Diaz Resources Ltd.
TSX : DZR

Diaz Resources Ltd.

January 20, 2011 09:00 ET

Diaz Updates Lloydminster Heavy Oil Development Projects

CALGARY, ALBERTA--(Marketwire - Jan. 20, 2011) - Diaz Resources Ltd. (TSX:DZR) announces today that it has received approval from the ERCB to commence injection of produced water into the 104/12-18-48-1W4 water disposal well, which Diaz drilled during the fall of 2010. As a result, Diaz has reactivated two of the Lloydminster heavy oil wells that were shut in due to high water cuts and has started to inject all of Diaz's produced water, at the Lloydminster field, into the 104/12-18-48-1 W4 well.

The addition of the water disposal facilities will enhance the economics of Diaz's Lloydminster project. Diaz plans to drill two more horizontal heavy oil wells in section 18-48-1 W4 during the first quarter of 2011.

In addition to the section 18-48-1W4 project, Diaz is acquiring seismic over two other heavy oil projects in the general Lloydminste r area. The seismic will be utilized to optimize future 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 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.

Contact Information

  • Diaz Resources Ltd.
    Robert W. Lamond
    Chairman
    (403) 269-9889
    (403) 269-9890 (FAX)
    or
    Diaz Resources Ltd.
    Donald K. Clark
    Chief Operating Officer
    (403) 269-9889
    (403) 269-9890 (FAX)
    info@diazresources.com
    www.diazresources.com