I checked the historical aerials for 1955 and I found a couple possible locations although the drive-in was closed by then. The one right between the lakes fits the description in the ad from a location standpoint but the other lot looks more like the proper size of a drive-in. The larger lot is on the road indicated in the ad but the naming may have been different in the past.
Source: Andrew Wilson AKA The Librarian
This drive-in was apparently open for 1 year in the area of Devils Lake, near Addison.
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