Diaz announces granting of stock options and stock option repricing

    TSX: DZR

    CALGARY, July 30 /CNW/ - Diaz Resources Ltd. announced today that its
Board of Directors has approved the issuance of stock options to staff,
officers and directors, effective July 23, 2008, to purchase 2,497,500 common
shares of the Corporation at a price of $0.25 per share, exercisable until
July 23, 2013. Officers and directors of Diaz will receive 1,775,000 new
options while staff will receive 722,500 new options. Also, the Board of
Directors has approved the repricing of 710,000 existing options held by staff
to an exercise price of $0.25 per share. The issuance of stock options and the
repricing of staff options was recommended by Diaz's Compensation Committee.
    The options are being issued to Directors and Employees of the
Corporation in accordance with Diaz's amended and restated Share Option Plan
dated May 16, 2007.
    The total number of options outstanding after the issuance is 4,857,500,
or 7.2% of the issued and outstanding common shares of the Corporation.

    Diaz is an oil and gas exploration and production company based in
Calgary, Alberta. Diaz's current focus is on shallow gas developments in
southern Alberta, natural gas exploration in central and southern Alberta and
deep gas exploration in 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.


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:

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