Diaz Resources Reserves Drop 63%; Shares at Year Lows


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Diaz Resources Ltd. (DZR.V) today released the December 31, 2012 reserve evaluation.

The company recorded a 63% decrease in proved plus probable reserves to 1,221 MBOE at December 31, 2011. The net present value of its 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.

DZR shares are now steady at year low 5 cents with over 54,000 shares changing hands.

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This article appears in: Investing , Commodities

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