Diaz Resources Ltd.
TSX VENTURE : DZR

Diaz Resources Ltd.

August 16, 2011 14:08 ET

Diaz Raises $1.6 Million From Non-Core Property Sales

CALGARY, ALBERTA--(Marketwire - Aug. 16, 2011) - Diaz Resources Ltd. (TSX VENTURE:DZR) announces today that it has sold, through separate transactions, three non-core properties with a fourth transaction to close by August 30, 2011. The sale of the properties, which comprised minor production volumes, will generate approximately $1.6 million, net to Diaz.

The sales proceeds will be used to completely fund Diaz's Lloydminster four well horizontal development program.

Robert W. Lamond, President, commented that "With these non-core asset sale proceeds, I am pleased that Diaz can drill its four well horizontal program at Lloydminster without having to utilize the Company's credit facility, which remains undrawn."

"The property sales announced today," continued Mr. Lamond, "represent a continuation of Diaz's strategy to diligently redeploy capital from non-strategic assets to our emerging heavy oil opportunity base. The Company will continue to look for opportunities to rationalize its non-core property holdings to fund oil-focused development drilling."

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.

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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