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Drake-Pacific Enterprises, DPE.v

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By Bobwins

Posted: Wednesday Feb 27 3:02:58PM 2008

Operational Update-Success at Swan Hills and Carmangay for Drake SWAN HILLS, ALBERTA, Feb 27, 2008 (Marketwire via COMTEX News Network) -- Drake Pacific Enterprises Ltd. ("Drake") (TSX VENTURE:DPE) and its partners (Drake net W.I. 70%) have successfully completed drilling an oil well at Swan Hills. The well has been cased and completion operations will commence shortly. Initial production from the Swan Hills zone is anticipated by mid-March. Further announcements on production rates will be announced at that time. The company is also actively pursuing a follow-up location. Carmangay, Alberta: Drake and its partners in the pooling agreement governing Carmangay have successfully completed the next phase of the enhanced recovery (waterflood) program by drilling and completing the 102/14-09-13-21 W4 oil well at Carmangay along with the conversion of the nearby 100/14-09-13-21 W4 well into an injector well. With final approvals from the EUB, the new well is expected to produce at an unrestricted rate of 60 bbls/d (net 19 bbls/d) beginning in late March. Another injector well is planned this summer at 102/16-08-13-21 W4 to allow unrestricted production of the 100/16-08-13-21 W4 oil well. A gas gathering system at Carmangay is also planned to be implemented later in 2008. Other Operations: In addition to the ongoing programs at Carmangay and Swan Hills, the company plans an aggressive program this spring with new drills at Retlaw (oil) and Suffield (oil). Significant progress has been made to complete the reactivation of both oil and gas production in the Sousa Area, northern Alberta as well as to enhance production from shallow wells acquired on adjacent lands earlier in the winter. A gas test in the area will be deferred until winter 2008-2009. "Successes at Provost, Gilby, Carmangay and Swan Hills this past season have added significant value for our shareholders and we believe our 2008 program will continue to do so." said Drake president, Mr. Roger Penner. SOURCE: Drake Pacific Enterprises Ltd. Drake Pacific Enterprises Ltd. Neil Orr Vice-President (403) 263-2173 Email: Copyright (C) 2008 Marketwire. All rights reserved.

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