Drake Pacific Enterprises Ltd.
TSX VENTURE : DPE

Drake Pacific Enterprises Ltd.

December 17, 2007 18:47 ET

Drake Pacific Announces Amendment to the Terms of the Warrants Issued June 29, 2007 and July 25, 2007

CALGARY, ALBERTA--(Marketwire - Dec. 17, 2007) - Drake Pacific Enterprises Ltd. (the "Corporation") (TSX VENTURE:DPE) announced today that it plans to extend the term of the Corporation's outstanding 3,260,309 common share purchase warrants (the "Warrants"), originally scheduled to expire on December 29, 2007 and January 25, 2008, by six (6) months to June 29, 2008 and July 25, 2008 respectively.

These Warrants were initially issued on June 29, 2007 and July 25, 2007 pursuant to a unit private placement offering. Each whole Warrant will continue to entitle the holder to acquire one (1) additional common share of the Corporation at a price of $0.30 until its original expiry date. Thereafter, the Warrants will be extended by an additional six (month) period, so that each Warrant will entitle the holder to acquire one (1) additional common share of the Corporation at a price of $0.30 until June 29, 2008 or July 25, 2008 as applicable.

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

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