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Diaz Files Statement of Reserves Data and Other Oil and Gas Information as of December 31, 2012

CALGARY, ALBERTA -- (Marketwire) -- 02/08/13 -- Diaz Resources Ltd. (TSX VENTURE:DZR) ("Diaz" or the "Company") today filed its Statement of Reserves Data and Other Oil and Gas Information as of December 31, 2012.

Summary of 2012 Reserves

The Company recorded a year-over-year 18% decrease in proved plus probable reserves to 1,005 MBOE at December 31, 2012. The estimated net present value of future net revenue attributable to the Company's reserves, before tax, using a 10% discount rate, decreased by 24% to $12.2 million (88% oil), compared with $15.9 million at December 31, 2011.

The decrease in reserves resulted primarily from lower heavy oil and natural gas prices used in the independent reserves report upon which the Statement of Reserves Data is based compared with the prices used in the 2011 independent reserves report. Downward technical revisions to the Company's Lloydminster heavy oil property were partially offset by extensions at the Company's Macklin property.

The Company's December 31, 2012 reserves were evaluated in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities by McDaniel and Associates Consultants Ltd. ("McDaniel"), independent reserves evaluators of Calgary, Alberta, in a report prepared by McDaniel dated February 1, 2013 and effective December 31, 2012 (the "McDaniel Report").


                                                      
The following summary is based on the McDaniel Report.
                                                      
            SUMMARY OF OIL AND GAS RESERVES           
     AND NET PRESENT VALUES OF FUTURE NET REVENUE     
                AS OF DECEMBER 31, 2012               
               FORECAST PRICES AND COSTS              
                                                      
                                                                            
                                             RESERVES                       
                    --------------------------------------------------------
COMPANY TOTAL            LIGHT AND                                          
                        MEDIUM OIL        HEAVY OIL           NATURAL GAS   
--------------------                                                        
                      Gross   Net (i)   Gross   Net (i)    Gross    Net (i) 
RESERVES CATEGORY     (MBbl)   (MBbl)   (MBbl)   (MBbl)    (MMcf)    (MMcf) 
----------------------------------------------------------------------------
PROVED                                                                      
 Producing               30.8     26.7    147.5    146.9   1,347.7   1,240.7
 Non-producing              -        -     25.2     24.3     387.5     362.4
 Undeveloped                -        -    121.2    116.8         -         -
----------------------------------------------------------------------------
TOTAL PROVED             30.8     26.7    293.9    288.0   1,735.2   1,603.1
                                                                            
PROBABLE                  3.9      3.1    337.8    324.0     272.3     250.0
----------------------------------------------------------------------------
                                                                            
TOTAL PROVED PLUS                                                           
 PROBABLE                34.7     29.8    631.7    612.0   2,007.5   1,853.1
----------------------------------------------------------------------------

                                                                            
                                                                            
                    --------------------------------------------------------
COMPANY TOTAL                              NATURAL GAS                      
                                             LIQUIDS         TOTAL   TOTAL  
--------------------                                                        
                                         Gross   Net (i)    Gross   Net (i) 
RESERVES CATEGORY                        (MBbl)   (MBbl)    (MBOE)   (MBOE) 
----------------------------------------------------------------------------
PROVED                                                                      
 Producing                                   3.9      2.7     406.8    383.1
 Non-producing                               0.1        -      89.9     84.7
 Undeveloped                                   -        -     121.2    116.8
----------------------------------------------------------------------------
TOTAL PROVED                                 4.0      2.7     617.9    584.6
                                                                            
PROBABLE                                     0.4      0.3     387.5    369.1
----------------------------------------------------------------------------
                                                                            
TOTAL PROVED PLUS                                                           
 PROBABLE                                    4.4      3.0   1,005.4    953.7
----------------------------------------------------------------------------

(i) Net is the Corporation's working interest (operating and non-operating) share after deduction of royalty obligations, plus the Corporation's royalty interests in production or reserves.


                            NET PRESENT VALUES OF FUTURE NET REVENUE       
                    -------------------------------------------------------
COMPANY TOTAL                         BEFORE INCOME TAXES                  
--------------------                                                       
                                   DISCOUNTED AT (% per year)              
                         0          5          10         15         20    
RESERVES CATEGORY      (MM$)      (MM$)      (MM$)      (MM$)      (MM$)   
---------------------------------------------------------------------------
PROVED                                                                     
  Producing                6.45       5.87       5.42       5.06       4.76
  Non-producing            0.75       0.76       0.73       0.68       0.63
  Undeveloped              1.46       1.13       0.87       0.65       0.47
---------------------------------------------------------------------------
TOTAL PROVED               8.66       7.76       7.02       6.39       5.86
                                                                           
PROBABLE                   8.29       6.48       5.14       4.15       3.40
---------------------------------------------------------------------------
                                                                           
TOTAL PROVED PLUS                                                          
 PROBABLE                 16.95      14.24      12.16      10.54       9.26
---------------------------------------------------------------------------
                                                                           

                            NET PRESENT VALUES OF FUTURE NET REVENUE        
                    --------------------------------------------------------
COMPANY TOTAL                           AFTER INCOME TAXES                  
--------------------                                                        
                                    DISCOUNTED AT (% per year)              
                          0          5          10         15         20    
RESERVES CATEGORY       (MM$)      (MM$)      (MM$)      (MM$)      (MM$)   
----------------------------------------------------------------------------
PROVED                                                                      
  Producing                 6.45       5.87       5.42       5.06       4.76
  Non-producing             0.75       0.76       0.73       0.68       0.63
  Undeveloped               1.46       1.13       0.87       0.65       0.47
----------------------------------------------------------------------------
TOTAL PROVED                8.66       7.76       7.02       6.39       5.86
                                                                            
PROBABLE                    8.29       6.48       5.14       4.15       3.40
----------------------------------------------------------------------------
                                                                            
TOTAL PROVED PLUS                                                           
 PROBABLE                  16.95      14.24      12.16      10.54       9.26
----------------------------------------------------------------------------
                                                                            
Pricing Used in Evaluation                                                  
                                                                            
              SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS             
                           AS OF DECEMBER 31, 2012                          
                          FORECAST PRICES AND COSTS                         
                                                                            
                                      OIL                  NATURAL GAS      
                       -----------------------------------------------------
                              WTI   Edmonton  Bow River                     
                          Cushing      Light   Hardisty       AECO     NYMEX
     Inflation Exchange  Oklahoma  Par Price  Par Price  Gas Price Gas Price
YEAR      Rate     Rate ($US/bbl) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/Mcf) ($US/Mcf)
----------------------------------------------------------------------------
2013      2.0%    1.000     92.50      87.50      75.30       3.35      3.75
2014      2.0%    1.000     92.50      90.50      77.80       3.85      4.30
2015      2.0%    1.000     93.60      92.60      79.60       4.35      4.85
2016      2.0%    1.000     95.50      94.50      81.30       4.70      5.25
2017      2.0%    1.000     97.40      96.40      82.90       5.10      5.70
2018      2.0%    1.000     99.40      98.30      84.50       5.45      6.10
2019      2.0%    1.000    101.40     100.30      86.30       5.55      6.20
2020      2.0%    1.000    103.40     102.30      88.00       5.70      6.35
2021      2.0%    1.000    105.40     104.30      89.70       5.80      6.45
2022      2.0%    1.000    107.60     106.50      91.60       5.90      6.60
2023      2.0%    1.000    109.70     108.50      93.30       6.00      6.70
2024      2.0%    1.000    111.90     110.70      95.20       6.15      6.85
2025      2.0%    1.000    114.10     112.90      97.10       6.25      7.00
2026      2.0%    1.000    116.40     115.20      99.10       6.35      7.10
2027      2.0%    1.000    118.80     117.50     101.10       6.50      7.25
After   +2%/yr   +2%/yr    +2%/yr     +2%/yr     +2%/yr     +2%/yr    +2%/yr
----------------------------------------------------------------------------

Detailed reserve information is contained in the Company's Statement of Reserves Data and Other Oil and Gas Information which will be available on the Company's SEDAR profile at www.sedar.com.

It should not be assumed that the estimates of future net revenue presented above represent the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material.

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 news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains forward-looking information and statements pertaining to the volumes and estimated net present value of Diaz's oil and gas reserves.

The estimates of Diaz's reserves and the net present value of the future net revenue attributable thereto provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered or that the forecast prices and costs assumptions such estimates are based upon will be attained. In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Diaz which have been used to develop such statements and information but which may prove to be incorrect. Although Diaz believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Diaz can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Diaz will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Diaz's reserve volumes; continued availability of debt and equity financing and cash flow to fund Diaz's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Diaz operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Diaz to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Diaz has an interest in to operate the field in a safe, efficient and effective manner; the ability of Diaz to obtain financing on acceptable terms; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Diaz operates; and the ability of Diaz to successfully market its oil and natural gas products.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statement, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Diaz's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Diaz or by third party operators of Diaz's properties, increased debt levels or debt service requirements; inaccurate estimation of Diaz's oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Diaz's public disclosure documents, (including, without limitation, those risks identified in this news release). 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.

Where amounts are expressed on a barrel of oil equivalent (BOE) basis, natural gas volumes have been converted to barrels of oil on the basis of six thousand cubic feet (mcf) per barrel (bbl). BOE figures may be misleading, particularly if used in isolation. A BOE conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 mcf: 1 bbl, using a conversion on a 6 mcf: 1 bbl basis may be misleading as an indication of value. References to oil in this discussion include crude oil and natural gas liquids (NGLs).

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 & CEO
(403) 269-9889
(403) 269-9890 (FAX)

Diaz Resources Ltd.
Donald K. Clark
Vice President Operations & COO
(403) 269-9889
(403) 269-9890 (FAX)

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