Diaz Resources Ltd.
TSX VENTURE : DZR

Diaz Resources Ltd.

November 14, 2011 09:00 ET

Diaz Announces Q3 2011 Results and Updates Drilling Activity

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2011) - Diaz Resources Ltd. (TSX VENTURE:DZR) announces that it has filed on SEDAR its Interim Financial Statements and MD&A for the nine months ended September 30, 2011.

The Company made significant progress towards increasing oil production rates during Q3 2011 as it drilled four new wells in its ongoing development program with funds sourced from property sales. Diaz sold four non-core properties which generated approximately $1.6 million. Diaz did not need to draw on its bank line during the third quarter, which leaves the Company positioned to proceed with additional planned drilling in the fourth quarter.

Diaz drilled three wells in its ongoing Lloydminster development program – all of which were successful.

Of note, and more significant, was the Company's participation in the drilling of a horizontal well at Macklin, Saskatchewan, which was placed on production September 18, 2011, and has steadily produced in excess of 100 barrels of oil per day (45 bopd net), to date. Diaz plans to drill two offset wells to this well in November and anticipates a continuous development program if results warrant.

The Company will continue to focus on its heavy oil development programs in the Lloydminster and Macklin areas and if successful, Diaz should exit 2011 with a significant increase in its oil production from current levels.

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: Certain information in this news release, including drilling plans and projected drilling, completion and equipping costs, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive.

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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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