Diaz Announces Revised Q2 2012 Financial Results

Diaz Resources Ltd. (TSX VENTURE:DZR) (the "Company" or "Diaz") announces that
it has filed on SEDAR its revised unaudited interim condensed consolidated
financial statements and MD&A for the six months ended June 30, 2012. 


The revision resulted from an interim reserves report received by Management
effective September 30, 2012. The interim reserves report indicated that Diaz's
oil and gas assets were impaired as at June 30, 2012. Receipt of information
after the reporting period indicating that an asset was impaired at the end of
the reporting period is considered to be an adjusting event after the reporting
period under IAS 10 - "Events after the Reporting Period". Calculations
regarding possible impairment of the oil & gas assets confirmed that an
impairment of $6.7 million was required at June 30, 2012.


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 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. 


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 will be consistent with past operations; the continued
and timely development of infrastructure in areas of new production; the
accuracy of the estimates of Diaz's reserve and resource 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Diaz Resources Ltd.
Robert W. Lamond
Chairman & CEO
[phone]
[phone] (FAX)


Diaz Resources Ltd.
Donald K. Clark
Vice President Operations & COO
[phone]
[phone] (FAX)