Diaz Encounters Gas Pay at Cheney #1 Well in Texas

Diaz Resources says that the Cheney #1 well located in Colorado County, Texas has reached a total depth of 18,400 ft and is currently being cased. Diaz has a 20% working interest in the well.

Based on the Company's log analysis, the well has encountered 40 ft of gross pay and 30 feet of potential net gas pay, in the Wilcox #18 zone, which was the primary target horizon in the well.

Completion operations are anticipated to commence within 45 days. Diaz plans to construct production facilities prior to performing a fracture stimulation and production testing of the zone.

Diaz is an oil and gas exploration and production company based in Calgary, Alberta. Diaz's current focus is on shallow gas developments in southern Alberta, natural gas exploration in central and southern Alberta and deep gas exploration in Texas.