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Drake Energy Ltd. (DPE:TSX-V) is engaged in the exploration and development of petroleum and natural gas primarily in Alberta. The company currently has a value-oriented portfolio of property interests in core areas such as Sousa, Swan Hills, Enchant, Retlaw, Gilby, Alderson and Suffield, and is actively looking for new property acquisitions.
hile surviving a relatively weak period throughout most of 2009, the company has commenced 2010 with a very successful winter program of drilling, re-completions and tie-ins. Management’s efforts to reduce costs and focus on oil prospects have created significant value. Drake should be capable of producing 2010 cash flow in the range of $1.0-$1.5 million or $0.05-$0.07 per share.
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