Diaz Raises $1.6 Million From Non-Core Property Sales

Diaz Resources Ltd. (TSX VENTURE:DZR) announces today that it has sold, through
separate transactions, three non-core properties with a fourth transaction to
close by August 30, 2011. The sale of the properties, which comprised minor
production volumes, will generate approximately $1.6 million, net to Diaz. 


The sales proceeds will be used to completely fund Diaz's Lloydminster four well
horizontal development program.


Robert W. Lamond, President, commented that "With these non-core asset sale
proceeds, I am pleased that Diaz can drill its four well horizontal program at
Lloydminster without having to utilize the Company's credit facility, which
remains undrawn."


"The property sales announced today," continued Mr. Lamond, "represent a
continuation of Diaz's strategy to diligently redeploy capital from
non-strategic assets to our emerging heavy oil opportunity base. The Company
will continue to look for opportunities to rationalize its non-core property
holdings to fund oil-focused development drilling." 


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.

Diaz Resources Ltd (TSXV:DZR)
過去株価チャート
から 5 2024 まで 6 2024