Drake Gold Resources Inc. is pleased to announce that it has received funds from the investment firm mentioned in previous press releases.
A good portion of these funds will be used to develop our leases based in Pennsylvania. We will provide production updates as soon as we get complete and accurate information from the operator. We will post a revised agreement on our website regarding these leases.
Drake is pleased to report that it has recently invested in a revolutionary, heavy oil/gas extraction technology designed to extract heavy oil from formations such as tar/oil sands. The estimated recovery rate is 90% or greater. This extraction technology reaches significantly further into the heavy oil
formations, providing better production and recovery than current methods. In addition, formation gases are used, bypassing the need for external additives which may pollute or degrade the quality of the extracted oil and gas. Drake will also have a working interest in wells brought into production using this methodology.
We will soon disclose details of our equity stake in this extraction technology as well as Drake’s working interest in the Texas wells employing this new extraction technology.
Peter Matousek states the following, "Since I have been appointed as a director of the company, many administrative changes have taken place, including, but not limited to, the update of our current status with the Nevada Secretary of State. I would like to thank our shareholders for their past and continued support."
For any inquires please contact Drake's Investor Relations at phone: 530-405-3547 or email: IR@Drakegold.com.
Please read the Forward Looking Statements & Risk Factors: http://DrakeGold.com/Risk_Factors