Drake Pacific Enterprises Ltd.
TSX VENTURE : DPE

Drake Pacific Enterprises Ltd.

November 20, 2008 14:05 ET

Drake Pacific Announces New Natural Gas Production at Retlaw, AB

CALGARY, ALBERTA--(Marketwire - Nov. 20, 2008) - Drake Pacific Enterprises Ltd. ("Drake") (TSX VENTURE:DPE) announces the successful tie-in and production start-up of the Retlaw 12-32-12-18 natural gas well, the spudding of which was announced on June 23, 2008. The well has been producing since October 11, 2008 at steadily increasing rates and has now stabilized at 750 mcf/d (Drake's net working interest 28.875 %). This addition brings Drake's current production to approximately 220 boed. This will be further augmented by the restoration of approximately 60 boed of shut-in natural gas at Sousa, anticipated by year-end.

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 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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