CALGARY, Nov. 17 /CNW/ - Diaz Resources Ltd. (TSX: DZR) is pleased to announce that the Lloyd 102/06-18-48-1 W4 well, which is the second well in its Lloydminster development program, started production on November 9, 2009 and is currently producing 120 Bopd (60 Bopd net). Diaz is the operator and holds a 50% working interest in this well.
Diaz plans to drill two more Lloydminster wells this year, with the next well slated for later this month. Following evaluation of the new wells, Diaz plans to work with its partner to accelerate development of the field during 2010. In addition, the ERCB has approved a holding covering section 18-48-1 W4 which allows for up to 64 wells to be drilled, consistent with other holdings in the area.
Diaz has also closed the acquisition of the mineral rights covering 400 acres to the south of section 18-48-1 W4 which, based on Diaz's interpretation of seismic and geology, is also prospective for Lloydminster oil production. Diaz holds an 80% working interest in this new tract of land.
Please refer to Diaz's land map of the Lloydminster area, as attached, or at Diaz's website as follows: http://www.diazresources.com/maps/20091117%20Lloydminster.pdf.
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.
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: email@example.com, TSX: DZR