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CALGARY, Dec. 14 /CNW/ - Diaz Resources Ltd. (TSX: DZR) announces it has begun drilling operations at a fourth horizontal location, 2-18-48-1 W4, on its developing Lloydminster oil play. Diaz is operator of the well and holds a 50% working interest.
The third horizontal well 15-18-48-1 W4 drilled a horizontal section of 612 meters in the Lloyd formation which encountered oil saturated sand and free oil shows throughout. The well has been cased and installation of production facilities and completion operations are underway.
The second well drilled in the program 102 6-18-48-1 W4 came on production November 9, 2009 and is currently producing 120 Bopd (60 Bopd net). The well has produced 4,200 barrels of oil to date.
Following production evaluation of the four horizontal wells Diaz will consult with its partner to finalize a development plan for 2010.
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. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. 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 intended use of the proceeds of the Private Placement by Diaz might change if the board of directors of Diaz determines that it would be in the best interests of Diaz to deploy the proceeds for some other purpose.
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