Diaz Announces Q3 2011 Results and Updates Drilling Activity
November 14 2011 - 9:00AM
Marketwired
Diaz Resources Ltd. (TSX VENTURE:DZR) announces that it has filed
on SEDAR its Interim Financial Statements and MD&A for the nine
months ended September 30, 2011.
The Company made significant progress towards increasing oil
production rates during Q3 2011 as it drilled four new wells in its
ongoing development program with funds sourced from property sales.
Diaz sold four non-core properties which generated approximately
$1.6 million. Diaz did not need to draw on its bank line during the
third quarter, which leaves the Company positioned to proceed with
additional planned drilling in the fourth quarter.
Diaz drilled three wells in its ongoing Lloydminster development
program - all of which were successful.
Of note, and more significant, was the Company's participation
in the drilling of a horizontal well at Macklin, Saskatchewan,
which was placed on production September 18, 2011, and has steadily
produced in excess of 100 barrels of oil per day (45 bopd net), to
date. Diaz plans to drill two offset wells to this well in November
and anticipates a continuous development program if results
warrant.
The Company will continue to focus on its heavy oil development
programs in the Lloydminster and Macklin areas and if successful,
Diaz should exit 2011 with a significant increase in its oil
production from current levels.
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: Certain information in this news release, including
drilling plans and projected drilling, completion and equipping
costs, 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, environmental risks, competition from other
producers, inability to retain drilling rigs and other services,
capital expenditure costs, including drilling, completion and
facilities costs, 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 exhaustive.
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 TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Diaz Resources Ltd. Robert W. Lamond Chairman (403)
269-9889 (403) 269-9890 (FAX) Diaz Resources Ltd. Donald K. Clark
Chief Operating Officer (403) 269-9889 (403) 269-9890
(FAX)info@diazresources.comwww.diazresources.com
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