DPE Drake Energy Ltd.

Drake Energy Ltd. (the "Corporation") (TSX VENTURE:DPE) is pleased to announce
that further to its press releases dated August 5, 2009 and September 14, 2009,
it has successfully completed the final tranche of its previously announced
private placement (the "Private Placement"). Pursuant to the final tranche of
the Private Placement, the Corporation issued 550,000 units ("Units") of the
Corporation at an issue price of $0.10 per Unit, each Unit consisting of one (1)
common share of the Corporation ("Common Share") and one (1) Warrant; and (ii)
207,333 units ("Flow Through Units") of the Corporation at an issue price of
$0.12 per Flow Through Unit, each Flow Through Unit consisting of one (1) Common
Share issued on a "flow through" basis within the meaning of the Income Tax Act
(Canada) and one (1) Warrant, for total gross proceeds of $79,879.96. Each
Warrant will entitle the holder thereof to puchase on (1) common Share at a
price of $0.15 for a period of nine (9) months from date of closing of the
Private Placement. In total, and pursuant to the Private Placement, the
Corporation raised gross proceeds of $436,011.92.


Broker's fees in the amount of $4,790.40, equal to 8 percent of the gross
proceeds placed by certain arm's length brokerage firms to the Corporation (the
"Brokers") were paid by the Corporation to such Brokers. In addition, the
Brokers were issued 55,733 Broker's warrants ("Broker's Warrants"), such number
of Broker's Warrants equal to 10 percent of the number of Units and Flow Through
Units placed by the Brokers with respect to the Private Placement. Each Broker's
Warrant entitles the holder thereof to purchase one Unit at a price of $0.10 for
a period of nine (9) months from the closing of the Private Placement. The
Broker's Fee is equal to 1 percent of the gross proceeds of the full Private
Placement.


The securities issued pursuant to the final tranche of the Private Placement are
subject to a hold period under applicable securities laws until February 21,
2010.


The Corporation intends to use the proceeds from the Private Placement to fund a
portion of its light crude oil development drilling and workover programs at
Enchant and Sousa. Over the past two years, the Corporation has been developing
these core areas and drilling opportunities.


Drake Energy Ltd. is active in oil and gas exploration and development in
Alberta and Saskatchewan. Headquartered in Calgary, Alberta, Canada, the
Corporation is publicly traded on the Exchange under the stock symbol DPE.V.

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