Drake Pacific Enterprises Ltd.

Drake Pacific Enterprises Ltd.

November 01, 2006 09:00 ET

Drake Pacific Doubles Daily Production to 180 Barrels of Oil Equivalent

CALGARY, ALBERTA--(CCNMatthews - Nov. 1, 2006) - Drake Pacific Enterprises Ltd. (TSX VENTURE:DPE) ("Drake") is pleased to announce that its oil well at Carmangay has been producing since Saturday, October 14th at an average rate of 90 BOPD. Drake drilled this well to a 100% interest. This is Drake's first significant oil production, augmenting approximately 90 BOEPD of gas production, thereby resulting in a fifty-fifty balance of oil and gas production.

Drake is preparing to pursue other oil prospects in Q4 06 and will provide further details as plans unfold.

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

Contact Information

  • Drake Pacific Enterprises Ltd.
    Roger Penner
    President and CEO
    (403) 263-2173
    (403) 263-8254 (FAX)