DPE Drake Energy Ltd.

Drake Energy Ltd. (formerly Drake Pacific Enterprises Ltd)("Drake" or "the
Company") (TSX VENTURE:DPE) has filed its Unaudited Consolidated Financial
Statements and Management's Discussion and Analysis ("MD&A") for the three and
nine months ended September 30, 2009 on SEDAR. These documents can be accessed
through Drake's website at www.drake-energy.com or on SEDAR's site at
www.sedar.com. 




SUMMARY OF RESULTS
                                                 Three months ended
                                                  September 30 2009
                                       -------------------------------------
                                                                         %
                                               2009            2008 change
                                       -------------------------------------
Daily production
Oil and liquids - bbls/day                       10              55    (81%)
Natural gas - mcf/day                           713             785     (9%)
Boe/day - 6:1                                   129             186    (30%)

Price
Price/bbl - oil and liquids            $      83.49    $      91.13     (8%)
Price/mcf - natural gas                $       3.04    $       8.11    (63%)
Price/boe                              $      23.48    $      61.22    (62%)

Financial
Operating costs/boe                    $      24.38    $      21.59     13%
Netback/boe                            $      (1.94)   $      29.65   (107%)
General and administrative/boe         $      23.64    $      18.94     25%

Revenue                                $    279,194    $  1,046,739    (73%)
Cash Flow from operations              $   (324,241)   $    211,243   (253%)
Net earnings (loss)                    $   (513,231)   $     65,134    n/a
Shares outstanding - basic weighted
 average                                 17,494,058      14,558,973

SUMMARY OF RESULTS
                                                  Nine months ended
                                                  September 30 2009
                                       -------------------------------------
                                                                         %
                                               2009            2008 change
                                       -------------------------------------
Daily production
Oil and liquids - bbls/day                       34              45    (23%)
Natural gas - mcf/day                           934             630     48%
Boe/day - 6:1                                   190             150     27%

Price
Price/bbl - oil and liquids            $      52.96    $     106.39    (50%)
Price/mcf - natural gas                $       3.89    $       8.72    (55%)
Price/boe                              $      28.65    $      68.44    (58%)

Financial
Operating costs/boe                    $      23.38    $      22.18      5%
Netback/boe                            $       0.85    $      36.51    (98%)
General and administrative/boe         $      24.12    $      15.36     57%

Revenue                                $  1,485,489    $  2,803,909    (47%)
Cash Flow from operations              $ (1,270,626)   $    878,597   (245%)
Net earnings (loss)                    $ (1,801,028)   $    115,284    n/a
Shares outstanding - basic weighted
 average                                 17,158,969      11,962,267



With average production down from 217 Boed in Q2 to 129 Boed in Q3 (primarily
due to gas well shut ins) and gas prices for the quarter averaging near $3/mcf,
the Company's cashflow remains the critical issue. To address this, the Company
has hedged some of its gas production at stronger prices ($4.30/mcf),
dramatically reduced fixed operating costs (by as much as $90,000/quarter) and
is looking to drill/re-enter three oil wells which could generate strong cash
flows (Net backs approximately $50/ Bbl). 


In Q3, Drake also continued to acquire assets and develop its core areas while
pursuing oil opportunities and raising capital, despite exceptionally low
natural gas prices, a stagnant capital market and depressed economy. Drake has
successfully completed each of these tasks and is continuing to push ahead in
the 4th quarter. 


During the 3rd quarter and into the 4th, Drake acquired additional land at
Enchant which includes a number of oil prospects. It also has made preparations
to pursue oil prospects at both Enchant and Sousa late in Q4. Any one of these
three opportunities could significantly increase the value of the Company. 


This news release contains forward-looking information. Implicit in this
information are assumptions regarding commodity pricing, production, royalties
and expenses that, although considered reasonable by the Company at the time of
preparation, may prove to be incorrect. These forward-looking statements are
based on certain assumptions that involve a number of risks and uncertainties
and are not guarantees of future performance. Actual results could differ
materially as a result of changes in the Company's plans, commodity prices,
equipment availability, general economic, market, regulatory and business
conditions as well as production, development and operating performance and
other risks associated with oil and gas operations. There is no guarantee made
by the Company that the actual results achieved will be the same as those
forecasted herein. Barrel of oil equivalent ("boe") amounts may be misleading,
particularly if used in isolation. A boe conversion ratio has been calculated
using a conversion rate of six thousand cubic feet of natural gas to one barrel
and is based on an energy equivalent conversion method application at the burner
tip and does not necessarily represent an economic value equivalent at the
wellhead.

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