CALGARY, ALBERTA--(Marketwire - Nov. 16, 2012) - 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.
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.