Diaz Resources Ltd.

Diaz Resources Ltd.

May 13, 2011 17:55 ET

Diaz Announces Delisting Review

CALGARY, ALBERTA--(Marketwire - May 13, 2011) - Diaz Resources Ltd. (TSX:DZR) ("Diaz" or the "Company") today announced that in connection with its previously announced $8 million offering of 10.5% secured subordinated convertible debentures and its application to rely upon the financial hardship exemption in relation to the requirement to obtain shareholder approval of the offering, the Toronto Stock Exchange (the "TSX") has informed the Company that it is reviewing the eligibility for continued listing of Diaz's common shares on the TSX. Diaz believes that upon completion of the offering it will be in compliance with TSX continued listing requirements.

About Diaz

Diaz is an oil and gas exploration and production company based in Calgary, Alberta. Diaz's current focus is on oil development and exploration in Alberta and Saskatchewan.

ADVISORY: This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated closing of the offering and the Company's compliance with the TSX's continued listing requirements following completion thereof. Although Diaz believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Diaz can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the offering could be delayed if Diaz is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the offering will not be completed within the anticipated time or at all, and that Diaz will fail to comply with the TSX's continued listing requirements and therefore be delisted from the TSX.

The forward looking statements contained in this press release are made as of the date hereof and Diaz undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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