Diaz Resources Ltd : Diaz Announces Year End Results

DIAZ RESOURCES LTD.

#1800, 633 Sixth Avenue SW Calgary, AB T2P 2Y5 Canada Tel: [phone] Fax: [phone]

The following is for immediate release April 23, 2012

DIAZ ANNOUNCES YEAR END RESULTS Diaz Resources Ltd. (TSXV: DZR) announces that is has filed its 2011 MD&A and Financial

Statements on SEDAR.
Diaz Resources reported that Q4 2011 was its best quarter in terms of revenue and average product price for the past two years, largely as the result of an increase in heavy oil production. Diaz's revenue for this quarter comprised of 80% oil production, compared with 49% oil production for the fourth quarter of 2010.

Financial

For the year ended December 31, 2011, revenue decreased to $5.6 million compared with
$6.5 million for the prior year period. Cash flow from operations for the year decreased to
$77,000 or nil per share compared with cashflow of $1.7 million or $0.02 per share for the prior year.
Diaz reported a loss for the year of $17.0 million or $0.19 per share versus a loss of $4.0 million or $0.05 per share in the prior year. The majority of this loss related to the write down of the carrying value of Diaz's Canadian and United States natural gas properties.
Capital expenditures for 2011 totalled $5.3 million compared with $4.4 million in the prior year. Capital expenditures for the year were financed primarily from working capital, disposition of non-core properties ($2.1 million) and the proceeds from an $8.0 million private placement financing.
Diaz exited the year with net current debt of $1.7 million compared with $6.4 million at the
beginning of the year. The Company's bank line was undrawn at December 31, 2011.

Production

The Company's total production for 2011 decreased 19% to average 408 BOEd compared with the prior year average of 505 BOEd. Oil production increased 11% to average 142 bopd for the year. In Q4 2011, production increased to 431 BOEd, including 225 bopd.

2012 Business Focus

Diaz expects oil prices to hold above USD $95 per barrel in 2012, as world demand for oil continues to be strong. This should result in a realized heavy oil price of CDN $70 per barrel for

DIAZ RESOURCES LTD.

#1800, 633 Sixth Avenue SW Calgary, AB T2P 2Y5 Canada Tel: [phone] Fax: [phone]

the year, which would support continued development of the Company's successful heavy oil
projects at Macklin, Saskatchewan, and Lloydminster, Alberta.

Summary of Operations

	Three Months Ended Years Ended December 31 December 31 2011 2010 2011 2010
($ Thousands, unless indicated)	Three Months Ended Years Ended December 31 December 31 2011 2010 2011 2010
Fin Ope	ancial Revenue (net of royalty expense) Cash flow from (used in) operations* per share, diluted Loss for the period per share, diluted Capital additions Dispositions	$ 1,874 (39) 0.00 (14,466) (0.16) 1,693 357	$ 1,576 560 0.01 (726) (0.01) 757 -	$ 5,621 77 0.00 (17,230) (0.19) 5,334 2,134	$ 6,508 1,684 0.02 (3,974) (0.05) 4,357 396
Fin Ope	Net capital additions Net current debt Convertible debentures** Total assets Total shares outstanding at period end (millions) rations Production Gas (MMcfd) Oil (Bopd) BOEd (6 Mcf = 1 Bbl) Product Prices Gas ($/Mcf) Heavy oil ($/bbl) $ BOE	1,336 (1,733) (12,319) 19,146 89.34 1.2 225 431 $3.57 $76.35 $50.64	757 (6,402) (6,682) 34,029 90.88 1.9 146 466 $4.85 $56.97 $39.02	3,200 (1,733) (12,319) 19,146 89.34 1.6 142 408 $4.12 $70.23 $41.13	3,961 (6,402) (6,682) 34,029 90.88 2.3 128 505 $4.80 $59.59 $37.17
Reserves (proved plus probable, future costs and prices) Gas (Bcf) Oil (MBbl) BOE (Millions) Net present value of future net revenue, before tax discounted at 10% ***	2.8 741.1 1.2 $ 15.9	13.3 1,059.0 3.3 $ 38.0
Undeveloped land holdings (net acres) Canada United States Total net acreage	51,103 281 51,384	53,583 494 54,077

* Non-GAAP measure. Please see the reconciliation of "cash flow from operations" to "cash flow from operating activities" found

in the MD&A for the year ended December 31, 2010..

** Convertible debentures have a face value of $7.1 million with maturity on March 27, 2014, and a face value of $8.0 million with a maturity of March 31, 2016. See Note 10, "Convertible Debentures", in the notes to the financial statements for the year ended December 31, 2011.

*** Net present value of future net revenue may not represent fair market value of reserves.

DIAZ RESOURCES LTD.

#1800, 633 Sixth Avenue SW Calgary, AB T2P 2Y5 Canada Tel: [phone] Fax: [phone]

Further information regarding financial and operating results may be obtained at www.sedar.com,
where the Company's MD&A and financial statements have been filed.

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Robert W. Lamond, Chairman - or - Donald K. Clark, Chief Operating Officer

DIAZ RESOURCES LTD. Telephone: [phone]

Fax: [phone]

Website: www.diazresources.com Email: [e-mail] TSX: DZR

ADVISORY: Certain information in this news release, including drilling plans and projected drilling, completion and equipping costs, and production rates from the Lloydminster and Macklin fields 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.

Where amounts are expressed on a barrel of oil equivalent (boe) basis, natural gas volumes have been converted to barrels of oil at 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. References to oil in this discussion include crude oil and natural gas liquids (NGLs).

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 ot herwise, 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.