Drake Energy Ltd.: Press Release

Drake Energy Ltd. ("Drake" or the "Corporation") (TSX VENTURE:DPE) announces
that, after a review of its current share price, production and cash flows, debt
levels, and scarcity of equity investment capital, among other matters, its
board of directors has initiated a process to identify and consider strategic
alternatives with a view to enhancing shareholder value. Strategic alternatives
may include, but are not limited to, sale of the corporation, recapitalization,
merger or other business combination, a sale of a material portion of the
Company's assets, farmin or farmout or acquisition, among other alternatives.


Drake continues to trade at a substantial discount to its net asset value
despite having a major land position in its core area of Sousa in northern
Alberta and ownership of the extensive gathering and processing infrastructure.
The board of directors has determined that it is an appropriate time to assess
strategic options.


The board of directors will consider various alternatives and may engage outside
advisors if deemed necessary. Drake does not intend to disclose developments
with respect to the strategic review process until the board of directors has
approved a definitive transaction or strategic option, unless otherwise
determined or required by law. There are no guarantees that the process will
result in a transaction or, if a transaction is entered into, as to its terms or
timing.