Diaz Resources Ltd.
TSX VENTURE : DZR

Diaz Resources Ltd.

March 14, 2012 09:00 ET

Diaz Completes First Well in Current Macklin, Saskatchewan Development Program

CALGARY, ALBERTA--(Marketwire - March 14, 2012) - Diaz Resources Ltd. (TSX VENTURE:DZR) today announced that the first well drilled in the three well horizontal Dina heavy oil well development program at Macklin, Saskatchewan began production on March 8, 2012. The well is currently producing at a rate of 110 BOPD.

The success of this key well has significantly expanded the Macklin Dina oil pool, based on the Company's geological and geophysical interpretation. The well was drilled immediately to the north of the four currently producing Macklin oil wells, testing a section of mineral rights acquired by Diaz in late 2011.

The second well in the program has been drilled and cased and is awaiting the third well to finish being drilled prior to completion. The third well began drilling on March 11, 2012. The last two wells in the program are expected to be on production by March 23, 2012.

Diaz has a 45% working interest in the Macklin project. The remaining 55% working interest in Macklin is held by Tuscany Energy Ltd.

ADVISORY: Certain information in this news release, including drilling plans and projected drilling, completion and equipping costs, and production rates from the Lloydminster and Macklin fields 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.

Where amounts are expressed on a barrel of oil equivalent (boe) basis, natural gas volumes have been converted to barrels of oil at six thousand cubic feet (mcf) per barrel (bbl). Boe figures may be misleading, particularly if used in isolation. A boe conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References to oil in this discussion include crude oil and natural gas liquids (NGLs).

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.

Contact Information

  • Diaz Resources Ltd.
    Robert W. Lamond
    Chairman & CEO
    (403) 269-9889
    (403) 269-9890 (FAX)

    Diaz Resources Ltd.
    Donald K. Clark
    Vice President Operations
    (403) 269-9889
    (403) 269-9890 (FAX)