DPE Drake Energy Ltd.

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.


Reader Advisories

Forward-Looking Statements: This news release contains certain forward-looking
statements, including management's assessment of future plans and operations
that involve substantial known and unknown risks, uncertainties and assumptions,
certain of which are beyond Drake's control. Furthermore, the forward-looking
statements contained in this news release are made as at the date of this news
release and Drake does not undertake any obligation to update publicly or to
revise any of the included forward- looking statements, whether as a result of
new information, future events or otherwise, except as may be required by
applicable securities laws.

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