Diaz Resources Ltd : Diaz Releases December 31, 2011 Reserves Evaluation and Updates Macklin Development

DIAZ RESOURCES LTD.

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

The following is for immediate release in Canada, April 13, 2012

DIAZ RELEASES DECEMBER 31, 2011 RESERVES EVALUATION AND UPDATES MACKLIN DEVELOPMENT Diaz Resources Ltd. (TSXV: "DZR") today released the December 31, 2012, Reserve

Evaluation and updates the Macklin, Saskatchewan, heavy oil development.

2011 Reserves

The Company recorded a 63% decrease in proved plus probable reserves to 1,221 MBOE at December 31, 2011. The net present value of the Company's reserves, before tax, using a 10% discount rate, decreased by 58% to $15.9 million (90% oil), compared with $37.97 million at December 31, 2010.

The decrease in reserves was primarily due to low natural gas prices resulting in the majority of

Diaz's natural gas properties becoming uneconomic.

The Company's December 31, 2011 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 March 26, 2012 and effective December 31, 2011 (the "McDaniel Report").

DIAZ RESOURCES LTD.

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

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, 2011

FORECAST PRICES AND COSTS

COMPANY TOTAL

LIGHT AND

MEDIUM OIL HEAVY OIL

RESERVES

NATURAL GAS

NATURAL GAS LIQUIDS

RESERVES RESERVES

TOTAL TOTAL

Gross Net Gross Net Gross Net Gross Net Gross Net

RESERVES CATEGORY (MBbl) (MBbl) (MBbl) (MBbl) (MMcf) (MMcf) (MBbl) (MBbl) (MBOE) (MBOE) PROVED

Producing 33.2 28.6 171.3 161.3 2,056.3 1,828.8 2.6 1.5 549.8 496.2

Non-producing - - 30.0 29.1 - - - - 30.0 29.1

Undeveloped - - 176.0 167.0 - - - - 176.0 167.0

TOTAL PROVED 33.2 28.6 377.3 357.4 2,056.3 1,828.8 2.6 1.5 755.8 692.3

PROBABLE 5.5 4.5 325.0 303.1 800.1 721.0 1.4 0.9 465.2 428.7

TOTAL PROVED PLUS

PROBABLE 38.7 33.1 702.3 660.5 2,856.4 2,549.8 4.0 2.4 1,221.0 1,121.0

NET PRESENT VALUES OF FUTURE NET REVENUE

COMPANY TOTAL

BEFORE INCOME TAXES DISCOUNTED AT (% per year)

AFTER INCOME TAXES DISCOUNTED AT (% per year)

0 5 10 15 20 0 5 10 12 20

RESERVES CATEGORY (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) PROVED

Producing 8.89 7.98 7.29 6.75 6.30 8.89 7.98 7.29 6.75 6.30

Non-producing 0.77 0.67 0.59 0.52 0.46 0.77 0.67 0.59 0.52 0.46

Undeveloped 3.03 2.44 1.96 1.56 1.24 3.03 2.44 1.96 1.56 1.24

TOTAL PROVED 12.69 11.09 9.84 8.83 8.00 12.69 11.09 9.84 8.83 8.00

PROBABLE 10.26 7.78 6.06 4.83 3.95 10.26 7.78 6.06 4.84 3.95

TOTAL PROVED PLUS PROBABLE

22.95 18.87 15.90 13.66 11.95 22.95 18.87 15.90 13.67 11.95

DIAZ RESOURCES LTD.

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

SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS AS OF DECEMBER 31, 2011

FORECAST PRICES AND COSTS

	Inflation	Exchange	WTI Crude Oil	Edmonton Light Crude Oil	Alberta Bow River Hardis ty Crude Oil	Alberta Heavy Crude Oil	Alberta AECO Gas Price	U.S. Henry Hub Gas Price	Alberta Average Plantgate	Sas k. Spot Sales Plantgate
YEAR	Rate	Rate	$US/bbl	$Cdn/bbl	$Cdn/bbl	$Cdn/bbl	$Cdn/Mcf	$US/Mcf	$Cdn/MMBtu	$Cdn/MMBtu
2012	2.0%	0.975	97.50	99.00	82.00	74.00	3.50	3.75	3.30	3.40
2013	2.0%	0.975	97.50	99.00	82.00	74.00	4.20	4.50	4.00	4.10
2014	2.0%	0.975	100.00	101.50	84.10	75.90	4.70	5.05	4.50	4.60
2015	2.0%	0.975	100.80	102.30	84.70	76.50	5.10	5.50	4.90	5.00
2016	2.0%	0.975	101.70	103.20	85.50	77.10	5.55	5.95	5.35	5.45
2017	2.0%	0.975	102.70	104.20	86.30	77.90	5.90	6.35	5.70	5.80
2018	2.0%	0.975	103.60	105.10	87.10	78.60	6.25	6.70	6.00	6.10
2019	2.0%	0.975	104.50	106.00	87.80	79.20	6.45	6.95	6.20	6.30
2020	2.0%	0.975	105.40	106.90	88.60	79.90	6.70	7.20	6.45	6.55
2021	2.0%	0.975	107.60	109.20	90.40	81.60	6.85	7.35	6.60	6.70
2022	2.0%	0.975	109.70	111.30	92.20	83.20	6.95	7.45	6.70	6.80
2023	2.0%	0.975	111.90	113.50	94.00	84.80	7.05	7.60	6.80	6.90
2024	2.0%	0.975	114.10	115.80	95.90	86.50	7.20	7.75	6.95	7.10
2025	2.0%	0.975	116.40	118.10	97.80	88.20	7.40	7.95	7.15	7.30
2026	2.0%	0.975	118.80	120.50	99.80	90.10	7.55	8.10	7.30	7.45

After+ 2.0% 0.975 +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr

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

Macklin Update

The three recently drilled horizontal Dina heavy oil wells are now on production and all three wells are producing in excess of 100 bopd, each. Diaz has now drilled a total of six horizontal Dina oil wells at Macklin.

Diaz has a 45 % working interest in the Macklin project. The remaining 55 % working interest in

Macklin is held by Tuscany Energy Ltd.

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:

DIAZ RESOURCES LTD.

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

Robert W. Lamond, Chairman & CEO

DIAZ RESOURCES LTD. Telephone: [phone]

Fax: [phone]

TSXV: DZR

Donald K. Clark, Vice President Operations & COO

DIAZ RESOURCES LTD. Telephone: [phone]

Fax: [phone]

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, exploita tion, 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.
The estimates of Diaz's reserves provided herein are estimates only and there is no guarantee that the estimated reserves or resources with be recovered. 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 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.
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 va lue 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 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.