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Drake Gold Resources, Inc. Brings Oil and Gas Expert Aboard as Advisor
Drake Gold Resources, Inc. Has Signed an Agreement With Oil and Gas Executive to Act as Special Advisor of Acquisitions for Its Energy Subsidiary
Aug 1, 2007 9:45:00 AM
SCOTTSDALE, AZ -- (MARKET WIRE) -- 08/01/07 -- Drake Gold Resources (PINKSHEETS: DKGR) is pleased to announce that Mr. Michael Krasner has joined the organization to serve as a special advisor as the company works to create an Oil and Gas Subsidiary. Mr. Krasner has a 30-year history in the oil and gas industry and is a member of the Society of Petroleum Engineers. In his role as a project manager in the industry, he has helmed more than 100 successful oil and gas drilling projects. His career has included such challenging recovery efforts as offshore and horizontal drilling. Mr. Krasner brings this formidable skill set to the company and its Oil and Gas Subsidiary.

As Gas and Oil recovery becomes more lucrative, it also is proving to be more challenging. To stay competitive, companies must develop deeper, more remote and ambitious projects. The addition of Mr. Krasner means that DKGR's spin-off will have the expertise needed to meet these demands and create a high value portfolio of oil and gas recovery operations.

Mr. Krasner's auspicious career began at the age of 21 when he became the youngest drilling and production supervisor for Enserch Exploration, Inc., in Oklahoma. Since his promising start in the industry, Mr. Krasner has continued to serve in various executive positions with distinction. One of his most successful undertakings has been continuing the work of his father, renowned Texas "wildcatter" Sam Krasner, at K-Sam Oil Company LLC.

Mr. Krasner's tenure at K-Sam Oil Company LLC has been focused on the expansion of operations in the Barnett Shale. This formation is estimated to contain approximately 27 to 30 trillion cubic feet of gas. The amalgam of all of this experience is valuable for DKGR and its shareholders as it moves forward with the creation of its gas and oil subsidiary launch.

ABOUT DRAKE GOLD RESOURCES, INC.

Drake Gold Resources, Inc. is in the midst of creating a diversified natural resource company, with a portfolio of precious and industrial metals producing mines as well as the creation of an oil and gas subsidiary. As a result of ever-increasing demand and the resulting scarcity, the market for natural resources becomes increasingly profitable.

Diversification and innovative exploration tactics are part of an overall strategic plan that is being carried out by the company's formidable team of natural resource development executives. Diversification plans include the development of gas, oil, gold, silver and industrial metals producing projects. For further information about Drake Gold Resources please visit our website, http://www.DrakeGold.com.

ABOUT K-SAM OIL Co, LLC

K-SAM OIL CO., LLC. http://www.KSAMOil.com is a Texas corporation, based in Dallas, Texas. Sam Krasner, a legendary old "wildcatter" in the oil and gas industry, founded the successful K-Sam Oil Company in the mid-1960s. For the past year K-Sam has concentrated its development efforts in the lucrative Barnett Shale, particularly in Parker County, northwest of Fort Worth, Texas. The widespread Barnett Shale underlies approximately 15 counties and the latest U.S. Geological Survey assessment indicates the natural gas-laden Barnett Shale may extend as far north as Red River, as far west as Knox County, and south to Burnet County. This formation is estimated to contain approximately 27 to 30 trillion cubic feet of gas. Approximately 3,000 natural gas wells have been successfully completed since 1999, with a less than two percent failure rate -- a phenomenal completion rate in oil and gas field development. Parker County is such a promising location on the Barnett Shale that major oil and gas drilling and development companies, such as Devon Energy Corporation and XTO Energy, Inc., are acquiring leases in Parker County.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Based upon industry standards Drake would be considered highly speculative. Additional risks you should consider, this list is limited and additional risk not mentioned may apply: failure to meet Drake's financial and contractual obligations, Drake's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

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