CALGARY, ALBERTA--(Marketwire - Aug. 29, 2008) -
Management & Directors Update:
In May 2007, Drake Pacific Enterprises Ltd. (the "Corporation") (TSX VENTURE:DPE) made a change in management and the strategy for growth. It was a two-part strategy. First, a year of successful growth funded by a small amount of capital was needed to gain investor confidence and position the company for rapid growth. That first stage has been accomplished. The second stage was to assemble the resources needed to fuel and guide that growth. To this end, effective September 01, 2008 Drake Pacific Enterprises Ltd. announces it has significantly strengthened its management and board of directors with the following appointments.
Chris Bradley, CA. as CFO & VP Finance
Mr. Bradley is the former President of Macon Resources Ltd., a Calgary-based company which works with junior oil and gas companies. Mr. Bradley has over thirty years of managerial and executive experience in the oil and gas industry with particular emphasis on finance. He has been employed with both large and small companies and has done extensive financial consulting in the industry.
Barry Reid, P. Eng as Vice-President of Operations
Mr. Reid is the former President of RML Energy Inc, and Savant Energy Ltd., two successful private E&P companies. Mr. Reid has over twenty-five years of experience throughout western Canada in the oil and gas industry and has worked for Renaissance, Husky, Chauvco Resources, Amoco and Dome Petroleum in increasing roles of responsibility as an exploitation engineer.
Kevin Dretzka, B.B.A, M.S. as a Director
Mr. Dretzka, is a private equity investor based in Los Angeles, California, where he has been active in biofuels, oil and gas exploration, real estate, international trade, and service company investments since 2004. From 1987 until 2004 Mr. Dretzka was a Managing Director of Eastdil Realty, a subsidiary of Wells Fargo which is the leading real estate investment banking firm in the U.S. Mr. Dretzka is a director of the Los Angeles Philharmonic Association and Santa Monica/UCLA Medical Center; he is co- chairman of the Los Angeles Union Rescue Mission capital campaign. Mr. Dretzka received his Bachelor of Business Administration and Master of Science degrees from the University of Wisconsin.
Our long-time director, Thomas P. Fehr, has left to pursue other interests. The company would like to thank Tom for his many contributions to DPE over the years and wish him well in his future endeavours.
Grant of Stock Options to New Officer:
Drake Pacific Enterprises Ltd. announces that the board of directors has resolved to grant stock options to purchase 100,000 common shares of the Corporation to the new officer of the Corporation having an exercise price of $0.31, subject to the approval of the TSX Venture Exchange.
