CALGARY, Oct. 30 /CNW/ - Diaz Resources Ltd. (TSX:DZR) today reported
that the Company has acquired, over the last three months, approximately 5,400
gross acres (2,125 net acres) in the Eagleford Shale play, located in Texas.
Diaz's acreage is on trend with the recently announced gas discovery by
Petrohawk Energy Corporation and a large development program, operated by
On October 21, 2008, Petrohawk announced the successful completion of the
STS No.241-1H well that had an initial production of 7.6 MMcfd and 250 Bbls
condensate per day.
Apache's investor presentation, released on October 23, 2008, which can
be found on Apache's web site, confirmed that it has an ongoing program to
evaluate the play and had drilled and completed four horizontal oil wells to
date, with initial production rates of 170 to 345 bopd.
Diaz's acreage has numerous existing wellbores which Diaz believes can be
re-entered, drilled horizontally and stage frac'd within the Eagleford Shale.
The use of existing wellbores will significantly reduce the capital
expenditures required for Diaz's development program.
Diaz is continuing to acquire additional acreage in the area and a
development plan for the area is being prepared.
Diaz is an oil and gas exploration and production company based in
Calgary, Alberta. Diaz's current focus is on gas and oil development and
exploration in Alberta, Saskatchewan and Texas.
ADVISORY: Certain information regarding the Company in this News Release
including management's assessment of future plans and operations, the use of
proceeds from the offering and the anticipated closing date of the offering,
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, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, capital expenditure costs, including drilling, completion and
facilities costs, unexpected decline rates in wells, wells not performing as
expected, incorrect assessment of the value of acquisitions, failure to
realize the anticipated benefits of acquisitions, 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 exhausted. Additional information on these and other factors
that could effect the Company's operations and financial results are included
in reports on file with Canadian securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com) and at the Company's
website (www.diazresources.com). Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release
and the Company does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be required by
applicable securities laws.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Robert W. Lamond, Chairman or Donald K. Clark,
Chief Operating Officer, DIAZ RESOURCES LTD., Telephone: (403) 269-9889, Fax:
(403) 269-9890, Website: www.diazresources.com, Email: firstname.lastname@example.org