2008-09-03-2008-05-21-2008-07-31

Purchased San Joaquin Basin, CA, assets.

Pacific Energy Resources Ltd., Long Beach, Calif., (Toronto: PFE) plans to sell 100% of its onshore California producing assets including interests in the Los Angeles Basin and San Joaquin Basin for $135 million in cash to an undisclosed buyer. Estimated proved reserves are approximately 10 million barrels of oil. Production for 2007 averaged approximately 900 barrels of oil per day, or 12% of Pacific Energy's current daily production. The company will use the majority of the proceeds to pay debt. Closing for each was expected by the end of June. The effective date is Jan. 1, 2008, for the Los Angeles Basin transaction and May 1 for the San Joaquin Basin assets. Pacific Energy president Darren Katic says, "We feel this is an attractive valuation and highlights the nature and value of our continuing production and reserve base." Pacific Energy focuses on the western U.S.