Drake Pacific Enterprises Ltd.
TSX VENTURE : DPE

Drake Pacific Enterprises Ltd.

March 05, 2008 17:52 ET

Drake Pacific Enterprises Ltd.: Operational Update- Approvals at Carmangay & Sousa

SOUSA, ALBERTA--(Marketwire - March 5, 2008) - Drake Pacific Enterprises Ltd. ("Drake") (TSX VENTURE:DPE) and its partners (Drake net W.I. 22% - 57%) have been approved to begin construction of a pipeline to allow the reactivation of both oil and gas wells in the Sousa area. Total production from these two wells was approximately 130 BOE/d (35% oil) at the time of shut-in.

Enhanced production projects (workovers) have begun on five existing shallow gas wells on adjacent lands and results are expected late next week.

Carmangay, Alberta

Drake and its partners in the pooling agreement governing Carmangay have been approved to begin the enhanced recovery (waterflood) program at the Carmangay 14-09-13-21 W4 well. The facilities are in place and production is expected by mid-March, two weeks ahead of schedule. The well produced at an unrestricted rate of 60 Bbl/d (net 19 Bbl/d) before G.P.P. (Good Production Practice restrictions).

Another injector well is planned this summer at 102/10-08-13-21 W4 to allow unrestricted production of the 100/16-08-13-21 W4 oil well. A gas gathering system at Carmangay is also planned to be implemented later in 2008.

"Our diligent work over the last two quarters is really paying off at both Sousa and Carmangay. Coupled with the initial production results expected from our new Swan Hills oil well, Drake will be in an excellent position to push forward with our aggressive 2008 program." said Drake president, Mr. Roger Penner.

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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