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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Dav!d who wrote (4326)	12/15/1997 8:29:00 PM
From: Rudi	Read Replies (1) \| Respond to of 24905

Company: Diaz Resources Ltd. Symbol: DAZ Exchange: VSE Telephone: (403) 266-6400 Fax: (403) 269-9017 Toll Free: Website: E-mail: December 15, 1997 Updates U.S. Activities Diaz Resources Ltd. today reported that it's Cabeza Creek well in Goliad County, Texas, was drilling at 9,000' with intermediate casing planned to be set at 9700'. The prospect, in which Diaz holds a 33.3% working interest, targets a lower Wilcox gas pool with a potential accumulation of 70 billion cubic feet of gas. The well is anticipated to reach total depth in the second week of January, 1998. Diaz also reported that it had entered into an agreement to acquire 20% of a high impact gas prospect in Cameron Parish, Louisiana. The prospect targets an 18,000' Miocene Miogypsinoides gas accumulation on the flank of a substantial structural feature. An initial well, abandoned in this zone after encountering large gas kicks, will be reentered by utilizing the 14,000 feet of 9'' casing set in the original well and whip stocked to a new more optimum bottom hole location. This prospect is targeting potential gross gas reserves of 350 billion cubic feet. Finally, Diaz is participating for an 8.5% working interest in a reentry in an Edwards Limestone prospect in DeWitt County, Texas. The prospect comprises a short radius horizontal reentry of a recently drilled Edwards well which encountered 60 feet of Edwards Limestone gas pay at 14,000', was produced for three months but at uneconomic rates. If successful, the new well is expected to recover 6 to 10 billion cubic feet of gas, with anticipated production rates of 5 to 6 million cubic feet of gas per day. Reentry operations are currently underway and further information should be available in early January. The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein. c 1997 StockHouse Online Journal \| Disclaimer Top \| StockHouse Front Page