DPE Drake Energy Ltd.

Operations Update: Sousa

Drake Pacific Enterprises Ltd. (TSX VENTURE:DPE) ("DPE" or "the Company")
announces that it has successfully completed its infrastructure project and
reactivated its main Sousa production. Total production from the reactivated
wells (13-12 and 09-02) at Sousa is approximately 720 Mcfd and 36 Bbld. (156
Boed, Net to DPE is 74 Boed, 80% gas).


The Company has also successfully drilled, completed and tied-in a new natural
gas well (11-12) at Sousa. Initial production from the well was over 730 Mcfd
(121 Boed, Net to DPE 62 Boed). The company will be making applications for the
new well to qualify as a transitional royalty well and as such would be subject
to a substantially lower royalty over the next 5 years. The company will also be
applying for downspacing in the area to produce both the existing 13-12 and new
11-12 well concurrently.


The company's core area of Sousa is located in Northern Alberta near the town of
High Level. DPE has significant working interest (Avg. 62%) in over 40 sections
and all the production, drilling and facilities are operated by the company.
With the acceptance of the downspacing application, total production in the
Sousa area will be approximately 277 Boed. (Net to DPE is 136 Boed, 90% gas).


The company has a multi-year inventory of drilling locations for oil and gas.
There are also several work-overs planned for the existing shallow gas wells
currently shut in.


Mr. Barry Reid, VP of Operations has left the company to pursue other
opportunities. Mr. Neil Orr has assumed the duties of VP Operations for the
interim.


"These challenging and uncertain times are creating many new opportunities for
us. We are capitalizing on these opportunities and pushing ahead with our
aggressive growth plans via acquisitions and the drill bit." said Drake
president, Mr. Roger Penner.


Drake Pacific Enterprises Ltd. is active in oil and gas exploration and
development throughout 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
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.

Drake Energy Ltd. (TSXV:DPE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Drake Energy Ltd. (TSXV:DPE)
Historical Stock Chart
From Jul 2023 to Jul 2024