz were down 2.3% in recent trading activity on Thursday.

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