DPE Drake Energy Ltd.

Attention Business/Financial Editors:

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 first quarter ended March 31, 2009 on
SEDAR. Notice of the Annual General Shareholders' Meeting set for June 26 2009,
as well as the Information Circular and related documents have also been filed
on SEDAR. These documents can be accessed through Drake's website at
www.drakepacific.com or on SEDAR's site at www.sedar.com. 


HIGHLIGHTS OF Q1 2009 

The year of 2009 has started off on a harsh note for the oil and gas industry.
The depressed commodity prices, particularly the natural gas prices, have been
difficult to bear. Furthermore, it appears that the industry will have to endure
at least one and maybe two more quarters of these low prices. Prices for next
winter appear to be moving into a reasonable price range and that will relieve
some of the pressure on the industry. The challenge will be to maintain
liquidity and to try and capitalize on the down markets. 


In addition to the price issues, Drake's results were also hurt by the six weeks
delay in restarting the Sousa production. There were problems with the pipeline
that was buried in December that resulted in freeze up of the pipeline. It then
took several weeks to identify, locate and repair the problem. 


Drake has been able to reduce all of its costs on a per boe basis and continues
to press forward on its cost reduction efforts. 


The good news is that Drake exited the quarter at about 260 boes per day. A new
well was drilled and tied in at Sousa and was brought on in April. There is some
water associated with its production and the Company is currently putting a
program in place to deal with the water economically. 


OUTLOOK 

Drake has taken steps to ensure that the Company is well positioned for the
future by selling a non-operated property, the proceeds of which will strengthen
the balance sheet and provide liquidity for the periods ahead until prices
improve. At the same time the Company is looking for attractive opportunities to
acquire additional interests in properties. 




SELECTED INFORMATION                            Three months ended March 31
                                            --------------------------------
                                                                          %
                                                  2009          2008 change
                                            --------------------------------
Daily production
Oil and liquids - bbls/day                          67            25   169%
Natural gas - mcf/day                              943           391   141%
Boe/day - 6:1                                      224            90   149%

Price
Price/bbl - oil and liquids               $      43.52  $      92.82   (53%)
Price/mcf - natural gas                   $       4.97  $       7.99   (38%)
Price/boe                                 $      33.91  $      60.38   (44%)

Financial
Operating costs/boe                       $      17.81  $      21.55   (17%)
Netback/boe                               $       8.94  $      33.30   (73%)
General and administrative/boe            $      12.38  $      16.89   (27%)

Revenue                                   $    685,029  $    495,444    38%
Cash Flow from operations                 $    (84,675) $    120,936  (170%)
Net earnings (loss)                       $   (483,082) $   (274,532)  (76%)

 Basic weighted average                     16,988,647    10,649,647



Drake Pacific Enterprises Ltd. is active in oil and gas exploration and
development in Alberta and Saskatchewan. Headquartered in Calgary, Alberta,
Canada, the Company is publicly traded on the Toronto Stock Exchange Venture
Board under the stock symbol DPE.V. 

 
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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