CALGARY, Aug. 6 /CNW/ - Diaz Resources Ltd. (TSX: DZR) wishes to announce that it has drilled and cased a Lower Shaunavon oil well, 91/13-19-7-18W3, located in the Chambery field, Saskatchewan. The drill cutting samples recovered from the Lower Shaunavon zone had oil staining and the open hole logs indicate potential oil pay, based on Diaz's interpretation.
Diaz is the operator and has a 45 % WI. The other partners in the well are Sharon Energy Ltd. (20 % WI) and Tuscany Energy Ltd. (35 % WI).
The well was drilled to extend the mineral lease and prove up the Lower Shaunavon in section 19-7-18 W3. The immediate offset Lower Shaunavon horizontal oil well, 91/2-24-7-19W3, commenced production in January 2010 and had a reported production rate of 179 BOPD for April 2010 with cumulative production of 13,550 BO.
Diaz has an interest in 7 sections of land in this area.
Diaz plans to complete the 91/13-19-7-18W3 well and will monitor the offset production before finalizing its development plan for the area.
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.
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 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.
SOURCE DIAZ RESOURCES LTD.
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, TSX: DZR