Diaz Resources Ltd.
TSX : DZR

Diaz Resources Ltd.

May 02, 2011 09:00 ET

Diaz Confirms Interest in Lands Adjacent to Recent High Land Sale Values in Saskatchewan

CALGARY, ALBERTA--(Marketwire - May 2, 2011) -Diaz Resources Ltd. (TSX:DZR) Following the release of recent Saskatchewan land sale results, Diaz is pleased to confirm its land position immediately adjacent to parcels that received substantial bids at the April 11, 2011 sale.

Diaz holds an interest in 14 1/2 sections of land on the developing Shaunavon trend in southwest Saskatchewan, two of which (Diaz 80% WI) are immediately adjacent to lands that received bids of $1.0 million per section ($4,018/hectare) at the sale. Held in brokers' names, the Diaz leases were acquired in 2009 and 2010 as part of the company's early-entry land strategy in the area.

President and CEO Robert Lamond commented, "Diaz's position in this region was acquired over a year and half ago as we pursued our strategy of leasing acreage in oil-prone regions, ahead of increasing industry activity. The high prices paid in the most recent land sale, along with active drilling nearby for the Lower Shaunavon formation, validates this strategy."

"The Company's core focus remains on developing its assets in the Lloydminster area," Lamond continued, "and we are actively pursuing monetizing our Shaunavon landholdings to increase our funds available to accelerate the Lloydminster development."

See below for a map of Diaz's Shaunavon landholdings in the Gull Lake / Antelope area. To view the map, please visit the following link: http://media3.marketwire.com/docs/502dzr1.pdf.

Diaz continues to work towards developing its wide range of oil properties pursuing both light and heavy oil prospects in the Lloydminster, Dina and Birdbear formations, among other plays in Alberta and Saskatchewan.

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. 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 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.

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).

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

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