DPE Drake Energy Ltd.

Drake Energy Ltd. (the "Corporation") (TSX VENTURE:DPE) intends to complete a
non-brokered private placement (the "Private Placement") for up to: (i) 1.5
million units ("Units") of the Corporation at an issue price of $0.10 per Unit,
each Unit to consist of one (1) common share of the Corporation ("Common Share")
and one (1) Warrant; and (ii) 3.75 million units ("Flow Through Units") of the
Corporation at an issue price of $0.12 per Flow Through Unit, each Flow Through
Unit to consist of one (1) Common Share issued on a "flow through" basis within
the meaning of the Income Tax Act (Canada) and one (1) Warrant, for total gross
proceeds of up to $600,000. Each Warrant will entitle the holder thereof to
purchase one (1) Common Share at a price of $0.15 for a period of nine (9)
months from date of closing of the Private Placement. 


Completion of the Private Placement is subject to certain conditions including,
but not limited to, the receipt of all necessary regulatory approvals including
the approval of the TSX Venture Exchange (the "Exchange"). Closing of the
Private Placement is expected to occur on or about September 01, 2009. The
Corporation may pay commissions or finder's fees in connection with the Private
Placement in accordance with Exchange policies. The Board of Directors and
management of the Corporation are intending to purchase between 30% and 60% of
the Private Placement. 


The Corporation intends to use the proceeds from the Private Placement to fund a
portion of its light crude oil development drilling and workover programs at
Enchant and Sousa. Over the past two years, the Corporation has been developing
core areas and drilling opportunities. 


Drake Energy Ltd. is active in oil and gas exploration and development in
Alberta and Saskatchewan. Headquartered in Calgary, Alberta, Canada, the
Corporation is publicly traded on the Exchange under the stock symbol DPE.V. 


Cautionary Statements 

Certain statements contained in this release constitute forward-looking
information. These statements relate to future events or future performance and
are based on the Corporation's current belief or assumptions as to the outcome
and timing of such future events. Actual future results may differ materially.
In particular, this release contains forward-looking information relating to:
the terms and conditions of the Private Placement, including securities of the
Corporation to be issued; the closing date of the Private Placement; the use of
proceeds of the Private Placement; and the purchase by certain members of the
Board of Directors and management of the Corporation of securities issued
pursuant to the Private Placement. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are based on
information currently available to the Corporation. The material factors and
assumptions include: the Corporation being able to obtain the necessary director
and regulatory approvals; the trading price of the Common Shares remaining about
or above $0.10; no changes to existing Exchange policies; and drilling programs
for the Corporation remaining the same as forecast. Risk Factors that could
cause actual results or outcomes to differ materially from the results expressed
or implied by forward-looking information include, among other things:
conditions imposed by the Exchange, the failure to obtain the required
directors' and Exchange approval to the Private Placement; general economic and
business conditions; the inability to complete the Private Placement; and
changes in the regulatory regulation. The Corporation cautions the reader that
the above list of risk factors is not exhaustive. The forward-looking
information contained in this release is made as of the date hereof and the
Corporation is not obligated to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.

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