Drake Pacific Enterprises Ltd.: 2006 Fall Drilling Programadmin
Drake Pacific Enterprises Ltd. is pleased to announce its fall drilling program. A drilling licence has been acquired and preparations are underway to spud an oil test imminently at Carmangay in southern Alberta. This will be Drake’s first endeavour with a full working interest of 100%.
A re-entry is also planned in another southern Alberta location upon completion of agreements governing a rolling seismic review option. This project will also target oil. It is anticipated to occur in October. Reviewing the 3D seismic over the subject lands may reveal additional opportunities. Drake’s after payout working interest will be 20%. Drake will not operate.
Negotiations are still underway to secure a larger interest in a third drilling location that will target oil later this year. At present, Drake has 25%. Drake would operate.
A large project, targeting both oil and gas, is planned for winter of 06-07 on newly acquired lands at Sousa. More details will be provided as plans are developed. Drake’s working interest over these new lands is 40%.
Drake is also pleased to announce the launch of its website which is now live at www.drakepacific.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Roger Penner Drake Pacific Enterprises Ltd. President and CEO (403) 263-2173 (403) 263-8254 (FAX)
Source: Drake Pacific Enterprises Ltd.