Drake Appoints Receiver

Drake Energy Ltd. (TSX VENTURE:DPE) ("Drake") announces that the Canadian
Western Bank (the "Bank") has served Drake with notice demanding payment of its
outstanding indebtedness to the Bank in the amount of approximately $4,000,000
and of the Bank's intention to enforce its security pursuant to the Bankruptcy
and Insolvency Act.


After undertaking a review of Drake's current share price, production and cash
flows, debt levels and other relevant considerations, Drake's board of directors
has agreed to consent to the Bank's request to appoint a receiver immediately.


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