DPE Drake Energy Ltd.

Attention Business/Financial Editors: 

DISPOSITION 

Drake Pacific Enterprises Ltd. ("Drake" or "the Company") (TSX VENTURE:DPE) has
completed the previously announced (May 13, 2009) sale of its producing
Carmangay assets to a group of private oil and gas companies for approximately
$2,250,000. The transaction was completed in late May and is effective April 1,
2009. Carmangay's net production to Drake was approximately 45 barrels of oil
per day and 20 thousand cubic feet of natural gas for a total of 48 barrels of
oil equivalent per day (Boed). 


The Carmangay sale had an effective price of $47,000 per producing Boed. As a
point of reference DPE is now reviewing acquisitions in the range of $15,000 to
$25,000 per producing Boed. 


ACQUISITION 

DPE has completed the acquisition of a blended 26% working interest in our Sousa
production from a private oil and gas company for $400,000, in the form of
$175,000 cash and $225,000 release of receivables. The transaction was completed
in late May and is effective March 31, 2009. This acquisition will add
approximately 45 Boed (34% oil). 


The current acquisition has an effective price of $8,900 per Boed and its proved
and probable reserves (NPV 10%) value is approximately $1,100,000 based on the
evaluation at March, 2009 by Sproule and Associates. 


OPERATIONS 

As a result of the current natural gas prices, a number of wells have been
temporarily shut in to conserve reserves and control costs. Approximately 40
Boed have been shut in and there is an additional 10 Boed under review. With the
completion of the recent disposition and acquisition and recent shut-ins, DPE
has current production of approximately 240 Boed with some additional production
expected from the new 11-12 well when it ramps up to full production in June. 


This summer the Company's focus will continue to be on cost control, undervalued
acquisitions, a number of exploitation projects and prudent financial
management. 


MANAGEMENT UPDATE 

Effective May 15, 2009 DPE announces it has significantly strengthened its
management with the following appointment. 


Greg Hodgson, P. Eng as Vice-President, Engineering. Mr. Hodgson is the former
Vice President Operations of Twin Butte Energy Inc. Mr. Hodgson has over twenty
years of experience throughout western Canada in the oil and gas industry and
has worked as an executive and/or manager for Standard Energy Inc, Prairie
Schooner Petroleum Ltd., Penn West Petroleum, Anderson Exploration, and Home
Oil, among others. 


"Strengthening our balance sheet, maintaining production, and continuing to
pursue undervalued acquisitions has enabled us to continue to grow and add value
to the Company during these challenging times." said Drake president, Mr. Roger
Penner. 


Drake Pacific Enterprises Ltd. is active in oil and gas exploration and
development in Alberta and Saskatchewan. Headquartered in Calgary, Alberta,
Canada, the Company is publicly traded on the Toronto Stock Exchange Venture
Board under the stock symbol DPE.V. 


This news release contains forward-looking information. Implicit in this
information are assumptions regarding commodity pricing, production, royalties
and expenses that, although considered reasonable by the Company at the time of
preparation, may prove to be incorrect. These forward-looking statements are
based on certain assumptions that involve a number of risks and uncertainties
and are not guarantees of future performance. Actual results could differ
materially as a result of changes in the Company's plans, commodity prices,
equipment availability, general economic, market, regulatory and business
conditions as well as production, development and operating performance and
other risks associated with oil and gas operations. There is no guarantee made
by the Company that the actual results achieved will be the same as those
forecasted herein. Barrel of oil equivalent ("boe") amounts may be misleading,
particularly if used in isolation. A boe conversion ratio has been calculated
using a conversion rate of six thousand cubic feet of natural gas to one barrel
and is based on an energy equivalent conversion method application at the burner
tip and does not necessarily represent an economic value equivalent at the
wellhead.

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